CHICAGO, Nov. 1, 2012 /PRNewswire/ -- Veltex Corporation
-- OTC Markets symbol (VLXC) -- Veltex Corporation
("Veltex")
Veltex Corporation, in a long and successful series of legal
victories, today announced efficacious results from the Company's
litigation in the State of Utah,
re Veltex Corporation v Lee G.
Scharf, case 08-0907145 and in the United States Bankruptcy Court in
Los Angeles, California in re
Veltex Corporation vs Lee George
Scharf, case 2:09-bk-03558-PC
Utah State Judge, the Honorable Kate
A. Toomey, after an evidentiary hearing awarded Veltex monetary
damages against former Veltex Receiver Lee George Scharf of
South Redondo Beach,
California. Mr. Scharf filed bankruptcy in Los Angeles, California and attempted to
discharge his debt obligations to the corporation. Veltex filed
suit in the United States
Bankruptcy Court to block this attempt.
United States District Bankruptcy Judge, the Honorable Peter H.
Carroll, handed down Summary Judgment in favor of Veltex
Corporation and against Lee G.
Scharf. The court awarded $57,166.67 plus interest beginning from
January 4, 2012 and continuing.
Provisions providing time for appeals by the defendant have now
lapsed in both forums.
James Jacob, President and CEO,
and major shareholder, stated "Veltex shareholders can be assured
that this Board of Directors and management has the same verve and
energy as we had from the beginning to recover, protect and
maximize the value of any and all assets belonging to the
corporation. We continue to explore all opportunities available to
us and are working diligently to secure the corporation's rights on
all fronts. Veltex continues to work closely with law enforcement
officials in perusing other individuals or corporations who
assisted in the wrongful transfer of assets away from the company
and to secure their return."
In late March of this year a United States District Court in
California handed down one of the
largest awards ever in the Central District of California, more than $102 million, in favor of Veltex Corporation. The
judgment continues to carry interest in favor of Veltex. Several
defendants in that matter have settled with Veltex under strict
confidentiality agreements. That case was filed in the United
States District Court, Central District of California (Western Division - Los Angeles) entitled, Veltex Corporation
vs. Javeed Azziz Matin et al, case
number 2:10-cv-01746-ABC-PJW. The case alleged damages from 22
individual and corporate defendants. The litigation which had been
followed closely by legal scholars outlined a massive fraudulent
conveyance and transfer count wherein millions of dollars of
corporate assets were stolen by the defendants.
Veltex will update shareholders with developments as progress
warrants on legal matters.
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.
SOURCE Veltex Corporation
