SOURCE: Veltex Corp

February 22, 2010 08:16 ET

Veltex Corporation Commences Key Asset Recovery Plan Engages Major Los Angeles Litigation Firm

CHICAGO, IL--(Marketwire - February 22, 2010) - Veltex Corporation (PINKSHEETS: VLXC) announced today that the corporation has engaged the services of Blecher & Collins, P.C., a nationally acclaimed business litigation firm, to recover damages to the corporation by various entities and individuals. Blecher & Collins has been retained to commence the prosecution of claims against former officers and directors, law firms, accounting and bookkeeping firms, transfer agents and banks, and to investigate and pursue potential claims against Wells Fargo and the Habib Bank.

The damages alleged to Veltex Corporation are estimated to exceed thirty-three million dollars ($33,000,000 US).

Blecher & Collins is recognized as one of the premier complex business litigation law firms in the country. Founded by Maxwell M. Blecher in 1971 and based in Los Angeles, California, the firm excels in handling a full range of complex business and commercial litigation. Blecher & Collins is uniquely positioned to provide unparalleled legal representation to Veltex with its team of highly experienced attorneys. Blecher & Collins has successfully prosecuted business and securities fraud claims, claims for embezzlement and banking fraud, and legal and accounting malpractice claims. Blecher & Collins has successfully challenged major corporations such as Eastman Kodak, Johnson & Johnson and AT&T, among others. Blecher & Collins is an AV peer-review rated firm is proud to count among its alumni two California state court judges and a federal court magistrate. Details of the firm can be found at www.BlecherCollins.com.

Maxwell M. Blecher and Maryann R. Marzano will lead the litigation team.

Veltex will update shareholders with developments as progress warrants.

Veltex Corporation maintains its corporate headquarters in Chicago, Illinois.

Safe Harbor Statement

Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors.

Contact Information

  • Investor and Company Contact:
    Veltex Corporation
    312.235.4014