Veltex Corporation Appoints Thomas S. Bailey Chief Operating Officer
Veltex Corporation (VLXC) has appointed Thomas S. Bailey as the new Chief Operating Officer, effective immediately. Bailey, who brings extensive experience in management and government relations, will also join the Board of Directors of Veltex Medical. Chairman R. Preston Roberts expressed enthusiasm for Bailey's strategic leadership to enhance operational excellence, especially in addiction management. The company operates a major rehabilitation center in West Virginia and is exploring new properties across several states, amid ongoing opioid litigation that could significantly impact the industry.
- Appointment of Thomas S. Bailey as COO expected to enhance operational leadership.
- Expansion plans in West Virginia and other states indicate growth potential.
- Possession of over $190 million in legal judgments may provide financial leverage.
- Ongoing opioid litigation poses risks that could impact the company's operational focus.
- Concerns about continuity and experience gaps may arise with the new executive appointment.
CHICAGO, Sept. 20, 2021 /PRNewswire/ -- Veltex Corporation -- OTC Markets symbol (VLXC) -- Veltex Corporation ("the Company") announced today the appointment of Thomas S. Bailey as Chief Operating Officer of the Company effective immediately. Mr. Bailey will also join the Board of Directors of Veltex Medical, Inc., a wholly owned Delaware subsidiary of the Company.
R. Preston Roberts, Chairman of the Board, stated, "We are thrilled to add an executive of Tommy's caliber and accomplishments to the Veltex leadership team. In his new role, he will lead and provide strategic oversight of our key operational areas to ensure excellence and disciplined growth as Veltex Corporation and its operating subsidiaries continue to transform the diagnosis and management of our chemical dependency operations, especially in West Virginia."
Mr. Bailey commented, "I am excited to join an innovative, high-growth company with a compelling vision to change the paradigm for managing and treating those suffering from addiction. I look forward to working with the leadership team at Veltex to democratize access to help in this area while seeking new business and partnership opportunities."
Mr. Bailey is a business management and government relations consultant based in Charleston, WV. Mr. Bailey worked in government relations for Spilman, Thomas and Battle, PLLC and is an active state and federal lobbyist. He previously served as Executive Vice President for KVC Health Systems, Inc. Mr. Bailey is a veteran of the armed forces with 25 years of service and is a Lieutenant Colonel in the Army Reserves. He also serves on the Board of Directors of various non-profit organizations, including the West Virginia Symphony Orchestra, the Three Oranges Foundation, Project Healthy Kids, and Aspire Family Wellness. Mr. Bailey was appointed by West Virginia Governor Justice to serve on the State's History & Archives Commission where he serves as Vice Chairman. He has advanced degrees from Marshall University and the Naval Postgraduate School.
Veltex Corporation's wholly owned subsidiary Veltex Medical, Inc. operates a large commercial property complex and campus in Fayette County, West Virginia. The property, located in Mount Hope, sits on approximately five-acres of land and is owned by Veltex Properties, Inc., a wholly owned Delaware corporation of the Company. Moreover, the property has a one-story commercial building of approximately 30,000 square feet, which is currently completed as a chemical dependency rehabilitation center. This complex is one of the largest chemical dependency rehabilitation centers in West Virginia.
Veltex Medical, Inc. also operates a joint venture drug rehabilitation campus in Williamson, West Virginia. In addition, the Company reported that it is currently exploring and progressing on other properties in West Virginia, Ohio, Michigan and Kentucky. Moreover, the Company is involved in active investigations in Chicago, Illinois and the surrounding suburbs with the intention of identifying and acquiring other potential rehabilitation properties.
Furthermore, the Company is closely following the multi-billion-dollar National Prescription Opiate Litigation. MDL 2804, in the United States District Court for the Northern District of Ohio. In that mass tort litigation, the Plaintiffs allege that the manufacturers of prescription opioids grossly misrepresented the risks of long-term use of those drugs for persons with chronic pain, and distributors failed to properly monitor suspicious orders of those prescription drugs--all of which contributed to the current opioid epidemic. Moreover, with the costs of the crisis estimated at tens of billions of dollars and with more than 200,000 overdose deaths since the late 1990s, the stakes are immense — even for people who have never heard of this case. What happens with this litigation will largely determine how much money cities and counties nationwide will have to fight the devastating effects of opioid abuse and when they'll get it. Each day, more than 115 Americans tragically lose their lives to opioid overdoses and thousands more struggle with opioid dependency. The growing epidemic crosses virtually all demographics, and with more than half a million related deaths recorded in the U.S. between 2000 and 2015, the crisis has officially been declared a public health emergency.
The Company also has more than
As material developments warrant, Veltex Corporation will update shareholders on the immediate future of the company including operational developments, property acquisitions, legal and tax matters. The Company looks forward to creating strategic partnerships and alliances and acquiring real property that will highlight our comparative and competitive advantages in the chemical dependency, rehabilitation, and holding company industry in general.
Veltex Corporation, incorporated in Utah September 17, 1987, is a registered 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," "seeks," "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.
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SOURCE Veltex Corporation
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