Veltex Corp.

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Veltex Corporation Holds 31st Annual Meeting of Stockholders for 2017

Jul 18, 2017

OTC Disclosure & News Service

- Veltex Corporation Holds 31st Annual Meeting of Stockholders for 2017

Veltex Corporation Holds 31st Annual Meeting of Stockholders for 2017

Reports Positive Results on Nevada Collection Enforcement

PR Newswire

CHICAGO, July 18, 2017 /PRNewswire/ -- Veltex Corporation -- OTC Markets symbol (VLXC) – Veltex Corporation (VLXC) today announced results from the Company's 2017 Annual Meeting of Shareholders held in Scottsdale, Arizona on April 24th, 2017 at the Hilton DoubleTree Resort. Veltex reported that the members of its Board of Directors were once again re-elected by substantial margins.

The Board of Directors is also pleased to announce the unanimous 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.  

The final audited vote count was as follows:

Stephen G. Macklem votes cast FOR director were 31,581,287 or 98.2% and 584,185 votes WITHHELD, along with no non-broker votes.

Robert E. Fletcher votes cast FOR director were 31,114,291 or 96.7% and 1,383,541 votes WITHHELD along with no non-broker votes.

Andreas Mauritzson votes cast FOR director were 31,114,287 or 96.7% and 1,051,185 votes WITHHELD along with no non-broker votes.

James Jacob votes cast FOR director were 31,014,291 or 96.4% and 1,151,181 votes WITHHELD along with no non-broker votes.

R. Preston Roberts votes cast FOR director were 30,583,787 or 95% and 1,581,685 votes WITHHELD along with no non-broker votes.

Kenneth J. Demaree votes cast FOR director were 30,583,783 or 95% and 1,581,689 votes WITHHELD along with no non-broker votes.

The votes to ratify the Board decision to select Sassetti LLC as independent registered public accounts for fiscal year 2017 had 31,729,338 votes cast FOR or 98.6% and 329,132 votes cast AGAINST and 107,002 votes ABSTAIN. 

No shareholder resolutions were presented at the meeting.

The Corporation, in one of the enforcement efforts of the legal judgement[s] currently in place, reports that the result to collect in the State of Nevada have been highly successful. In Federal Court in Las Vegas Nevada, case No. 16-14910-mkn, one judgment debtor has settled with the estate, of which Veltex Corporation holds more than 99%. The debtor will pay $300,000 and the estate may proceed to enforce the collection on a $2,000,000 outstanding contract currently in place. Veltex Corporation will be paid over a three year period on an annual basis by the United States Trustee, who will remain fiduciary of the estate. These results arise out of, in part, the approximately $153,000,000 in outstanding legal enforcement judgements currently on the books in Veltex Corporation vs Javeed Matin et al case 2:10-cv-01746-ABC-PJW in which 22 individual and corporate defendants, in the United States and Canada, are jointly and severally liable.

Veltex reported that the company's balance sheet now reflects more that $153 million dollars in judgments and interest in favor of Veltex Corporation along with $2,935,896 of net operating loss carry forwards at the end of the first quarter 2017. Veltex has continuously sought the advice of foremost legal and accounting firms to enforce, protect and expand upon these potential valuable assets.

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.


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SOURCE Veltex Corporation

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