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Veltex Corporation Holds 2010 Annual Meeting of Shareholders

CHICAGO, IL--(Marketwire - 12/15/10) - Veltex Corporation (Pinksheets:VLXC - News) today announced results from the Company's 2010 Annual Meeting of Shareholders and reported that all members of its Board of Directors were re-elected by a substantial margin.The Board of Directors also re-appointed Wayne H. Hanson 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.R. Preston Roberts, who continues as Chairman of the Board, said, "We appreciate the strong support that shareholders have shown for the Board today through the reelection of our directors by substantial margins. Our entire Board is deeply engaged and intensely focused on regaining value for our shareholders through our previously announced asset recovery plan."In his remarks at the Annual Meeting, held today in Chicago, Illinois, Mr. Roberts said, "This past year has been incredibly productive as we have retained the services of several highly respected and qualified legal teams to assist in the investigation, litigation and recovery of assets that are the legal property of the corporation."Mr. Roberts discussed the aggressive actions the company has taken to address these issues and assured the shareholders that the recovery plan would continue until all avenues have been scrutinized. The company also will cooperate and assist law enforcement officials in pursuing those individuals who assisted in the wrongful transfer of assets away from the company.Mr. Roberts concluded his remarks by saying, "We have begun the year with renewed momentum, increased discipline and an intense focus on our recovery plan. As we push forward into 2011, we'll continue searching for property and responsible individuals and/or companies that wrongfully conveyed assets away from our firm and aggressively seek to retrieve those assets and further capture all available tax advantages for the corporation associated with those losses."Wayne H. Hanson, President and CEO, and largest individual shareholder, stated, "That's what will create value for Veltex and most importantly, for all of us -- the shareholders."Following are final voting results;Veltex Corporation Proposals:

  • Election of Directors (percentages reflect support of votes cast).

1. Robert E. Fletcher received 97.147%.
2. Wayne Hanson received 94.761%.
3. James Jacob received 97.351%.
4. Stephen G. Macklem received 96.311%.
5. R. Preston Roberts received 96.087%.Safe Harbor StatementCertain 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.Veltex Corporation. For further information about Veltex, please visit www.Veltex.com.