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Veltex BOD announces stock repurchase program
10 Nov '06
2 min read
Veltex Corporation announced that its Board of Directors has authorized the repurchase of up to 2,500,000 shares of the Company's common stock.
Stock repurchases under this program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The stock repurchase program may be limited or terminated at any time without prior notice.
As of November 09, 2006, there were approximately 20,000,000 common shares outstanding.
Javeed Matin, Chief Executive Officer, commented, "The stock repurchase program is designed to enhance shareholder value and to begin a well organized plan at this time to improve our capital structure."
"The Board's action is a reflection of the Company's commitment to build on and to increase shareholder value. The Board of Directors reaffirms our confidence and optimism in the long term future of the company and will continue to execute on our strategy of returning capital to shareholders."
Veltex Corporation will also hold a conference call at 1:30 p.m. PT (4:30 p.m. ET) on Tuesday, November 14th, 2006 to discuss its financial results and recent corporate developments. Interested parties are invited to call live in the US and Canada by dialing 877-680-2258.
The call is also available by dialing for international callers 706-679-5424. This call will be operator assisted. The conference code is 1908000. Please telephone approximately 5 minutes prior to the call.
Stock repurchases under this program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The stock repurchase program may be limited or terminated at any time without prior notice.
As of November 09, 2006, there were approximately 20,000,000 common shares outstanding.
Javeed Matin, Chief Executive Officer, commented, "The stock repurchase program is designed to enhance shareholder value and to begin a well organized plan at this time to improve our capital structure."
"The Board's action is a reflection of the Company's commitment to build on and to increase shareholder value. The Board of Directors reaffirms our confidence and optimism in the long term future of the company and will continue to execute on our strategy of returning capital to shareholders."
Veltex Corporation will also hold a conference call at 1:30 p.m. PT (4:30 p.m. ET) on Tuesday, November 14th, 2006 to discuss its financial results and recent corporate developments. Interested parties are invited to call live in the US and Canada by dialing 877-680-2258.
The call is also available by dialing for international callers 706-679-5424. This call will be operator assisted. The conference code is 1908000. Please telephone approximately 5 minutes prior to the call.
Veltex Corporation
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