|By Marketwired .||
|December 18, 2013 12:43 PM EST||
CHICAGO, IL -- (Marketwired) -- 12/18/13 -- Veltex Corporation -- OTC Markets symbol (OTC Pink: VLXC) -- Veltex Corporation today announced results from the Company's 2013 Annual Meeting of Shareholders held in Chicago, Illinois on December 9, 2013 at the Palmer House Hilton in downtown Chicago, Illinois. Veltex reported that certain members of its Board of Directors were once again re-elected by substantial margins. Kenneth J. Demaree was elected as a new member to the Veltex board.
The Board of Directors also announced the reappointment of Mr. James "Jim" Jacob, of Palm Springs California, as President and Chief Executive Officer.
Stephen G. Macklem was reappointed by the Board as Veltex's Chief Financial Officer and also as corporate Secretary / Treasurer by unanimous vote.
R. Preston Roberts, who continues as Chairman of the Board, stated at the Annual Meeting, "I am honored to be once again elected as Chairman of the Company. This board is dedicated to seeing Veltex move to the stage of our long-term plan. I am proud to be part of what I can sincerely say is a highly qualified board. I also want to welcome and congratulate Ken Demaree to the Board as a new member. Ken will add vast knowledge in the areas of investment banking and mergers and acquisitions coming from more than 20 years of experience at Merrill Lynch."
Mr. Roberts also discussed Veltex's cooperation with law enforcement officials in perusing those individuals and corporations who assisted in the wrongful transfer of assets away from the company.
James "Jim" Jacob, President and CEO, stated, "No matter what type of environment we're in -- today, a year from now, or five years from now -- we are driven to extract value for the shareholder. We will never be satisfied here at Veltex until we do. Assets were stolen -- and we are recovering on many fronts. Our balance sheet has never looked better. Our work continues and will continue until shareholder value is augmented. Veltex now has the advice of specialized tax attorneys and accountants to maximize value from our balance sheet and advise us on the next steps going forward as we explore opportunities."
Veltex reported that the company's balance sheet now reflects more that $100 million dollars in shareholder equity at the end of 2012. This equates into a book value in excess of $2.65 per share. Veltex has sought the advice of major legal and accounting firms to protect and expand upon these assets. Veltex is currently exploring all opportunities accessible to maximize shareholder value.
Veltex reported at the meeting that it has, to date, accumulated 2,005,534 common shares back into the corporate treasury. It was noted by the Board that this plan would continue as opportunities present themselves.
The final audited vote count was as follows;
Stephen G. Macklem votes cast FOR director were 22,321,543 and 490,345 votes WITHELD along with 971,420 non-broker votes.
Kenneth J. Demaree votes cast FOR director were 21,549,336 and 1,262,552 votes WITHELD along with 971,420 non-broker votes.
Robert E. Fletcher votes cast FOR director were 21,548,643 and 1,263,245 votes WITHELD along with 971,420 non-broker votes.
James Jacob votes cast FOR director were 21,548,643 and 1,263,245 votes WITHELD along with 971,420 non-broker votes.
R. Preston Roberts votes cast FOR director were 21,449,336 and 1,362,552 votes WITHELD along with 971,420 non-broker votes.
No shareholder resolutions were presented at the meeting.
Veltex Corporation, incorporated in Utah September 17, 1987, is a public holding corporation which maintains its corporate headquarters in Chicago, Illinois. The company's common shares trade OTC Markets under the symbol VLXC.
Safe Harbor Statement
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Veltex or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe Veltex's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
Investor and Company Contact:
Stephen G. Macklem