VLVT News ....
Press ReleaseSource: Veltex Corporation
Veltex Corporation Added 10 Additional Trucks
Monday February 10, 9:08 am ET
DIAMOND BAR, Calif.--(BUSINESS WIRE)--Feb. 10, 2003--Veltex Corporation (OTCBB:VLVT - News) has just taken delivery of 10 additional International trucks in California which will add $200,000/mo. on top of its 30 truck fleet to generate $8,000,000/year. The trucks have been financed through International Finance Group. All 40 trucks are owned and leased by Veltex Corporation.
On Friday, February 7, 2003, Veltex Corporation (VLVT) terminated its relationship with Andy Friedel and MultiModal Transportation of Memphis, Tennessee, and has begun the process of moving Veltex Transportation's operations to Veltex Corporate Headquarters in Diamond Bar, California.
Veltex continues to enjoy an excellent business relationship with All Coast, the company that manages Veltex's trucking operations including Federal and State permits, registrations, insurance, fuel purchases and so on, through the All Coast agent in California. The California agent gives more revenue assurance rather than Memphis. Roger Brunetti, VP of Veltex Corporation said, "It will be more convenient for the management to monitor all operations from the trucking division from headquarters and more beneficial for the shareholders; this will eliminate unnecessary expenses due to traveling and monitoring at the Memphis location."
Veltex is currently hauling for Watkins, one of the largest trucking companies in the United States, which will generate more revenue than before.
Roger Brunetti also announced that Veltex Corporation had converted 20-million previously authorized but not issued shares of Preferred Stock into Common Stock bringing the total authorized Common shares to 70-million. There are no authorized Preferred shares. Issued and outstanding shares currently total 53-million.
"These additional shares of Common Stock will allow Veltex to take advantage of the high-value low-cost opportunities to grow the company that are available during recessionary times," said Brunetti. "Rather than issue Preferred Stock, we felt it was better for our shareholders to maintain the single class of equity and ownership rights. Our expansion program is still young and the extra shares will give us the boost we need to establish a firm position in our markets. We believe our shareholders will be delighted by the results of our future efforts in this direction."
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