Veltex Medical, Inc. and Light House Community Investment Agency, Inc. Announce Definitive Agreement to Form Strategic Joint Venture in West Virginia
CHICAGO, May 24, 2021 /PRNewswire/ — Veltex Corporation– Symbol OTC Markets (VLXC) Veltex Corporation (“Veltex”) is pleased and proud to announce that its wholly-owned subsidiary, Veltex Medical, Inc., a Delaware corporation, has entered into a joint venture agreement with Lighthouse Community Investment Agency, Inc. d/b/a Serenity Pointe (“Serenity Pointe”). The deal combines Veltex’s business acumen with Serenity Pointe’s existing rehabilitation center located at 201 Prichard Street, Williamson, West Virginia.
“Veltex is excited to have entered into this agreement with point of serenity. We have great respect for what Serenity Pointe professionals do for their community and look forward to entering the market with them and adding an advisory partnership to help them with their current operations,” said the President and CEO of Veltex. Andreas Mauritzson. “This joint venture alone brings Veltex Medical’s inpatient capacity to over 200 beds in West Virginia and will be immediately accretive to Veltex Medical, Inc.”
Director of Serenity Pointe, Belinda Harnesssaid “The opportunity to partner with Veltex Medical makes perfect sense. Our philosophies are aligned in that we deeply value and promise our commitment to excellence in patient rehabilitation care. This partnership will enable us to expand the services we provide and help more patients recover from addiction by enabling them to regain their functions and regain the independence needed to resume their lives.”
Under the agreement, Veltex Medical will work in an advisory capacity to improve the existing facility and its offerings at Serenity Pointe. Veltex Medical will assist, in accordance with Serenity Pointe regulatory requirements, with inpatient, acute and intermediate care currently at Serenity Pointe, among others. Additionally, Veltex Medical and point of serenity have agreed to the implementation of effective business strategies wherein Veltex Medical will provide financial advice, sound recommendations and long and short term financial assistance to assist in the elimination of any encumbering Serenity Pointe debt, if any, freeing thus Serenity Pointe to manage its long-term care guidelines. In addition, the parties will maintain a mutually beneficial agreement regarding patient placement and patient sharing between the two entities’ rehabilitation facilities located at Mount Hope, West Virginia and Williamson, West Virginia respectively.
Veltex is very optimistic about this joint venture and foresees many other potential partnerships with existing rehab facilities across the West Virginia State. Veltex is in a collaboration agreement with the West Virginia State and anticipates additional transactions similar to the Serenity Pointe agreement in the near future.
About Veltex Corporation
Veltex Corporation, incorporated in Utah September 17, 1987is a registered public holding company, headquartered in Chicago, Ill.. The company’s common stock trades on OTC markets under the symbol VLXC. Veltex Medical, Inc. is a wholly owned company Delaware subsidiary of Veltex Corporation, with operations in Mt. Hope, West Virginia complex, which offers chemical dependency rehabilitation services. Veltex Properties, Inc., also 100% owned Delaware subsidiary of Veltex Corporation, is the legal holder of the property and real estate complex of Mount HopeWest Virginia.
About Serenity Pointe
Serenity Pointe is a rehabilitation center located in Williamson, West Virginia with an 82-bed long-term care bed capacity, it has been providing chemical addiction rehabilitation services to patients since April 2018. The Serenity Pointe facility is owned by the Mingo County Housing Authority in West Virginia.
Safe Harbor Statement
Safe Harbor Statement: Some of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements are as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Readers are cautioned that these 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 due to a variety of factors. This press release contains forward-looking statements intended to qualify for the disclaimer rule established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by expressions such as Veltex Corporation, Veltex Medical Inc. .or Veltex Properties, Inc. (“collectively as Veltex”) or any of their officers “believes”, “expects”, “anticipates”, “plans”, “seeks”, “expects”, “estimates or other similar words or phrases import. Similarly, statements herein that describe Veltex’s business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. All of these forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. All statements made in this press release that are not historical facts contain certain forward-looking statements; as that term is defined in the Private Security Litigation Reform Act of 1995, with respect to potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release relates. 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 these forward-looking statements. Although these statements are based on the best judgments of the company’s management, Veltex, as of the date of this release, material 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, availability of outside capital, receipt of income, continued spread of COVID-19, including the speed, depth, geographic range and duration of spread, and other factors, many of which are beyond the company’s control. The company disclaims any obligation to update the information contained in the forward-looking statements. This press release should not be considered a general solicitation.