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Veltex Corporation sees strong earnings for 2006
28 Jun '06
2 min read
Apparel maker Veltex Corporation announced that due to accelerating demand for its products and in a move to improve efficiencies Veltex-Canada and Veltex-Explorer have merged as Veltex-Canada and relocated to a new, larger and more modern facility.
Javeed Matin, CEO of Veltex Corporation stated: "We are very encouraged with the results of our first quarter as we continue to grow our business at a rapid pace. Our immediate goal has been to accumulate sufficient product in our warehouses to satisfy the rising demand for our products as new licensing agreements come on-line. Our expectations are based upon commitments from our new retail clients who have been extremely encouraging in this regard as well as the response we are receiving from our promotional product distributors throughout Canada.”
“To that end we have moved our Veltex-Canada operation to a new 30,000 sq ft warehouse located at 146 Sparks Ave. North York, ON M2H 2S4. Our new facility will insure our ability to supply our retail and promotional products clients in a more efficient manner, assuring them and us a reliable and profitable future. The new warehouse is presently open," he added.
He continued by saying, "We expect revenue in the promotional products division alone to exceed $6,000,000 this year and grow to more than $10,000,000 with our new facility over the next 12 months."
Projections in the retail supply arm will be forthcoming as they are developed. The shares outstanding remain at 16,541,309.
Veltex Corporation is a vertical manufacturing import and distribution company composed of four divisions: Veltex Apparel, Veltex-Canada, Velvet Textile Mills and KCA Garment Industries.
Javeed Matin, CEO of Veltex Corporation stated: "We are very encouraged with the results of our first quarter as we continue to grow our business at a rapid pace. Our immediate goal has been to accumulate sufficient product in our warehouses to satisfy the rising demand for our products as new licensing agreements come on-line. Our expectations are based upon commitments from our new retail clients who have been extremely encouraging in this regard as well as the response we are receiving from our promotional product distributors throughout Canada.”
“To that end we have moved our Veltex-Canada operation to a new 30,000 sq ft warehouse located at 146 Sparks Ave. North York, ON M2H 2S4. Our new facility will insure our ability to supply our retail and promotional products clients in a more efficient manner, assuring them and us a reliable and profitable future. The new warehouse is presently open," he added.
He continued by saying, "We expect revenue in the promotional products division alone to exceed $6,000,000 this year and grow to more than $10,000,000 with our new facility over the next 12 months."
Projections in the retail supply arm will be forthcoming as they are developed. The shares outstanding remain at 16,541,309.
Veltex Corporation is a vertical manufacturing import and distribution company composed of four divisions: Veltex Apparel, Veltex-Canada, Velvet Textile Mills and KCA Garment Industries.
Veltex Corporation
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