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Veltex expects to hire additional sales representatives
05
Mar '08
Veltex Corporation is pleased to announce adoption of a new strategic direction for the Company which has resulted in a restructuring of the Company and the adoption of a new business model.

These changes resulted from completion of a comprehensive review of its operations, assets, liabilities, markets, and opportunities which review occurred over the past year.

Four factors emerged as critical determinants of the Company's future growth and profitability:
- the costs, investment, and problems of operating the manufacturing facilities were increasing while profitability was decreasing;
- the efficiency of the North American operations was increasing;
- the amount of cash to support investment and working capital needs was substantial;
- problems of accounting and disclosure from international facilities were burdensome

After carefully weighing these various factors, the Board of Directors concluded that the best course of action was to eliminate manufacturing and divest the manufacturing operations, and to emphasize importation and distribution in the US and Canadian markets. Additionally, the Company will reduce its product line and concentrate on more popular items such as denim, fleece, and tee apparel.

As part of the management restructuring, the Company seeks to enlarge its Board to include members with US public company experience. It also intends to enlarge its advisory board to add expertise in fashion, fabrics, distribution, and similar apparel specialties.

The time, cost, and effort for completing separate audits for the US, Canada, and Bangladesh and then preparing consolidated financial reports have proved much greater than anticipated.


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