CHICAGO, IL--(Marketwired - May 11, 2015) - Veltex Corporation (OTC PINK: VLXC) today announced results from the Company's 2015 Annual Meeting of Shareholders held in Chicago, Illinois on April 27th, 2015 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. Andreas Mauritzson 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 next stage of our long-term plan. I am proud to be part of what I can earnestly say is a highly qualified board. I also want to welcome and congratulate Andreas Mauritzson to the Board as a new member. Andreas will add vast knowledge in the areas of corporate management and finance."
Mr. Roberts also discussed Veltex's continued cooperation with law enforcement officials in pursuing those individuals and corporations who assisted in the wrongful transfer of assets away from the company. Moreover, Mr. Roberts reported that the Board is now in the process of conducting an "all encompassing" strategic review that will include the review of a range of corporate transactions
James "Jim" Jacob, President and CEO, stated, "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. The business plan to date has been more than successful and the next phase of that plan has begun. The company's attorneys are working diligently to secure and collect accounts receivable and judgments in the United States and Canada. I am pleased to report that the Board is now exploring in detail ways to begin expanding those items to reflect shareholder value."
Veltex reported that the company's balance sheet now reflects more that $130 million dollars in judgments and interest in favor of Veltex Corporation. Veltex has sought the advice of major legal and accounting firms to protect and expand upon these potential valuable assets. Veltex is currently exploring all opportunities accessible, including, but not limited to, the retention of an investment bank, to maximize shareholder value surrounding these corporate properties.
Veltex reported at the meeting that it has, to date, accumulated 3,205,534 common shares back into the corporate treasury. Treasury shares increased from last year by 1,200,000 shares. Those additional shares of common stock were reacquired at no cost to Veltex Corporation thru litigation against Veltex Industries, Inc. It was noted by the Board that this plan of acquiring shares and adding them to the corporate treasury would continue as opportunities present themselves.
The final audited vote count was as follows:
Stephen G. Macklem votes cast FOR director were 27,387,514 or 97.88% and 467,794 votes WITHELD, along with 125,900 non-broker votes.
Kenneth J. Demaree votes cast FOR director were 26,656,025 or 95.26% and 1,199,283 votes WITHELD along with 125,900 non-broker votes.
Robert E. Fletcher votes cast FOR director were 26,656,023 or 95.26% and 1,199,285 votes WITHELD along with 125,900 non-broker votes.
James Jacob votes cast FOR director were 26,656,025 or 95.26% and 1,199,283 votes WITHELD along with 125,900 non-broker votes.
R. Preston Roberts votes cast FOR director were 26,420,033 or 94.42% and 1,435,275 votes WITHELD along with 125,900 non-broker votes.
Andreas Mauritzson votes cast FOR director were 26,656,025 or 95.26% and 1,435,275 votes WITHHELD along with 125,900 non-broker votes.
The votes to ratify the Board decision to select Sassetti LLC as independent registered public accounts for fiscal year 2015 had 27,644,756 votes cast FOR or 98.8% and 329,237 votes cast AGAINST and 7,215 votes ABSTAIN.
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.