CITY
OF INDUSTRY, Calif., Dec. 1 /PRNewswire-FirstCall/ --
Veltex Corporation (Pink Sheets: VLXC
- News)
expects revenues for 2004 to be over $40 million with
net profits of over $7 million or $3 a share. The company
currently has approximately 1.3 million shares in the
float. Veltex plans on becoming fully reporting and
moving off the pink sheets to a major exchange upon
completion of its audits, which the company is currently
undergoing.
Veltex
Corporation plans to enter the $6 billion surf apparel
industry. Using similar business models as Roxy and
Quicksilver, Veltex will create and design apparel
and accessories in order to establish itself in the
surf apparel marketplace. Javeed Matin, Chairman and
CEO states, "Entering the surf apparel industry
offers great growth potential for Veltex. Even capturing
a small percentage of this $6 billion industry will
significantly impact our bottom line. We can offer
customers a quality product at much lower prices than
our competitors."
Veltex
also announces the expansion of its sales force. Vice
President of Sales and Marketing, Jordan Ross, expects
to hire up to 50 new sales representatives in the
first quarter of 2005. The new sales representatives
will primarily focus on expanding Veltex's presence
in the U.S. and making the Company a major player
in the promotional products industry.
Veltex
expects its products will also be offered in major
retail and department stores in the first half of
2005. The Company will offer its own brand name products
as well as private label apparel and accessories.
A new product line is currently being created and
designed to offer additional options in this market.
"We
look to continue growing the company at increasing
rates. Next year should be an excellent year for Veltex
as we establish our presence in the U.S. We are taking
numerous steps to make Veltex a world class apparel
company," states Javeed Matin.
Veltex
Corporation is a vertical manufacturing, import and
distribution company composed of three divisions:
Veltex Apparel, specializing in caps, apparel and
apparel accessories for the Promotional Products Industry
and distribution of merchandise; Velvet Textile Mills,
specializing in the manufacture of high quality fabrics
including velvets, 100% cotton twill, denim, sheeting
for consumer and industrial products; and KCA Garment
Industries, specializing in the manufacture of garments.
http://www.veltexcorporation.com
http://www.veltexapparel.com
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.
For
investor relations please contact Daniel Seifer at
248-321-0121 or
address@hidden