CHICAGO, May 24, 2021 /PRNewswire/ -- Veltex Corporation-- OTC Markets symbol (VLXC) Veltex Corporation ("Veltex") is pleased and proud to announce that it's wholly owned subsidiary, Veltex Medical, Inc., a Delaware corporation, has entered into a Joint Venture Agreement with Lighthouse Community Investment Agency, Inc. d/b/a Serenity Pointe ("Serenity Pointe"). The Agreement pairs Veltex business acumen with Serenity Pointe's existing rehabilitation facility located at 201 Prichard Street, Williamson, West Virginia.
"Veltex is enthusiastic to have executed this agreement with Serenity Point. We have great respect for what the professionals at Serenity Pointe are doing for their community and look forward to entering the market with them and adding an advisory partnership to help assist them in their current operations", said Veltex's President and Chief Executive Officer Andreas Mauritzson. "This Joint Venture alone brings Veltex Medical's in-patient capacity to more than 200 beds in West Virginia and will be immediately accretive to Veltex Medical, Inc."
Serenity Pointe's Director, Belinda Harness, stated "The opportunity to partner with Veltex Medical makes perfect sense. Our philosophies are aligned in that we both deeply value and pledge our commitment to excellence in rehabilitative patient care. This partnership will enable us to expand the services we provide and help more patients recover from their addiction by allowing them to restore function and regain the independence needed to get back to their lives".
Under the agreement, Veltex Medical will work in an advisory capacity to enhance the existing facility and its offerings at Serenity Pointe. Veltex Medical will assist, consistent with Serenity Pointe's regulatory requirements, with in-patient, short-term and intermediate care currently at Serenity Pointe, among other things. Additionally, Veltex Medical and Serenity Point have agreed to the implementation of effective business strategies wherein Veltex Medical will provide financial advice, sound recommendations, and assistance in long and short term financial guidance to aide in the elimination of any debt encumbering Serenity Pointe, should such exist, thereby freeing Serenity Pointe to manage its long-term care directives. In addition, the Parties will maintain a mutually beneficial agreement regarding patient placement and the sharing of patients between the two entities' rehabilitation facilities located in Mount Hope, West Virginia and Williamson, West Virginia respectively.
Veltex is highly optimistic about this joint venture and anticipates many additional potential partnerships with existing rehabilitation facilities throughout the State of West Virginia. Veltex is in a collaboration agreement with the State of West Virginia and anticipates additional transactions akin to the agreement with Serenity Pointe in the near future.
About Veltex Corporation
Veltex Corporation, incorporated in UtahSeptember 17, 1987, is a registered public holding corporation, which maintains its corporate headquarters in Chicago, Illinois. The company's common shares trade OTC Markets under the symbol VLXC. Veltex Medical, Inc. is a wholly owned Delaware subsidiary of Veltex Corporation, with operations at the Mt. Hope, West Virginia complex, which provides chemical dependency rehabilitation services. Veltex Properties, Inc., also a wholly owned Delaware subsidiary of Veltex Corporation, is the legal holder of the property and building complex at Mount Hope, West Virginia.
About Serenity Pointe
Serenity Pointe is a rehabilitation facility located in Williamson, West Virginia with a capacity of 82 long-term care beds, it has been providing chemical dependency rehabilitation services for patients since April of 2018. The Serenity Pointe facility is owned by the Housing Authority of Mingo County West Virginia.
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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 Corporation, Veltex Medical Inc. or Veltex Properties, Inc. ("collectively as Veltex") or any of their management "believes," "expects," "anticipates," "foresees," "seeks," "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. Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company, Veltex, as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues, the continued spread of COVID-19, including the speed, depth, geographic reach and duration of the spread, and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.