Veltex Corporation Names New President and Chief Executive Officer

CHICAGO, Oct. 2, 2017 /PRNewswire/ -- Veltex Corporation -- OTC Markets symbol (VLXC) – Veltex Corporation ("Veltex") today announced that Andreas Mauritzson has been appointed by the Veltex Board of Directors as President and Chief Executive Officer, effective immediately. Mr. Mauritzson will remain on the Board of Directors, where he currently holds a seat, and is Veltex's largest individual shareholder. Mr. Mauritzson will replace James "Jim" Jacob who has resigned from his position as President and CEO and from his Board seat due to personal reasons. This will reduce the number of Board members to five. Veltex wishes Mr. Jacob all the best going forward and thanks him for his time over the past several years of service.

Andreas Mauritzson is a twenty-five year business aviation executive and a developer of private sector business opportunities and investments. Mr. Mauritzson was raised and educated in Sweden, he spent time in the Swedish military resulting in an honorable discharge as a second lieutenant.

Mr. Mauritzson immigrated to the United States in 1989 and is a dual citizen. He was the Executive Director of Guthy Renker Aviation for eighteen years. He is currently the Director of European Sales for Jet Transactions Group, a full service, business aviation sales and consulting company catering to private, high net worth and corporate clients globally. Mr. Mauritzson is known and respected internationally for his vast knowledge and experience in the business aviation industry. Mr. Mauritzson is also the founder and owner of Private Aviation Strategy Group, Inc. a private aviation advice, consulting and advocacy group that also functions as an investment bridge to the aviation industry. He is also the founder of MJ Invest, a commercial real estate and investment company in Sweden. Additionally, he sits on the board of ESGA Corporation, a commercial airport development company based in Sweden. Mr. Mauritzson was also a founding partner in The Cinemas Palme D'Or, a ten-screen movie theater that he helped to create and brand. Mr. Mauritzson divides his time between Europe and Southern California.

Veltex reported that the company's balance sheet now reflects more that $153 million dollars in judgments and interest in favor of Veltex Corporation along with $2,935,896 of net operating loss carry forwards at the end of the first quarter 2017. Veltex has continuously sought the advice of foremost legal and accounting firms to enforce, protect and expand upon these potential valuable assets.

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 
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.

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SOURCE Veltex Corporation