Veltex Corporation (VLXC)

[pual]

Wed Sep 14th, 2016 --- 3 Years later

CHICAGO, Sept. 14, 2016 /PRNewswire/ -- Veltex Corporation-- OTC Markets symbol (VLXC) – Veltex Corporation ("the Company") announced today that it has retained and partnered with Batuta Capital Advisors, LLC ("Batuta Capital") to assist the Company in exploring strategic alternatives

James "Jim" Jacob, President and CEO of Veltex stated "Following a detailed evaluation over the past several months, we have determined that it is prudent to undertake a review of our strategic options to determine which alternative or alternatives, including our stand-alone plans, are in fact the best way to maximize shareholder value. Management along with a unanimous board approval determined that the retention of and partnering with Batuta Capital was a strong move at the right time and in the right direction." Mr. Jacob stated further "The Board of Directors for Veltex has determined that it is in the best interest of its shareholders to consider itself a possible acquisition target, at a minimum, to a strategic company that possesses the necessary resources to invest in and capitalize on the significant potential asset value of Veltex's current booked NOL carry forwards and value in the current legal judgments of approximately $150 million dollars."

The Company is committed to conducting its review of potential alternatives as promptly as practicable.