Veltex Corporation Gives Mid-Quarter Update
Monday December 23, 8:45 am ET
DIAMOND BAR, Calif., Dec. 23 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLVT - News) is pleased to announce that earnings are on track for the fourth quarter. Sales continue to be strong for all divisions, with recent acquisitions performing better than expected. Veltex has recently issued shares for the acquisitions it has completed and for other corporate purposes. The shares issued will be kept to a minimum.
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Commenting on Veltex's progress, Chairman and CEO Javeed Matin said, "We are growing into a bigger and better holding company with each division expected to have revenue in the multi-million dollar range. Our earnings next year should double with sales expected to grow substantially."
Mr. Matin continued, "I wish our shareholders and employees around the world a happy holiday season and a happy new year. Everyone who has stood by Veltex throughout this transition phase should look forward to an exciting new year for our company. Though Veltex continues to be the subject of false accusations by certain individuals, we will continue to run our business with the utmost honesty and integrity."
Veltex expects to issue updates on the continued growth of our trucking division and the progress on the audit, to be completed early next year.
Veltex Corporation is a diversified holding company comprised of four divisions: Trucking; Distribution, specializing in caps, apparel and apparel accessories for the Promotional Products Industry; Manufacturing, specializing in the manufacture of high quality fabrics including velvets, 100% cotton twill, denim, sheeting for consumer and industrial products; and Marketing specializing in online marketing and promotions for the vacation ownership industry. Trucking and distribution subsidiaries are located in Memphis, Tennessee. Manufacturing is located in Bangladesh. Marketing is located in the headquarters offices in Diamond Bar, California.
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