Veltex Corporation Retains Foremost Accounting Firm Sassetti LLC;
Outside Accounting and Tax Groundwork Underway
CHICAGO, Nov. 1, 2012 /PRNewswire/ -- Veltex
Corporation -- OTC Markets symbol (VLXC) -- Veltex Corporation
("Veltex") today announced the retention and engagement of Sassetti
LLC, a major Chicago area
accounting firm to prepare and structure the corporation's
financial statements and issue accountant's reports in accordance
with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants on
behalf of Veltex Corporation.
Stephen G. Macklem, Chief
Financial Officer and board member of Veltex stated, "This is the
next phase in a series of complex financial and legal structuring
to expand and safeguard the asset values currently held by Veltex.
The Sassetti team adds an important component to the corporation's
future plans. Management continues to execute the strategies set
out by our Board to maximize value for the shareholders. Moreover,
the completion of these important and multifaceted accounting
matters will further assist the company in its resolution of
matters with Depository Trust Corporation ("DTCC"). Veltex has been
working with two of the company's outside law firms to review the
questions with DTCC. We hope to resolve our issues in the
near-term with DTCC in a professional and amicable manner. The
company has numerous options available to it including, but not
limited to, a full hearing before the United States Securities and
Exchange Commission ("SEC") should Veltex be unable to resolve any
remaining and outstanding issues or questions with DTCC".
Sassetti LLC's clients consist of a broad range of family-owned
businesses, SEC regulated companies and not-for-profit
organizations. The firm's goal is to maximize business
effectiveness and cost-efficiency, and to help clients understand
the ever-changing complex accounting and tax rules.
Sassetti
specializes in audits and reviews, business and individual tax
services and is registered with Public Company Accounting Oversight
Board ("PCAOB"). The PCAOB is a nonprofit corporation established
by Congress to oversee the audits of public companies in order to
protect the interests of investors and further the public interest
in the preparation of informative, accurate and independent audit
reports. The PCAOB also oversees the audits of broker-dealers,
including compliance reports filed pursuant to federal securities
laws, to promote investor protection.
Frank L. Sassetti founded
Sassetti in 1921. Sassetti LLC does not perform financial advisory
services, such as selling insurance, nor sell tax shelters.
Sassetti's significant amount of experience, both at the
director and staff levels, enables them to assist corporate
clients, like Veltex, in complex accounting and tax matters.
Sassetti LLC, in the latest peer review, received an unqualified
opinion, with no letter or comments. Sassetti LLC's website can be
found at www.Sassetti.com.
Veltex recently reported that the company's balance sheet
reflected more than $102 million
dollars in assets. This equates into a book value in excess
of $2.50 per share. Veltex has
engaged the advice of major legal and accounting firms to protect
and expand upon these assets with the Sassetti team being the
latest.
Further, Veltex reported at the recent Annual Meeting of
Shareholders held in Chicago,
Illinois, that it has, to date, accumulated 2,005,534
common shares back into the corporate treasury. It was noted by the
Board that this plan would continue as opportunities present
themself.
Veltex will update shareholders with developments as progress
warrants.
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.
Investor and Company Contact: Stephen G. Macklem
Veltex Corporation
312.235.4014
www.Veltex.com
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.
RELATED LINKS
http://www.Veltex.com
SOURCE Veltex Corporation