CHICAGO, April 29, 2016 /PRNewswire/ -- Veltex Corporation-- OTC Markets symbol (VLXC) – Veltex Corporation (VLXC) today announced results from the Company's 2016 Annual Meeting of Shareholders held in Scottsdale, Arizona on April 25th, 2016 at the Hilton DoubleTree Resort. Veltex reported that the members of its Board of Directors were once again re-elected by substantial margins. Further, the Plan of Recapitalization was approved by more than ninety four percent of the vote.
The Board of Directors is also pleased to announce the unanimous reappointment of Mr. James "Jim" 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, "Veltex is currently exploring all opportunities accessible, including, but not limited to, the retention of an investment bank, to maximize shareholder value surrounding these corporate properties. Our strategy has always been to maximize the value of our judgments and other assets. Whether you are a private equity firm or a corporate acquirer looking for corporate acquisition deals at the right price, or an investment bank or broker looking for deal mandates, or a law firm looking to expand its M&A practice, the question we now have before us is: 'Based on our strategy, who are the most relevant people that should be on our calling list this year?" In fact, recently, Veltex has entered into a contract with Mountain Valley Partners LLC, a company structured to specifically explore opportunities to expand shareholder value by merger or acquisition of Veltex.
James "Jim" Jacob, President and CEO, stated, "Veltex has recently filed liens in both Nevada and California on properties associated with our judgments and have also begun asset searches and examinations of individuals and corporations who are legal creditors to Veltex. We have retained a major Nevada law firm to aggressively seek out and attach properties for the benefit of Veltex and its shareholders in Clark County Nevada." Mr. Jacobs continued, "Property liens have also been filed in Orange County California. Moreover, this Board and management are currently in contact with numerous private and public corporate entities exploring business combinations with Veltex, including but not limited to, an acquisition of Veltex. We have left nothing off the table. Of course, there are no guarantees, and we have just begun this process, however I am more than optimistic about our prospects."
Veltex reported that the company's balance sheet now reflects more that $142 million dollars in judgments and interest in favor of Veltex Corporation along with $1,441,000 of net operating loss carry forwards at the end of 2015. Veltex has continuously sought the advice of foremost legal and accounting firms to protect and expand upon these potential valuable assets.
The final audited vote count was as follows:
Stephen G. Macklem votes cast FOR director were 34,204,607 or 98.6% and 396,341 votes WITHHELD, along with 92,700 non-broker votes.
R. Preston Roberts votes cast FOR director were 33,687,850 or 97.12% and 913,098 votes WITHHELD along with 92,700 non-broker votes.
James Jacob votes cast FOR director were 33,212,567 or 95.73% and 1,388,381 votes WITHHELD along with 92,700 non-broker votes.
Kenneth J. Demaree votes cast FOR director were 33,212,710 or 95.7% and 1,388,238 votes WITHHELD along with 92,700 non-broker votes.
Robert E. Fletcher votes cast FOR director were 33,217,407 or 95.7% and 1,383,541 votes WITHHELD along with 92,700 non-broker votes.
Andreas Mauritzson votes cast FOR director were 33,217,407 or 95.7% and 1,383,541 votes WITHHELD along with 92,700 non-broker votes.
The votes to ratify the Board decision to select Sassetti LLC as independent registered public accounts for fiscal year 2016 had 34,323,277 votes cast FOR or 98.8% and 369,256 votes cast AGAINST and 1,115 votes ABSTAIN.
The votes to approve the Recapitalization Plan thereby effecting a reverse split of 1 for 25 (one for twenty five) of the common shares of the corporation with a par value of $0.001 were FOR 32,783,396 or 94.5% and 1,213,947 votes WITHHELD. There were no broker non votes. An announcement as to the details and timing of the implementation of the Recapitalization Plan will be forthcoming.
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.
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