Veltex Corporation Expects Revenues in Excess of $40 Million for 2004 and is Entering the $6 Billion Surf Apparel Industry
CITY OF INDUSTRY, Calif., Dec 1, 2004 (PRNewswire-FirstCall via COMTEX) --
Veltex Corporation (Pink Sheets: VLXC) expects revenues for 2004 to be over $40
million with net profits of over $7 million or $3 a share. The company currently
has approximately 1.3 million shares in the float. Veltex plans on becoming
fully reporting and moving off the pink sheets to a major exchange upon
completion of its audits, which the company is currently undergoing.
Veltex Corporation plans to enter the $6 billion surf apparel industry. Using
similar business models as Roxy and Quicksilver, Veltex will create and design
apparel and accessories in order to establish itself in the surf apparel
marketplace. Javeed Matin, Chairman and CEO states, "Entering the surf apparel
industry offers great growth potential for Veltex. Even capturing a small
percentage of this $6 billion industry will significantly impact our bottom
line. We can offer customers a quality product at much lower prices than our
competitors."
Veltex also announces the expansion of its sales force. Vice President of Sales
and Marketing, Jordan Ross, expects to hire up to 50 new sales representatives
in the first quarter of 2005. The new sales representatives will primarily focus
on expanding Veltex's presence in the U.S. and making the Company a major player
in the promotional products industry.
Veltex expects its products will also be offered in major retail and department
stores in the first half of 2005. The Company will offer its own brand name
products as well as private label apparel and accessories. A new product line is
currently being created and designed to offer additional options in this market.
"We look to continue growing the company at increasing rates. Next year should
be an excellent year for Veltex as we establish our presence in the U.S. We are
taking numerous steps to make Veltex a world class apparel company," states
Javeed Matin.
