Veltex Signs Letter of Intent to Acquire One of Canada's Largest Promotional Products Company
CITY OF INDUSTRY, Calif., June 2 /CNW/ -- Veltex Corporation (OTC Bulletin Board: VLXC) announced today that it
has signed a Letter of Intent to purchase a large profitable Canadian textile business. Javeed Matin, Veltex CEO,
stated, "This acquisition will dramatically increase the size of Veltex and increase our revenue base by multi millions of
dollars. It's an exciting acquisition as the company has exceptional license agreements in place and produces garments
for many well-known companies." The Company has over 80 employees in Canadian office and is well established in
the promotional products industry. The agreement moves the company on step closer to its 2005 strategic goal related
to North American expansion. More details will be released shortly as terms of this acquisition are finalized. The
company has been in manufacturing business over 30 years.
Javeed Matin, CEO of Veltex, expressed excitement at signing the Letter of Intent: "This acquisition fits wonderfully
into our expanding business plan, and will dramatically increase our client base as well as profit margin. The
investment Veltex is making will permit us to become a major player in the promotional products industry. Matin
added that, "We have been looking for good acquisition candidates that will both enhance our operations and create
value for our shareholders. This acquisition does both."
Veltex Corporation is a vertical manufacturing, import and distribution company composed of three divisions: Veltex
Apparel, specializing in caps, apparel and apparel accessories for the Promotional Products Industry and distribution of
merchandise; Velvet Textile Mills, specializing in the manufacture of high quality fabrics including velvets, 100%
cotton twill, denim, sheeting for consumer and industrial products; and KCA Garment Industries, specializing in the
manufacture of garments.
Safe Harbor: Except for historical information contained herein, the statements in this Press Release are forwardlooking
statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the
Company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties
include, among other things, volatility of market prices, product demand, market competition, risks inherent in the
Company's international operations, and the Company's ability to replace and expand.
CONTACT: Finn Walstad, +1-253-564-9254 at www.otcgrowth.com
