Veltex Corporation Announces Stock Repurchase Program Board of Directors Authorizes 2,500,000 Shares
LOS ANGELES, Nov 09, 2006 /PRNewswire-FirstCall via COMTEX/ -- Veltex
Corporation (OTC: VLXC) today announced that its Board of Directors has
authorized the repurchase of up to 2,500,000 shares of the Company's common
stock.Stock repurchases under this program may be made through open market and
privately negotiated transactions at times and in such amounts as management
deems appropriate. The timing and actual number of shares repurchased will
depend on a variety of factors including price, corporate and regulatory
requirements and other market conditions. The stock repurchase program may be
limited or terminated at any time without prior notice.As of November 09, 2006, there were approximately 20,000,000 common shares
outstanding.Javeed Matin, Chief Executive Officer, commented, "The stock repurchase program
is designed to enhance shareholder value and to begin a well organized plan at
this time to improve our capital structure. The Board's action is a reflection
of the Company's commitment to build on and to increase shareholder value. The
Board of Directors reaffirms our confidence and optimism in the long term future
of the company and will continue to execute on our strategy of returning capital
to shareholders."Veltex Corporation will also hold a conference call at 1:30 p.m. PT (4:30 p.m.
ET) on Tuesday, November 14th, 2006 to discuss its financial results and recent
corporate developments. Interested parties are invited to call live in the US
and Canada by dialing 877-680-2258. The call is also available by dialing for
international callers 706-679-5424. This call will be operator assisted. The
conference code is 1908000. Please telephone approximately 5 minutes prior to
the call. Questions from informed investors will also be taken in advance of the
call and should be emailed to the investor relations department at
ir@veltexcorporation.com.ABOUT VELTEX CORPORATION
