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Veltex Corp Announces Orders Remain Strong

Veltex Corporation announced today (October 4, 2002) that orders for new business have remained strong. Orders have totaled more than $240,000 over the past few weeks, and many of these orders have been done with a letter of credit, meaning that it is guaranteed to be paid by the bank of the customer. This new business should give the confidence to shareholders that Veltex is making great strides in enhancing shareholder value.Javeed Matin, Chairman and CEO of Veltex stated, "These new orders are as a result of the expansion of our distributing company. As we continue to expand in the near future, we expect to add more customers and contracts, and therefore adding earnings to Veltex. What excites us the most about our strong business, is all this growth has come in a weak economy, showing that are business model is unique and our execution has been outstanding."Veltex also announces that earnings will be announced for the third quarter within 10 days. These earnings will include the most recent acquisition of the Textile Distributing Company, along with the recent expansion Veltex has in progress.Mentioning the upcoming earnings release, Mr. Matin was quoted, "I believe that our shareholders will appreciate the results we will announce, and we know that our stock will soon reflect our operating results. We have many exciting initiatives underway, including a new corporate website and believe this will help keep new and existing shareholders well informed."Veltex is projecting possible revenue for 2003 of $33,000,000, and potential net profits of $8.6 million based on the company's current acquisition and internal growth. That conservatively could lead to earnings of .25 per share for the next fiscal year. Veltex has a current book value of 40 cents per share.Veltex is a manufacturer and distributor of high quality fabrics. Veltex has a manufacturing facility in Bangladesh and a sales and marketing office in Los Angeles, California. The company is currently producing 100% cotton twill, duck, and sheeting to fill existing orders and has also started to produce caps, twill shirts, and T-shirts to meet the demands of additional buyers in the U.S. With the ability to produce quality merchandise at labor costs one-twentieth (1/20) of those in the U.S., Veltex is able to compete on a global basis with some of the highest margins in the industry, and is slowly gaining market share in the trucking and distributing business.Copyright PR Newswire 2002