Veltex Corp.Quick Quote:
VLVT(no quote)
Veltex Finalizes 20 Truck Purchase - Projected to Bring Almost 1.5 Cents In EPS Next Year Alone.12/5/02
LOS ANGELES, Dec 5, 2002 /PRNewswire-FirstCall via COMTEX/ --
Veltex Corporation (OTC: VLVT) announced that they have completed the purchase of 20 Freightliner trucks and have taken delivery on the first 7 with the remainder slated for delivery during the next two weeks. The trucks are 2001 Freightliner Classics, top of the line models which Freightliner describes as "boasting an impressive 132-inch BBC and 15 different sleeper options . . . is legendary for its styling, luxury, power" and is designed to maximize driving efficiency, making it possible for a team of drivers to drive these 18-wheel trucks 24/7 with only fuel stops. The trucks are in "like new" condition, have been refurbished and carry full warranties.
All of the trucks are being bought under the Veltex Corporation name with an initial payment of $135,000 and the remainder financed through Daimler Chrysler Finance.
"Each truck is expected to bring in approximately $15,000 to $20,000 of revenue per month, and approximately $2,000 to $4,000 in pre-tax monthly income. That means these 20 trucks can represent over $400,000 in revenue per month and about $80,000 in pre-tax income per month," said Andy Friedel, President and COO of Veltex Transportation, formerly known as MultiModal Transportation prior to its purchase by Veltex Corporation.
"We are also in the process of purchasing 80 more trucks by year end," he said.
Commenting on the good news, Veltex Chairman and CEO Javeed Matin said, "This move proves the commitment the management of Veltex has in growing the company into a $50,000,000 revenue company in 24 months. Veltex Corporation is focused on creating shareholder value through growing revenue and profits."
Veltex Corporation cautiously estimates over 20 cents in EPS next year, with a substantial increase in revenues owing to the profitability and synergy of its subsidiaries. More key announcements are expected to be made in the next month.
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