I gave you guys Veltex Corp (VLXC), a penny stock long at .15 a few months ago, now .35. They just had a major corporate announcement this morning. Company has an asset, no debt and a $170 mil tax credit. Good long here for risk capital.
Veltex Corporation Completes Acquisition of West Virginia Commercial Property and Complex
CHICAGO, June 22, 2020 /PRNewswire/ -- Veltex Corporation -- OTC Markets symbol (VLXC) -- Veltex Corporation ("the Company") announced today the corporation has acquired a large commercial property complex, and its contents, in Fayette County, West Virginia. The property, located in Mount Hope, sits on more than four acres of land. Moreover, the property has a one-story commercial building of approximately 25,000 square feet, which is currently nearly completed as a chemical dependency rehabilitation center. Once completed, this complex will be one of the largest chemical dependency rehabilitation centers in West Virginia.
Terms of the transaction remain confidential; however, the Company did report the property is totally unencumbered and is wholly owned by Veltex Corporation. The Company values the transaction at $5,800,000. The cost basis of the transaction will be following generally accepted accounting principles ("GAAP"). In addition, the Company also reported that it is currently exploring and progressing on other properties in the West Virginia, Ohio, and Kentucky tri- state areas. Moreover, the Company is involved in active investigations of Chicago, Illinois and surrounding suburbs with the intention of identifying and acquiring other potential rehabilitation properties.
The Company has also retained the prestigious state and federal lobbyist firm, Apex Consulting LLC, of Charleston, West Virginia, in order to achieve its 2020/ 21 objectives. The Company currently utilizes the lobbying firm to represent its interests in West Virginia. Mr. Thomas Bailey will head the lobby team. Mr. Bailey worked in government relations for Spilman, Thomas and Battle, PLLC and is a state and federal lobbyist. Mr. Bailey is also a veteran of the armed forces with more than 20 years of service and is a Major in the Army Reserves. He also serves on the Board of Directors of the West Virginia Symphony Orchestra and has degrees from Marshall University and the Naval Postgraduate School.
"We are incredibly excited about the direction the company is moving," said Andreas Mauritzson, President and CEO. "We believe we are uniquely positioned to assist in helping solve the chemical dependence problem currently facing West Virginia. These and our other efforts to date provide tremendous value to our shareholders and have become part of a broader plan to move Veltex into the rehabilitation, health, and wellness industries nationally in uniquely advanced and exciting ways." Mr. Mauritzson continued by saying "Our first property will allow us to begin to capitalize on the deep professional knowledge of world- renowned addiction specialist and board member Dr. Harry L. Haroutunian, M.D. and his cutting-edge approach to addiction treatment."