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Press Release: Veltex Corporation
November 15, 2002
LOS ANGELES, CA -- Veltex Corporation (OTC: VLVT), a publicly trading holding company listed on the Pink Sheets
under the symbol 'VLVT,' has announced the purchase of a majority interest in GoVacations, the largest online independent
marketing company specializing in the vacation ownership industry.
Go Vacations ( http://www.GoVacations.com ) pioneered
the online marketing of day tours and low cost mini-vacations for its clients which are among the largest and most
highly respected timeshare resort developers with holdings totaling nearly 200 premium class resorts in the United
States. The company has been successful in maintaining its rapid growth because of its highly professional online
marketing methods and its adherence to high ethical standards in the marketing of vacation ownership resorts, providing
consumers with full disclosures and inexpensive ways to discover why GoVacations' slogan reads "For the vacation
of a lifetime and a lifetime of vacations."(TM)
The investment of $100,000 plus 1,000,000 VLVT shares will allow GoVacations to develop a new project that will
operate on the cutting-edge of technology using a synergistic combination of media and technology to pioneer a
trademark-pending and potentially patentable marketing approach that many leading authorities and executives in
the vacation ownership industry term "A great idea and a huge opportunity."
Roger Brunetti, Founder and CEO of GoVacations, remarked, "The signing of this strategic investment will propel
both GoVacations and Veltex Corporation to the forefront of the trend toward using state-of-the-art technology
to solve traditional business problems. We are very excited about the future."
Although both parties decline to elaborate on the exact nature of the project, all indications are that it will
solve the vacation ownership industry's recent setbacks and continuing problems with increasing limitations being
placed on their telemarketing operations, which are the cornerstone of resort timeshare sales and marketing activities.
It also breaks ground in creating a way for the vacation ownership industry to reach a greater percentage of the
consumer population with a style and type of marketing that more realistically portrays the excellent value presented
by timeshare ownership and the now carefully regulated ethics of the industry. The vacation ownership industry
is one of the few industries that can boast an 85% customer satisfaction rating.
"When Barry Diller bought Interval International, I knew the timeshare industry would change and skyrocket
in popularity," said Javeed Matin, Chairman & CEO of Veltex Corporation, about his decision make a venture
capital investment in GoVacations. "Vacation ownership is the fastest growing sector of the vacation hospitality
industry, but old fashion timeshare telemarketing only reaches about 5% of the target market. GoVacations has proved
that creative thinking in combination with technology can greatly increase the ROI of timeshare marketing and eliminate
the legal problems involved with telemarketing. This new project will open up a whole new world of opportunity
and looks like it will be highly profitable and also difficult for GoVacations' competition to duplicate."
Veltex Corporation has recently purchased MultiModal Transportation, a trucking company that employs cutting edge
dispatch and tracking technology along with proprietary training methods to provide extraordinary efficiency to
the traditional business of trucking.
"Veltex Corporation will soon be known for the creative use of technology in traditional business models,"
said Matin.
Veltex Corporation is a diversified holding company comprised of four divisions: Trucking; Distribution, specializing
in caps, apparel and apparel accessories for the Promotional Products Industry; Manufacturing, specializing in
the manufacture of high quality fabrics including velvets, 100% cotton twill, denim, sheeting for consumer and
industrial products; and Marketing specializing in online marketing and promotions for the vacation ownership industry.
Trucking and distribution subsidiaries are located in Memphis, Tennessee. Manufacturing is located in Bangladesh.
Marketing is located in the headquarters offices in Diamond Bar, California.
Safe Harbor forward-looking statements: Except for historical information contained herein, the statements in this
Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reforms Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties
which may cause the Company's actual results in future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, volatility of market prices, product demand, market competition,
risks inherent in the Company's international operations, and the Company's ability to replace and expand.
For further information, please contact Veltex Corporation, +1-909-612-0012, or Toll Free, +1-866-4-Veltex, veltexusa@msn.com,
Corporate Web Site: http://www.veltexcorp.com, or Investor Relations, BJM and Associates, +1-810-923-0455, bjmandassoc@hotmail.com,
for Veltex Corporation
Source: Veltex Corporation