CHICAGO, IL--(Marketwired - January 29, 2015) - Veltex Corporation -- (OTC PINK: VLXC) OTC Markets symbol (VLXC) -- Veltex Corporation ("Veltex") announced today that the corporation had received a clearance notice on January 28, 2015 from the Department of the Treasury, Internal Revenue Service ("IRS") that the comprehensive full six year audit examination has been completed and no changes were to be made to the corporation's reported tax forms. Veltex is current on federal and all Illinois and California state corporate tax returns.
On or about June 16, 2014 Veltex received notice from the IRS that the government had elected to perform a comprehensive six year examination on the federal returns filed by Veltex. Veltex was represented by the Law office of Merle L. Royce and the accounting firm of Sassetti & Company, the corporations outside legal counsel and accounting firm respectfully.
Stephen G. Macklem, CFO of Veltex, quantified in a statement, "This was a very important event for Veltex as management welcomed the examination. Government review and audit of these complex corporate federal tax returns was yet another vital step towards the maximization of shareholder value."
Veltex will update shareholders with developments as progress warrants on legal, tax and accounting matters. Veltex Corporation seeks to update shareholders on the immediate future of the company as developments warrant. We look forward to creating partnerships and alliances that will highlight our comparative and competitive advantages in the holding industry and in general.
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.
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Forward Looking 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," "seeks," "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. Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company, Veltex, as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.