The following attracted the attention of someone who mentionned VLXC on another board this morning:
www.MarketGainer.com: Market Gainer Releases Profile for Veltex Corporation
Oct 24, 2005 (M2 PRESSWIRE via COMTEX) -- MarketGainer.com strives to find dynamic issues that are unknown but because of their technology, approach, executive team, recent discoveries or other key factors, could advance in the market. MarketGainer.com has identified the following company based on these criteria. Veltex Corporation (OTCPK:VLXC), through its subsidiary, Velvet Textile Mills, is acompany that engages in the production and distribution of specialized textiles for use by manufacturers of automobile interiors, furniture, and ready-to-wear garments. These materials include jacquard, denim, microfilament, velvet, twill, canvas, duck, and pinpoint oxford fabrics.
Company shareholders busily clustered to weave themselves into Veltex today. Shares traded at over double the normal volume, rising from the average of 61 thousand shares traded to 149 thousand. Prices reflected the influx, with a 21 cent or 22 percent rise over yesterday's close of 94 cents per share which produced the daily high of $1.20 per share.
The influx came shortly after Veltex announced its forward-looking estimates for 2006, stating that it expects continued successful growth with further advances in revenue and profitability. Veltex previously announced that 2005 gross revenues are projected to surpass $60 million with net income of between $9 and $10 million. The company currently has 9,732,087 shares outstanding with expected 2005 net earnings of $.92 - $1.02 per share.
Understandably, the company is indicating satisfaction with the cut of its financial cloth. Javeed Matin, CEO of Veltex Corporation stated that, "All of our divisions continue to grow at record levels and we have brought on many new distributors in the past few months. We are very proud of our rapid expansion and growth progress since 2001 when our total revenues were $8.7 million. We are committed to maximizing share valuations for our loyal shareholders and expect to announce further synergistic acquisitions in the future."
