CHICAGO, June 11, 2012 /PRNewswire/ -- Veltex Corporation -- OTC Markets symbol (VLXC) -- Veltex Corporation (VLXC) today announced results from the Company's 2012 Annual Meeting of Shareholders held in Chicago, Illinois on June 8, 2012 and reported that all members of its Board of Directors were re-elected by a substantial margin.
The Board of Directors also announced the appointment James Jacob, of Palm Springs California, as President and Chief Executive Officer.
Stephen G. Macklem was reappointed by the Board as Veltex's Chief Financial Officer and also as corporate Secretary / Treasurer by unanimous vote.
R. Preston Roberts, who continues as Chairman of the Board, stated at the Annual Meeting, "I am honored to be once again elected as Chairman of the Company. I would like to express my sincere gratitude to our shareholders for their faith in Veltex's Board and declare profound appreciation to all directors for several years of dedicated service." Mr. Roberts went on to say, "Further, the Company's directors are anxious to begin working to perfect assets and move Veltex into the next phase of our recovery plan. With Veltex's exceptional and loyal Board and management team, we expect to grow the Company's shareholder value as aggressively as possible. We are happy to see strong shareholder support for our existing Directors, which indicate an affirmation of Veltex's leadership and continuing execution of our strategic operating plans to create shareholder value."
James Jacob, President and CEO, and major shareholder, stated, "This past year has been yet another remarkably productive one for Veltex. Management had retained the services of several highly respected and qualified legal teams to recover the assets that were the legal property of the corporation with astonishing results. Veltex is now moving into a new phase of our recovery and revitalization plan. I am excited to lead Veltex into the next phase of this well laid strategy. This management team will be using all opportunities to create value for Veltex which will convert into value for all of us – the shareholders of Veltex."
Mr. Roberts also discussed Veltex's cooperation with law enforcement officials in perusing those individuals who assisted in the wrongful transfer of assets away from the company.
Veltex reported that the company's balance sheet now reflected more that $102 million dollars in assets. This equates into a book value in excess of $2.50 per share. Veltex has sought the advice of major legal and accounting firms to protect and expand upon these assets. Veltex is currently exploring all opportunities accessible to maximize shareholder value.
Veltex reported at the meeting 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 has also been working with two of the company's outside law firms to review the questions with Depository Trust. Veltex intends to have a resolution of those in the near future.
No shareholder resolutions were presented at the meeting.
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
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