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PR for AFTERHOURS and THURSDAY 11/9
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[QUOTE]Originally posted by J_U_ICE: [QB] VLXC .19 Veltex Corporation Announces Stock Repurchase Program PR Newswire - November 9, 2006 9:00 AM (EDT) Board of Directors Authorizes 2,500,000 Shares LOS ANGELES, Nov 09, 2006 /PRNewswire-FirstCall via COMTEX/ -- Veltex Corporation (OTC: VLXC) today announced that its Board of Directors has authorized the repurchase of up to 2,500,000 shares of the Company's common stock. Stock repurchases under this program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The stock repurchase program may be limited or terminated at any time without prior notice. As of November 09, 2006, there were approximately 20,000,000 common shares outstanding. Javeed Matin, Chief Executive Officer, commented, "The stock repurchase program is designed to enhance shareholder value and to begin a well organized plan at this time to improve our capital structure. The Board's action is a reflection of the Company's commitment to build on and to increase shareholder value. The Board of Directors reaffirms our confidence and optimism in the long term future of the company and will continue to execute on our strategy of returning capital to shareholders." Veltex Corporation will also hold a conference call at 1:30 p.m. PT (4:30 p.m. ET) on Tuesday, November 14th, 2006 to discuss its financial results and recent corporate developments. Interested parties are invited to call live in the US and Canada by dialing 877-680-2258. The call is also available by dialing for international callers 706-679-5424. This call will be operator assisted. The conference code is 1908000. Please telephone approximately 5 minutes prior to the call. Questions from informed investors will also be taken in advance of the call and should be emailed to the investor relations department at ir*veltexcorporation.com. ABOUT VELTEX CORPORATION Veltex Corporation headquartered in City of Industry, California, with distribution centers in the USA, Canada and factories in Bangladesh, is a vertical manufacturing and import/export company with five subsidiaries. It designs and manufactures Brand named apparel and Caps for the promotional products industry. Also, it manufactures high quality custom Headwear for Tommy Hilfiger, specialized textiles primarily for use by manufacturers of automobile interiors, upholstery for furniture manufacturers, and ready to wear garments. It specializes in denim, microfilament, velvet, twill, canvas, duck and pinpoints oxford fabrics. Veltex Corporation is committed to providing superior apparel and textile products to the U.S. and Canada at the lowest possible price and with delivery times superior to any in the industry. It is equally committed to always exceeding customer expectations and shareholder value. FORWARD-LOOKING STATEMENTS Safe Harbor: 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 Reform 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. SOURCE Veltex Corporation Veltex Corporation, +1-909-595-1977 http://www.prnewswire.com Copyright (C) 2006 PR Newswire. All rights reserved [/QB][/QUOTE]
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