Veltex Corporation Confirms 10% Stock Dividend to Shareholders of Record as of February 28, 2006
CITY OF INDUSTRY, Calif., Feb. 21 /CNW/ -- Veltex Corporation (OTC: VLXC) is pleased to announce that further to its December 19, 2005 Press Release, a stock dividend will be paid on March 30, 2006 to the Issuer's shareholders of-record as of 3:00 o'clock p.m. Mountain Standard Time on February 28, 2006, at the rate of 1 share for every ten shares held of record.
Javeed Matin, CEO of Veltex Corporation, stated "This stock dividend is the result of Veltex's consistent financial performance and the optimistic outlook for the ongoing operation of the Company. We will continue to strive to increase shareholder value and we appreciate shareholder support over the past several years as we expanded operations globally. "
Certificates representing the dividend shares will be mailed via first class mail by the Issuer to shareholders entitled to receive the dividend at their of-record addresses. Certificates to be issued in respect of shareholders who hold unrestricted shares will be issued free of any restricted legend; certificates to be issued in respect of shareholders who hold restricted shares will be issued with the standard form restrictive legend utilized by the Issuer's transfer agent stamped on them. In the event an of-record shareholder holds both unrestricted and restricted shares, the share dividend will be applied separately to such positions.
About Veltex
Veltex Corporation is a vertical manufacturing import and distribution company composed of four divisions: Veltex Apparel, specializing in apparel and apparel accessories for the Promotional Products Industry and distribution/supplying of merchandise in the U.S. market; Veltex-Explorer, Inc. a manufacturing, import and supplying company for the Promotional Products Industry in Canada; Velvet Textile Mills, specializing in the manufacture of high quality fabrics including 100% cotton
twill, denim, and 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 forward-looking 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.
