Veltex Chicago warehouse to be used as apparel distribution center

14 Dec '06
2 min read

Veltex Corporation announced the acquisition of 100% ownership of Mt. Zion Gas Inc, which owns a 88,000 Square foot property located in Mt. Zion, Chicago. The property address is 1515 N. State Highway 121, Mt. Zion, IL 62549.

Veltex Corporation is a holding company, and we are pleased to add this oil and gas property to our holdings. The property currently has a viable operating gas station with an attached grocery store, which will add a projected $3 million a year in revenue.

In addition, there is a 5,000 square foot warehouse located on the property, which will be used as our Veltex Apparel distribution center for the greater Midwest region. Chicago is one of the largest markets for the Promotional Apparel business. This warehouse will be used for the Chicago distribution center.

Javeed Matin, CEO of Veltex Corporation, stated, "This property made perfect sense for Veltex Corporation to own, as we are constantly looking to increase shareholder value. The property already has a revenue stream through its operating gas station and grocery store, which will add a projected $3 million a year in revenue for Veltex with 5-10% net profit."

He added, "In addition to having a proven revenue stream, there is a 5,000 SF warehouse that will be utilized for distribution to the Midwest region for our garment and apparel businesses. This will allow us to increase inventory and better assist our customers' needs at a faster pace."

Veltex Corporation is currently negotiating another property acquisition and looks to make an announcement on that subject within the next 30 days.

Veltex Corporation previously announced earnings per share of $0.29, and revenue of over $53 million through the first nine months of 2006. A copy of the company's full financial report can be found at the company's website.

Veltex Corporation

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