CHICAGO, Nov. 1, 2012 /PRNewswire/ -- Veltex Corporation -- OTC Markets symbol (VLXC) -- Veltex Corporation ("Veltex") today announced the retention and engagement of Sassetti LLC, a major Chicago area accounting firm to prepare and structure the corporation's financial statements and issue accountant's reports in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants on behalf of Veltex Corporation.
Stephen G. Macklem, Chief Financial Officer and board member of Veltex stated, "This is the next phase in a series of complex financial and legal structuring to expand and safeguard the asset values currently held by Veltex. The Sassetti team adds an important component to the corporation's future plans. Management continues to execute the strategies set out by our Board to maximize value for the shareholders. Moreover, the completion of these important and multifaceted accounting matters will further assist the company in its resolution of matters with Depository Trust Corporation ("DTCC"). Veltex has been working with two of the company's outside law firms to review the questions with DTCC. We hope to resolve our issues in the near-term with DTCC in a professional and amicable manner. The company has numerous options available to it including, but not limited to, a full hearing before the United States Securities and Exchange Commission ("SEC") should Veltex be unable to resolve any remaining and outstanding issues or questions with DTCC".
Sassetti LLC's clients consist of a broad range of family-owned businesses, SEC regulated companies and not-for-profit organizations. The firm's goal is to maximize business effectiveness and cost-efficiency, and to help clients understand the ever-changing complex accounting and tax rules. Sassetti specializes in audits and reviews, business and individual tax services and is registered with Public Company Accounting Oversight Board ("PCAOB"). The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, accurate and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection.
Frank L. Sassetti founded Sassetti in 1921. Sassetti LLC does not perform financial advisory services, such as selling insurance, nor sell tax shelters. Sassetti's significant amount of experience, both at the director and staff levels, enables them to assist corporate clients, like Veltex, in complex accounting and tax matters. Sassetti LLC, in the latest peer review, received an unqualified opinion, with no letter or comments. Sassetti LLC's website can be found at www.Sassetti.com.
Veltex recently reported that the company's balance sheet reflected more than $102 million dollars in assets. This equates into a book value in excess of $2.50 per share. Veltex has engaged the advice of major legal and accounting firms to protect and expand upon these assets with the Sassetti team being the latest.
Further, Veltex reported at the recent Annual Meeting of Shareholders held in Chicago, Illinois, that it has, to date, accumulated 2,005,534 common shares back into the corporate treasury. It was noted by the Board that this plan would continue as opportunities present themself.
Veltex will update shareholders with developments as progress warrants.
Veltex Corporation, incorporated in Utah September 17, 1987, is a public holding corporation, which maintains its corporate headquarters in Chicago, Illinois. The company's common shares trade OTC Markets under the symbol VLXC.
Investor and Company Contact: Stephen G. Macklem Veltex Corporation 312.235.4014 www.Veltex.com
Safe Harbor Statement
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Veltex or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe Veltex's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
SOURCE Veltex Corporation