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King,
Matin has been promisong to file with the SEC now for at least 5 years and has gone through a number of so called audits. You really don't think he knows by now what it takes to complete an audit and requird footnotes? You ar reaching on that one.
What is really interesting is the timing of the press release, (Friday after market close). Matins style is to issue press releases in the morning to generate demand and price appreciation, presumably to unload additional shares on the market. The timing of the latest press release puzzles me. I suspect a srew up by someone, maybe the newswire service.
"Notice that Veltex never mentions when the KCA deal was completed."
Nor does Matin ever mention how many shares where issued to consumate the purchase. He positions his press release to imply that all the additional 4+Million were used for the transaction. If that were the case, then whoever received the shares for KCA would have control of Veltex (at least until Matin gives himself the rest of the 200 Million authorized shares). I just cant see Matin giving control to anybody.
My guess is non of the additional shares, or at best a small amount of shares, were issued for KCA. Most were issued to Matin and Veltex (or these pumping outfits he hires to perpetuate the game). If significant shares really did go for KCA, then look for Matin to issue more shares to himself to retain control. Maybe it is time for raw to check with the transfer agent again.
No one will call you names for your post. If anyone does they are not worth listenning to. You have a right to express your opinion.
Rawnoc,
You notice in the other days press release the following paragraph:
"As previously announced, Veltex recently consummated its acquisition of KCA Garment Industries through the issuance of additional shares. The Company now has 6,676,035 shares outstanding and is expecting total 2004 revenues to be around $40 million with approximately $7 million in net earnings."
Notice the word smithing so that Matin does not actually say how many additional shares were actually issued to consumate the acquisition? It is written in a way to imply that all the addtional shares were issued to consummate the transaction, but he does't actually come out and say how many shares were issue to consummate the transaction. Matin is so transparent...
The long timers have learned that this is not a buy and hold stock. It is a sell-on-the-pump and then buy-when-it-settles back down stock and anyone who takes the traditional buy-and-hold approach with this stock will absolutly lose their shirt long term.
So at some point I will sell when I think it is high, and buy when I think it is low ready for the next wave of BS PRs and pumping. I think "shrotker" and "paul" have learned to play this game a long time ago with Veltex.
But one think I won't do is chearlead and pump when I own this stock, or bash with the intention of getting the price down when I don't own it. Whether I own it or not, I will call it the same way.
Who says that you can't just issue shares in a penny stock? You kidding me. How in the world do you think Matin has been able to retain control of the company after issuing 200 million shares, going though a 1 for 100 reverse split, and then issuing another approximately 5 million shares. I am willing to bet that for every share he issues to the public he issues one to himself under the pretense of services rendered.
Matin has been playing this audit game since 1999 claiming to want to move off the pinks and each time he goes through the cycle he sucks in newbies. Yeah, there may be an audit for 2003, but my guess is that you wont see it until the end of 2005, and then Matin will be ready to play the game all over agin with the 2004 audit in the year 2006. You think Matin really does not know how long an audit takes for his company after playing the game with the 2001 and 2002 audits?
Shrotker,
Glad to see you made an effort to get the gag order on the transfer agent lifted. To me that is the biggest tell-tale sign that Matin is a deceiptful snake using underhanded tactics to inflate the share price of Veltex shares. I can't believe it is even legal for a company to instruct the transfer agent not to disclose the share count for a public company (even a pink sheets company).
I had tried myself to lookup the registration statement that Veltec filed on 8/30. Unfortunately, Veltex filed a paper copy as shown below instead of an electronic copy:
DOCUMENT>
<TYPE>REGDEX/A
<SEQUENCE>1
<FILENAME>9999999997-04-035428.paper
<DESCRIPTION>AUTO-GENERATED PAPER DOCUMENT
<TEXT>
This document was generated as part of a paper submission.
Please reference the Document Control Number 04041465 for access to the original document.
</TEXT>
</DOCUMENT>
I searched in vain trying to figure out how to get a copy of the paper submission. I finally found something that pointed me to the "Public Reference Room" in Washington DC, but you had to go there to view the documenents. (See www.sec.gov/info/edgar/ofis.shtml)
I called the Public Reference Room in DC and asked how I can get copies remotely and they gave me an Email address to send the request to. I sent a request and never heard from them.
Matin has done everything in his power to make it difficult to get the facts.
First of all jhawk let me make it perfectly clear that I am long 2250 shares on this stock and have been so for the past two years (225,000 pre split). I have been monitoring this board for the past two years and never posted. But after the most recent press release by Matin where he stated "he was ready to reward loyal shareholders" and he promptly put a gag order on the transfer agent and issued significantly dillutive shares, I could no longer just sit and read this board.
I have changed my tactics and will sell on the very next lie put out by Matin. Then I will wait for the price to go back down and buy back in and wait for the next pump. That is the only way to make money with this stock. Once I break even I will consider staying out for good, but I may still post on this board so that others may learn from my eperience with this stock and will have enough sense to see Matin as he truly is; a lying snake who has no regard for shareholders.
Talk about 500 Million presplit (i.e 5 Million post rev-split)shares may not be relevant to you and those that purchased stock post-reverse split, but it is very relevant to those that purchased shares pre-split as it really illustrates the level of dillution (after Matins claim he is ready to reward shareholders)and keeps things in the right perspective.
Max, I think the board appreciates you input and good luck to you. However, I think you are making a big mistake getting into this stock as a long term play. The dillution will continue and in time all 200 million shares will be issued (with nothing to show for them) and you can take that to the bank. The mistake you are making is that you are taking what comes from Matin as fact and over time you will see that Matin and the truth are distant strangers. Good luck to you.
Max90210,
You are not even getting 10Qs out of Matin, so what makes you believe you will get a 10K? Based on past performance you will eventually get an audit, but the audit will not answer any of the hard questions. Remember, he hired some small (I am assuming small) outfit out of Utah for the audit, yet his principal offices are in California and Bangladesh. What kind of due dilligence do you think you are really going to get?
My advice is to sell on the spike when the audit comes out. That is what I plan on doing. I have held my stock for 2 years and it is time to change tactics. The problem is that good old Matin will be selling into the same spike.
There is a real risk that he loses his money and possibly goes to Jail. Time will tell.
It is possible he is trying to build a real business, but from what I have seen so far he is doing it by dishonest, unethical and deceiptful means by flat out lying to prospective shareholders who are footing the bill. In the past two years he has changed business associates and relationships as often as most people change their underware. There is an old saying, where there is smoke, there is fire. There seems to be a lot of smoke around Matin.
Bingo Shrotker!
Lets look at it from a little different perspective and talk in pre-split terms. Prior to the split he had issed 200Million shares. He then he issues a PR where he says he is ready to reward shareholders, puts a gag order on the transfer agent not to disclose the share count, and promptly behind the scenes issues another approximetly 500 Million shares. It took him 2 years to issue 200 million shares, then in 2 short months he promptly issues 500 Million shares after telling shareholders he is ready to reward then? Give me a break. Like I said, the man is a lying unethical snake!!!! It is only a matter of time before the SEC catches up with him because now he is cheating people on a much larger scale.
shrotker, here is a press release from October of 2004.
Particularly, take a look at the following excerpt: "We feel that now is an excellent time to reward all of the company's faithful shareholders and followers"
But Matin claims to be ready to reward shareholders now! You think that maybe he is LYING.....after all, how do you reward sharedholders by issuing 4.5 million new shares after a 100 for 1 reverse split? The man is a lying unethical snake, no doubt about it.
CITY OF INDUSTRY, Calif., Oct. 25 /PRNewswire-FirstCall/ -- Veltex Corporation (Pink Sheets: VLXC - News) plans to become a fully reporting Company upon the completion of its 2003 audit. The Company is currently undergoing the audit by a SEC licensed auditor. We expect the audit to be completed in the next 30 days. Veltex will also be announcing its 3rd quarter results on Wednesday, October 27 before the market opens.
Javeed Matin, Chairman and CEO states, "Over the past 5 years we have worked very hard to grow our business. Veltex has evolved from a startup stage company to a business on pace to produce over $40 million in revenues annually. We feel that now is an excellent time to reward all of the company's faithful shareholders and followers. We at Veltex believe that by becoming a fully reporting company we will significantly enhance investor confidence and the stock market will finally appreciate all of the hard work we have put in. Additionally, larger investors and institutional traders will be able to purchase shares of Veltex once the Company is listed on a major exchange and is filing SEC statements. During the first six months of 2004 we have produced over $20 million in revenues and $3 million in profits. We have numerous exciting opportunities that should materialize in the near future."
Veltex Corporation is a vertical manufacturing, import and distribution company composed of three divisions: Veltex Apparel, specializing in caps, apparel and apparel accessories for the Promotional Products Industry and distribution of merchandise; Velvet Textile Mills, specializing in the manufacture of high quality fabrics including velvets, 100% cotton twill, denim, sheeting for consumer and industrial products; and KCA Garment Industries, specializing in the manufacture of garments.
http://www.veltexcorporation.com
http://www.veltexapparel.com
Safe Harbor: 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 Reform 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 investor relations please contact: Daniel Seifer at (248) 321-0121 or dseif2@aol.com
--------------------------------------------------------------------------------
Source: Veltex Corporation
Veltex payed $5000 for the OTCGrowth.com service (or maybe just for the investment report). Look at the end of their investment report for Veltex and that is where they disclose how much they were paid.
King, you can never get any true stock appreciation with Matin because in the face of any real demand for the stock Matin issues shares and hence mutes any potential appreciation of the stock. Don't get me wrong, you can get spikes on his BS press releases and make money short term, but longer term the stock price slides.
Your conclusion is very wise. I wish I would have done the same thing a few times. Buy and Hold is a sure way to lose money with a lying snake like Matin at the helm.
The last press release was a complete smoke screen and is easy to see through. Matin needed some way to get people to rationalize why there were now over 6Million shares issued
so he mentioned (something that was supposedly done back in spring of 2004 with pre-split shares) the completion of the KCA Garment acquisition again. Nothing in the press release ties the additional shares to the KCA purchase, but looks like Matin wanted people to rationalize that the additional shares were used to complete the purchase, even though they were probably used to line his pockets (how elese can you explain printing shares on a continual basis and still having enough shares to keep control). The man is a complete and unethical snake in my opinion.
Like I said, ask Veltex Investor relations or Matin himself where he got his MBA from. If you are told anything other than Asheville University in London England, then let the board know.
I am more inclined to believe that Matin did the fu...ing given his track record of dishonesty...just my opinion...
The only moron on this board is you. Take a look in the mirror buddy. Veltex has issued audits before that are just numbers on a piece of paper. We still don't know if we own 100% of Veltex mills in Bangladesh, do we now bozo. You are just a pumping clown and unless you have facts or experience with this company to contribute you should go back under the rock you crawled out from.
Snow,
Based on past experience there will probably be an audit. But the audit will be worthless leaving more questions than answers.
I seem to recall that in a previous press release that the auditor is out of Utah. If true, what kind of Audit do you really think you will get when the pricipal offices are in California and Bangladesh? Whats the problem, Matin could not get a qualified auditor in Southern California? I am sure he found a small firm willing to take a few bucks and put out an audit without looking under the covers very much.
Cal, you are full of crap. It would not surprise me if you were Matin himself trying to break down the reputation of a poster who you see as a threat.
When I first got into Veltex, there were 40Million shares outstanding. He had issued a PR at the time that said he "would keep issued shares to a minimum". Over the course of the next few years, he had Issued 200Million shares, then gone through a 1 for 100 reverse split and kept the authorized share count at 200 Million. Sooner or later the SEC will catch up to this guy.
Raw, you have more credibility than Paul as far as I am concerned so don't waste your breath on him. I have been trying to figure Paul out. All his messages on this board always promote uncertainty and uncertainity in the market promotes volatility in stock price. So I think maybe he is a swing trader...
From the press release:
"We look forward to keeping our shareholders and the financial community well-informed of our progress, and to ensure that we maintain clear and constant lines of communication."
Yeah, right!! clear and constant lines of communication!. Is that why Matin put the gag order on the Transfer Agent not to disclose the outstanding share count? Is that why there is a question today whether the Textile Mill in Bangladesh is a wholly owned subsidiary (as claimed in previous press releases)?
Give me a break. I have been following this company for over two years and there is a clear pattern. Different Investor relations outfit every 2 to 3 months. Must be when they start asking the tough questions, Matin gets nervous and terminates the relationship.
Wheres the audit? It was supposed to be delivered by end of November, then by the end of December, now in the recent press release it is "in the near future". A very familiar pattern based on the past history of this company.
I can't remember for sure what the domain name was. I think it was the same as today (www.vetexcorp.com), but I could be mistaken. The website was redone over a year ago at least. Best thing to do is ask Matin himself where he got his MBA from. If he says anythink other than Asheville University in London England, let me know.
Matin once claimed to have an MBA from Asheville University
in London England (it was even posted on his old Website). Have fun trying to find this University.
I know that Paul thinks that lying about ones education is
not relavant, but lying about his education is extremely relevant as it clearly illustrates the character of the man running veltex. This is a clearcut example of a bold faced lie. You don't see anything about his education on current websites any more.
No question Matin is Lying. He has done it before on numerous occasions so why not now? Anyone who thinks that Matin has not issued additional shares since the reverse split is crazy. Why esle would he tell the transfer agent not to divulge the share count? Just look at the average daily volume of 100K+ shares trading hands each day post reverse split. Is that level of volume consistant with a float of 1.3 Million shares?
He claims to be generating $7 million Net Income on $40 million in sales. Is that with the Bangladesh textile mill as a wholly owned subsidiary? Because if it is not wholly owned, then he can not claim 100% of the revenues and profits from the bangladesh operations under Veltex.
Rawnoc,
I for one believe you 100%. I have been in this stock for almost two years now and I have seen all the PRs along the way. Always waiting for audits and the move to a bigger exchange that never happens. Matin is playing investors like a yoyo on a string. I fortunately got out of most of my holdings with little damage. But I still have a number of shares in a different account that are under water that I had hoped to break even on.
The first PR (or second?) after the reverse split resulted in
over 500K shares trading hands. That is 500K when the float was supposed to be 1.3 million, 39% of the float. After each subsequent PR, volume would jump to between 300K-500K shares. That is an extremely high percentage of the float to trade in one day and I believe like you that Matin was dumping shares after each press release.
Matin has proven, on the basis of his PRs and other information posted on the company website, to be a very dishonest individual. He once claimed on his website to have an MBA from Asheville University (or College?) in London, England (good luck finding it...don't exist). A few years ago he posted a bogus audit that looked like it was written by a grade schooler (statement of cash flow was all screwed up and did not tie together). The stock initially popped after the PR, but then when people realized it was garbage the stock took a drive. What kind of rational person tells the transfer agent not to disclose the number of outstanding shares? A dishonest person!
He may have a legit business and may even be making the net income he claims. But a leopard does not change its spots and sooner or later he will lie and cheat his customers like he has done with his shareholders (Wholly owned subsidiary that he has to issue 18Million shares. Say what? maybe he does not know the meaning of "Wholly owned"?). Customers have no mercy for liars and cheats.
speaking of MBA, at one time Matin claimed to have an MBA from
an Ashville College in London England (it used to be posted on the old veltex website). Nobody could find an Ashville College (or University?) in London England. Did anyone ever figure out whether Matin ever went to a real school and received a real MBA?