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The short(s) should start buying back. And the seller should pause. Read the PR - great things going on at New Hope
https://www.prnewswire.com/news-releases/veltex-corporation-shareholder-update-301835042.html
Veltex Corporation Shareholder Update
Veltex Corporation Logo (PRNewsfoto/Veltex Corporation)
NEWS PROVIDED BY
Veltex Corporation
25 May, 2023, 14:32 ET
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CHICAGO, May 25, 2023 /PRNewswire/ -- Veltex Corporation ( OTCQB:VLXC) ("Veltex"), a Health and Wellness Acquisition Firm, and its wholly owned subsidiary Veltex Medical, Inc. d/b/a Veltex Recovery Group ("VRG"), is pleased to report progress at its Mount Hope, West Virginia Campus.
VRG has engaged Ms. Patricia A. Kelly as its Chief Administrative Officer for the Mount Hope Campus. Ms. Kelly has twenty (20) years of experience in the field of substance use disorder management and makes a sterling addition to the VRG team. Ms. Kelly will be responsible for staff oversight, cost control, day-to-day operations, coordination of client care, and ultimate compliance with all processes and procedures for efficient, effective management of the Mount Hope Campus.
Additionally, VRG has retained Armor Revenue Cycle Management, LLC ("Armor") to streamline its financial processes. Armor gives VRG access to fast and efficient administrative and clinical functions associated with claims processing, payment, and revenue generation. Armor will promote quality data organization from the moment VRG's clients schedule an appointment through the completion of the revenue cycle.
VRG management has been meeting with Fayette County Family Court officials and the Fayette County Criminal Courts in a collaborative effort to assist women negatively impacted by the drug crisis. The Mount Hope Campus is ideally located to serve as a place for healing women, reuniting mothers with their children, and reuniting families upon completion of treatment. VRG has also scheduled meetings with Greenbrier County and Raleigh County to expand its relationship with the West Virginia courts.
VRG recently received grant proceeds from the State of West Virginia Bureau of Behavioral Health, Department of Health and Human Resources ("DHHR"). VRG's relationship with West Virginia State Officials in Charleston served as a catalyst for efficient processing and distribution of the grant award. VRG was awarded a total of $65,257.00 as part of its initial build-out for in-patient services. VRG has received $1,000.00 from Warm Hearts, Warm Hands of West Virginia for a vegetable garden at the Mount Hope Campus and has been approved to submit receipts for a list of supplies for reimbursement through State Opioid Response Program with the West Virginia School of Osteopathic Medicine, Center for Rural and Community Health. VRG is finalizing its intended purchase but anticipates a value of approximately $35,000.00. This brings the 2023 Grant total to $101,257.00. VRG intends to monitor available grant applications and submit requests for additional Grant programs as they are announced.
Furthermore, VRG has begun implementation of an end-to-end platform specifically designed for behavioral health centers from management of the electronic health record supporting every part of the client recovery journey at the Mount Hope Campus. KIPU integrates the electronic health record with revenue cycle management for an efficient, compliant, client and staff experience aimed directly at the behavioral health service industry. New clients will be monitored through KIPU and their electronic medical record will be directly reportable to establish medical necessity for billing purposes. KIPU's cloud-based solutions were designed specifically to meet the needs of addiction treatment and medical health professionals.
The State of West Virginia has passed HB 3337, Article 2D Certificate of Need, §16-2D-9, health services that cannot be developed prohibiting additional drug and alcohol treatment facilities and services in a every county. This law, which limits the number of treatment beds to 250 per county, benefits VRG, which currently has a license for twenty-eight (28) beds under Phase I, and has begun construction of an additional thirty-two (32) beds for Phase II with an approval of ten (10) additional beds, in the existing structure for Phase III. This results in a total capacity of seventy (70) beds for the Mount Hope Campus. Moreover, VRG has retained an architectural firm to certify plans for two (2) additional structures taking the total number of licensed treatment beds to two-hundred and fifty (250). Ultimately, this will make VRG the only licensed substance abuse treatment bed facility in Fayette County, West Virginia. Construction on Phase II has been slightly delayed due to supply chain constraints for materials most of which have already been delivered to the facility. Approximately 33% of the construction for Phase II has been completed to date. The completion of construction for the additional thirty-two (32) beds is expected by July 1, 2023, depending on material delivery. During construction of Phase II, VRG will apply for a certificate of need exemption for a total of sixty (60) beds in Fayette County with the West Virginia Health Care Authority. Upon completion of the construction, an amended license application must be submitted to the State of West Virginia Office of Health Facility Licensure and Certification and all appropriate inspections and paper work must be submitted prior to issuance of a license for sixty (60) residential treatment beds. VRG expects this approval process to be expeditious.
VRG has been credentialed by the Bureau of Medical Services for in-patient residential treatment with Medicaid and HMO providers Unicare, Aetna Better Health of WV; and The Health Plan ("THP"). VRG is obtaining credentialling with additional insurance carriers as well. VRG's OHFLAC Certificate of Occupancy provides for the following levels of care pursuant to the BMS provider manual Chapter 504 - Substance Use Disorder: 504.18.4 Residential Adult Services ASAM® Level 3.7 – six (6) beds; 504.18.3 Residential Adult Services ASAM® Level 3.5 – fourteen (14) beds; and 504.18.1 Residential Adult Services ASAM® Level 3.1 – eight (8) beds, full details regarding VRG's approved levels of care can be found at dhhr.wv.gov. Out-patient services at the Mount Hope Campus are currently offered. VRG has established a consistent market to expand in this regard.
Furthermore, VRG will gain additional revenue from services such as counseling, peer recovery services, lab work, and testing, for ancillary services unrelated to its per-diem bundle. VRG leases a laboratory space within the Mount Hope Campus, to Appalachian Labs of WV, LLC and maintains lab-work collection with Charleston Area Medical Center ("CAMC") Lab Works.
Additionally, VRG has partnered with WIN West Virginia Foundation, Inc. ("WIN") (Winning the War Against Substance Abuse). The program delivers judgment free, comprehensive medical care with hope and compassion, specializing in treatment of women and the healing of the family unit. WIN provides some peer recovery services at the Mount Hope Campus through its four-part plan focused on prevention, treatment, peer and community support, and empowerment. The peer recovery navigators at WIN assist clientele as the transition from recovery back to society.
Stephen G. Macklem, Chief Financial Officer, stated, "I am pleased that revenues are accumulating currently as we implement the KIPU electronic health record and billing software and expect the second quarter to be on target as Veltex Recovery Group becomes integrated into the West Virginia Medicaid and HMO cycle of payment. This process, although time consuming to implement and change from Athena, our current software provider, will greatly benefit the operation in a more efficient revenue flow from insurance carriers, allow for revenue projections to be accurate and reduce errors and delays in billing."
Andreas Mauritzson, President and CEO of Veltex Corporation, stated, "I am proud to say the progress made at the Mount Hope Campus is on target for our corporate vision for this property. I am pleased to report the facility will be the premiere 'all women's facility' in the State of West Virginia. Despite Covid-19 set-backs, supply chain delays, the complexity of licensing a Behavioral Health Facility under state and federal law, and marketing of a new facility, all of which takes extensive time, money and effort, VRG has cleared all obstacles and is now operating what will soon be one of the largest all women's facilities in the state. Under HB 3337, we expect the Mount Hope Campus to be Fayette County with two-hundred fifty (250) beds once complete."
Veltex Corporation's wholly owned subsidiary, Veltex Properties, Inc., a Delaware Corporation, leases the 35,000 sq.ft. facility and approximately five (5) acres of land to Veltex Corporation's wholly owned subsidiary, Veltex Medical, Inc., a Delaware Corporation. This facility and land operates as a Veltex Recovery Group Campus. Future plans in Phase IV, call for architectural drawings, permits and construction of, at least two (2), additional residential facilities on the premises to operate expanded in-patient Behavioral Health services.
About Veltex Corporation
Veltex Corporation, ( OTCQB: VLXC), incorporated in Utah September 17, 1987, is a public holding corporation, which maintains its corporate headquarters in Chicago, Illinois. Veltex's common shares trade OTC Markets under the symbol VLXC. Veltex is a premier Health and Wellness Acquisition Firm, specifically targeting Substance Use Disorder ("SUD") treatment entities. Veltex Medical, Inc. d/b/a Veltex Recovery Group ("VRG"), a Delaware corporation and Veltex Properties, Inc. ("VPI"), a Delaware corporation are both wholly owned subsidiaries of Veltex. VMI operates an approximately 30,000 Sq. Ft. out-patient substance use disorder treatment facility at 101 Martin Drive, Mount Hope, WV 25880, providing both out-patient and in-patient treatment of Substance Use Disorder.
For additional information, please visit our corporate website at: Veltex.com, and our VRG website: Veltexrecoverygroup.com
Safe Harbor Statement
Forward Looking Statement
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," "seeks," "forecasts," "estimates" "projected" "plans" 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 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.
SOURCE Veltex Corporation
Veltex Recovery Group has a nice Facebook page, take a look and give it a "Like" or "Follow".
https://www.facebook.com/VRCMH
Cool Slogan! Yep, Demand for Rehab Facilities and Services Far Exceed Supply Thereof.
Billions of Dollars in Settlements (and Major Cash Inflows Expected from Litigation too) to Be Earmarked Towards Rehab Services. Quite a Bit Expected to Flow Towards Veltex Recovery Group.
Veltex Recovery Group Expected to Be the Largest Rehab Facility in West Virginia, the Epicenter of the Opioid Addiction Epidemic.
Veltex Recovery Group's Revenues are Ramping Up. Massive Revenue Growth via Implementation of Phase 1 thru 4 is Currently In Process.
Veltex has been Endorsed by Prominent Government Officials, U.S. Senators Pledging Support, etc...
Veltex is Equipped with a Great Team, Including Dr. Harry Haroutunian, World Renowned Author and Former Medical Director of the Betty Ford Center for Over 10 Years.
Veltex's Assets Include a Deferred Tax Asset Worth Tens of Millions of Dollars in Tax Savings, State of the Art Rehab Facility Valued Over $6 Million Dollars (Unencumbered/No Liability)
Share Repurchase Plan ("Stock Buyback Plan") and Eventual Merger With Veltex Corporation or Acquisition of Veltex Corporation to Contribute to Major Rises in Veltex's Stock Price.
New marketing slogan: got beds?
no, someone big is continuing to sell at lower prices despite improving fundaments. Its been months of selling with a similar pattern and now it must be 500,000-750,000 shs, and not done yet. How many shareholders have 1 mil shs or more? it can't be that many. Who would sell knowing what we all know now and the prospect of it only getting better? Answer: no one. So, this person with a big position is motivated for some unknown reason, and I don't think a person with this size is dumb. Something just doesn't add up...
right here, right now, you are probably buying at the current value with no credit for the next phase, no credit for material growth whatsoever and definitely no credit for the loss asset.
Too funny that we are at these levels again. Such, IMO, a raging buy. Think at a minimum could be a ten-bagger before the end of the year. Assuming they issue some PRs over the next two Qs showing growth in rev and beds and future growth of beds
Lest you forget, VLXC Rehab has the backing of the WV government so:
https://www.wvpublic.org/health-science/2023-01-18/west-virginia-receives-83-million-opioid-settlement-from-walgreens
the seller is such a dipshit. shows size at 38, trades at 37 and pulls his/her offer
Big time sellers return today.
I’m hearing they’re now up to 10 patients. Even at an average of $325 per day that’s $97K per month.. their overhead can’t be that high especially since they own the building.. this is shaping up to be a very good story in my opinion.
They showed 400,000 for sale Then used a market order to wipe the book. WTH
either this person is the worst trader or it is someone trying to push the price down. showing 92k down here and then immediately pulling it. too bad the SEC doesn't pay attention to stocks like this - seems like clear manipulation
well whatever the motivation our seller clearly needs out before YE. DOn't get in a tizzy Buy in the teens when this guy finally dies
not just that I believe they are the only woman-only and given addicts' behavior in general should make it much more desirable.
More should be added this week. Break even is 11. By spring should be up to 50 or more. Nicest facility in the state.
yes better to have 4 unhappy patients bad mouthing the facility if things are working and running smoothly while they iron things out
4 patients as of the meeting. Going slow to get it right. By Q3/4 of 2023 there will be 108+
Mikester, I added right after that no one knows how many people were in out patient, that it was a joke. Let’s move on to bigger things in ‘23!
Jasper, I said it must have been a bad meeting with the stock freefall right after the meeting. You are the one who recently posted that they have only 1 or 2 patients, You said that. Wheres your facts? You screem out fraud in the financials with that kind of whatever. You spreed negative crap then look at someone who simply makes a suggestion as "a bad person". So I dont need you preaching to me.
Mikester, that is a bad statement to make, unless you have facts? They just announced the opening of in-patient and the beginning of expansion and revenue growth, why would they say anything less at the meeting? Things look great going forward IMO. The stock has a better chance of going up next year as revenue data comes out.
I was not there but I can assure you what you are saying is a complete falsehood and can get you in trouble for spreading lies
That meeting must have been pure hell. Knocked 20% off the top and no bids remain now on the books. $16 million in market cap today alone !!!!!
again unless you are looking to raise cash, who cares. The exit will be a buyout or something along those lines and probably at many multiples above these levels
The selling is relentless.
just noticed today that on this site they show the float at 52 ml. the float is in fact closer to 3.1 ml. Big difference not sure where this site gets its info from. And it matters because if I was buying I would think there are a ton of shares available to buy
Notanindex you are 100% correct. Every time a bid comes in 400,000 shows on the offer. These MMS arnt stupid giving money away. The stupid one is the seller. Really stupid.
I don't agree...a MM's job is to provide a fair and orderly market. Nothing fair about this bid/ask, even if there is a seller.
not sure that is 100% true of the situation. The MMs see this large seller putting his crap out there and the large buyer isn't willing to step-up seeing how desperate the seller is. The seller is clearly an amateur and so impossible to maintain an orderly market with that guy around. And new potential buyers, and I am fairly confident there are some new eyes, wonder what they're missing that someone is willing to sell size here. The reality is this tool probably bought at $0.15 or so and willing to take a small multiple bagger not realizing if he had never shown his offer post the PR he probably could have had a ten bagger
when market makers make a tighter market, they are advertising to the public that the store is open, you can execute at good prices, and they want your business. When MM's make wide markets, they are saying, we are open but you can't execute at good prices, we are not that interested in your business. We have a .40 stock and the mkt has been .10-.20 wide., they don't want any business. Tell me again why we bumped up to OTC QB? These guys are pathetic and should be fired. Tell me I am wrong. We have a company with great fundamentals and we get this? We are never gonna get any players when they see this behavior.
Sweet, need the fuel (volume) to build for the rocket to blast off.
great action this afternoon. the funny thing is they are showing almost all the volume as sells but if you actually followed the way the trades took place that is far form the case. Anyway just fun to watch.
We could only hope. Its not likely cause that would probably mean there isn't much of an offer, and one buyer could move this up, but the MM's and any possible real buyers know the order is still around, and not trying to move it up. Its a real shame that aside from this seller, me thinks there are other forces that DON'T want this stock up. So easy to see. Someone has to say it.
looks like our genius seller finally pulled their offer. you should just disappear until the next time there is an update enow because you really screwed the pooch
like I have said many times - unless you want to sell it undervalued the exit is sale of the company. Or they begin rolling up peers which will force the value to a more appropriate level.
ya, but this dumb seller is big and has kept a lid on this no matter the news for months. Buyers where art thou.
see how dumb this seller is. The bidder dropped off knowing how uninformed this seller is and figures he can buy more lower because this seller has shown his cards.
I don’t blame someone for selling never know what there needs are. But I do hate amateurs trading. If he just pulled his offer for a time this thing would not only climb but volume will increase as it climbs. Just very uninformed trading.
I don’t blame someone for selling never know what there needs are. But I do hate amateurs trading. If he just pulled his offer for a time this thing would not only climb but volume will increase as it climbs. Just very uninformed trading.
Yeah, clearly a tool.. who would sell at this point.
that's a good question - I wonder why we have not seen an increase and an uptick in quality of market makers
it seems the upgrade to OTC QB hasn't produced any change?...still wide mkts and low volumes.
our seller constantly astounds me. He manages to crush any rally with his lack of patience and lack of trading skills.
screw him - he will pay for not covering this before they showed what they have been doing. And I know mentally it was painful for some that wanted constant updates but reality is they released info when it was appropriate and relevant and now look at what they have delivered.
can the BOD's invite the short to the annual meeting please?
I missed that in the PR but that’s some amazing info. It’s actually pretty incredible that this BOD have had the patience and belief to see this through. Very impressive but at the end of the day all success comes from relentless perseverance. I’m grateful that’s for sure..
have a feeling our short friend is in separation mode. Hitting that bid to keep this from running away
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