CHICAGO, IL -- (Marketwired) -- 06/26/13 -- Veltex Corporation -- OTC Markets symbol (OTC Pink: VLXC) -- Veltex Corporation ("Veltex") announced today that the corporation has retained and engaged the services of Dale & Gensburg P.C., a prominent Chicago tax law firm.
Representing corporations before the Internal Revenue Service, Illinois Department of Revenue and other federal and state agencies, on income, estate, trust, sales, partnership, limited liability company, employment (including wages and overtime) and excise tax matters. Dale & Gensburg has extensive tax representation especially tax planning for corporations, limited liability companies, partnerships and individuals, advice regarding the tax implications of commercial or individual arrangements and transactions.
Lead attorney Lane M. Gensburg has been a practicing attorney in the State of Illinois since October 1981, spending his first 13 years at Stone, McGuire & Benjamin, and the last 12 years with Dale & Gensburg, P.C. Mr. Gensburg earned his undergraduate degree at Emory University and his law degree at DePaul University. He earned his Masters in Law in Taxation from New York University. Mr. Gensburg has lectured before the Illinois CPA Society, Society of Enrolled Agents, Illinois Independent Accountants Association, and the Chicago Bar Association on a variety of tax and business-related subjects and has taught enroll agent review courses.
Late last year Veltex announced the retention and engagement of Sassetti LLC, a major Chicago area accounting firm to prepare and structure the corporation's financial statements and issue accountant's reports in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants on behalf of Veltex Corporation.
In late March of last year a United States District Court in California handed down one of the largest awards ever in the Central District of California, more than $102 million, in favor of Veltex Corporation. The judgment continues to carry interest in favor of Veltex. Several defendants in that matter have settled with Veltex under strict confidentiality agreements. That case was filed in the United States District Court, Central District of California (Western Division - Los Angeles) entitled, Veltex Corporation vs. Javeed Azziz Matin et al, case number 2:10-cv-01746-ABC-PJW. The case alleged damages from 22 individual and corporate defendants. The litigation, which had been followed closely by legal scholars, outlined a massive fraudulent conveyance and transfer count wherein the defendants stole millions of dollars of corporate assets. These judgments, which are joint and severable, carry interest which is accumulating on an annual basis.
Veltex has also retained the services of a major collection firm in California to begin the process of collecting the judgments in those jurisdictions of Los Angeles County and Orange County of certain of the defendants. Other judgments in locations such as Clark County Nevada and those in Canada are currently being investigated by the corporation for collection purposes also.
Stephen G. Macklem, CFO of Veltex quantified in a statement "Veltex thru the retention of Sassetti and now the engagement of the tax law legal specialists of Dale & Gensburg gives us the highly professional advisors and counselors to capitalize on the judgments awarded the corporation in various forums across the country and Canada. This is a complex and time consuming legal and accounting process needed to ensure the protection of these valuable deferred assets. Veltex is now in the progression of bringing all accounting and tax filings into full compliance, on both a federal and state level, and protecting the fraudulent conveyance and transfer judgments and any and all tax benefits that arise from them. Moreover, the corporation continues to work closely with federal law enforcement to recover assets stolen from us and revert them to the company."
Veltex will update shareholders with developments as progress warrants on legal, tax and accounting matters. Veltex Corporation seeks to update new and potential shareholders on the immediate future of the company as developments warrant. It is in the process of updating financial reports, statements and business plans to be fully transparent and compliant through OTC Disclosure. Shareholders will always be included on all company updates. We look forward to creating partnerships and alliances that will highlight our comparative and competitive advantages in the holding industry and in general.
Veltex Corporation, incorporated in Utah September 17, 1987, is a public holding corporation, which maintains its corporate headquarters in Chicago, Illinois. The company's common shares trade OTC Markets under the symbol VLXC.
Safe Harbor Statement
Forward Looking Statement
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. This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Veltex or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe Veltex's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company, Veltex, as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Investor and Company Contact:
Stephen G. Macklem
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