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Veltex Corporation buys major NA retail supply business

02
May '06
Apparel and accessories maker Veltex Corporation has finalized the acquisition of the retail supply division of a major Canadian textile corporation.

Javeed Matin, Veltex CEO, stated, "With this acquisition we are immediately positioned to enter the retail supply business in the US and Canada. We have purchased the accounts, brands, licenses and inventory of this company and we are assimilating their sales staff as well. They will retain the rights to their corporate name and remain responsible for any pre-existing debt or liabilities. For that reason we are prohibited from naming the corporation at this time.”

“We are able to state that we now hold contracts with sixteen major retailers throughout Canada, among them, Costco, Sears, Bay and Zellers," Javeed added.

He continued, "We will be adding new licensing agreements in the immediate future and through this acquisition we will be well positioned to distribute these top-end, well-known brands throughout the US and Canada. We will announce these new relationships shortly. This acquisition will be doing business as Veltex-Canada."

"We expect our first year to produce approx. $10m in revenue and $2m in profit, and the forthcoming licensing agreements to add significant revenue and earnings in the near future, and at a much higher margin of profitability," he concluded.

Veltex Corporation is a vertical manufacturing import and distribution company composed of five divisions: Veltex Apparel, Veltex Explorer Inc, Veltex-Canada and Velvet Textile Mills.

Veltex Corporation


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