Veltex Medical Inc. Begins Mt. Hope West Virginia Operations

News provided by

Sep 07, 2021, 13:13 ET

CHICAGO, Sept. 7, 2021 /PRNewswire/ -- Veltex Corporation ("Veltex") is proud to announce the opening of the Mount Hope West Virginia complex. This facility at Mt. Hope will operate as Veltex Recovery Group, Mount Hope Campus. With more than 30,000 sq feet on five acres of land this operation will be a flagship for Veltex. With the capacity for 150 inpatient clients along with numerous other professional outpatient services on site makes this one of the largest facilities in the State.

Veltex Medical Inc. Begins Mt. Hope West Virginia Operations

Veltex Corporation's CFO Stephen G. Macklem, who was present for the opening, commented, "Veltex is very enthusiastic to begin operations at the Mt. Hope Campus. We are devoted to executing our unique approach to recovery from addiction to the residents of West Virginia who deserve to find dignity and success in their lives. Our plan here is to begin with a methodical game plan and ramp up operations, as practical, insuring a smooth startup."

Dr. Olu Sangodeyi, MD, who is the Chief Medical Director at the Mt. Hope Campus commented, "Over the past two decades, as the prevalence of chronic pain and health care costs have exploded, an opioid epidemic with adverse consequences has escalated in West Virginia. Efforts to increase opioid use and a campaign touting the alleged undertreatment of pain continue to be significant factors in the escalation. Our goal is to put an end this tragedy and begin the upward momentum to helping those in need. The Mount Hope Campus is ideal for the region and the large size of the facility will allow for outpatient, intermediate term and long term-care patients. Further, we will operate detox and have laboratory operations on site."

Dr. Sangodeyi is the President and CEO of Med-Surg Physician Group Inc in Beckley, West Virginia. He is a board-certified general surgeon leading a multi-specialty practice providing adult and pediatric surgery, primary care, and substance use disorder treatment. He also currently serves on the medical staff of Beckley Appalachian Regional Hospital and Raleigh General Hospital in Beckley, West Virginia.

United States Senators from West Virginia, Joe Manchin III and Shelley Moore Capito both sent representatives to the Mt. Hope complex for the opening. Both representatives assured Veltex that their offices are available to assist in any needs the company may have in West Virginia.

In addition to the Mt. Hope operations, and the direct collaboration agreement with the State of West Virginia, Veltex Medical, Inc. ("Veltex Medical") recently entered into one of many anticipated Joint Venture Agreements, with Lighthouse Community Investment Agency, Inc. d/b/a Serenity Pointe ("Serenity Pointe"). The Agreement pairs Veltex business acumen with Serenity Pointe's existing rehabilitation facility located at 201 Prichard Street, Williamson, West Virginia.

Veltex is also currently in discussions with several other properties in West Virginia, some of which are currently operational and licensed treatment and rehabilitation centers. Veltex looks forward to providing addiction and wellness services which will benefit the State and its people.

Dr. Harry L. Haroutunian, MD., a member of the Veltex Board of Directors and Senior Medical Advisor to Veltex stated, "I am motivated to have the opportunity to help West Virginians' suffering from the disease of addiction find their path to recovery. Both the Mt. Hope Campus and the Williamson operations of Veltex are just the very beginning for our company. Having helped many people over the last several decades, I believe that the approach to treatment, normally reserved for the very wealthy, should be available to all people. I'm more than pleased to be able to use my experience to work with the many dedicated West Virginia private organizations and government officials striving diligently every day to help those suffering from substance use disorder."

Dr. Haroutunian is formerly the Chief Medical Officer for the world-famous Betty Ford Center in Rancho Mirage, California where he served for more than thirteen years. He is board-certified in both addiction and family medicine and utilizes cutting edge strategies to treat his patients with an exceptional success rate. Dr. Haroutunian has helped individuals and families suffering from substance use disorder for nearly 40 years as a provider, author, lecturer, sponsor, and friend. He is an internationally known speaker and authority on addiction and recovery, with feature stories in the New York Times, Cosmopolitan, Huffington Post and appeared on the Dr. Oz Show, Dr. Drew on Call and The Dr. Phil Show. He is also the best-selling author of "Not as Prescribed: Recognizing and Facing Alcohol and Drug Misuse in Older Adults" (Hazelden Publishing, 2016) and "Being Sober: Getting to, Getting through, and Living in Recovery" (Rodale, 2013).

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. Veltex Medical, Inc. is a wholly owned Delaware subsidiary of Veltex Corporation, with operations at the Mt. Hope, West Virginia complex and the Williamson West Virginia joint venture, both which provide chemical dependency rehabilitation services in West Virginia. Veltex Properties, Inc., also a wholly owned Delaware subsidiary of Veltex Corporation, is the legal holder of the property and building complex at Mount Hope, West Virginia.

Serenity Pointe is a rehabilitation facility located in Williamson, West Virginia with a capacity of 82 long-term care beds, it has been providing chemical dependency rehabilitation services for patients since April of 2018. The Serenity Pointe facility is owned by the Housing Authority of Mingo County West Virginia. Veltex Medical, Inc. has a joint venture at that facility.

www.Veltex.com

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.

SOURCE Veltex Corporation