No Reverse Split commitment by management.
Veltex Corporation Will Not Reverse Split Stock
biz.yahoo.com
Monday May 5, 12:41 pm ET
DIAMOND BAR, Calif., May 5 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLVT - News) announced today that during the shareholder meeting on April 28th and April 29th, the shareholders have approved the following:
Raising the authorized shares to 200,000,000 divided into two classes of
stock:
1. 100,000,000 shares of voting common stock, par value
$0.001 per share;
2. 100,000,000 shares of preferred stock, which may be divided into such
class and series, with such preferences, limitations, restrictions
and relative rights, as may be determined and designated from time to
time by the board of directors without requirement of shareholder
action or approval.
According to CEO Javeed Matin, "We do not want to reverse split our stock. Many shareholders have voiced their own concern and the decision was made that a reverse split is not in our best interests. I realize the consequences that most reverse splits have on a company's stock and I know a reverse split is not what our shareholder's or myself want at this time. Our trucking continues to do fine, as well as our other businesses, and revenue continues to be robust."
Roger Brunetti is no longer President of Veltex Corporation, and Javeed Matin will again be both President and Chief Executive Officer of the Company. Veltex Corporation is a diversified holding company composed of four divisions: Trucking; Distribution, specializing in caps, apparel and apparel accessories for the Promotional Products Industry; Manufacturing, specializing in the manufacture of high quality fabrics including velvets, 100% cotton twill, denim, sheeting for consumer and industrial products; and Marketing specializing in online marketing and promotions for the vacation ownership industry.
veltexcorp.com
veltexapparel.com
veltextransportation.com
Safe Harbor forward-looking statements: 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 Reforms 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. |
