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'I'll make this one an official comment. I think you need to resign.'
Gee if it's official, I suppose it's serious ... LMHO ...
By the way, generally, when people do what you accuse Stephen of having done, they do not resign, they get fired.
'Mastman, why don't you learn to read.'
You seem to be the only one knowing how to read. Must be tough to be so objective and so much misunderstood ... unless you're paid not to be objective ???
AF (CREDIBLE ONE) would give back some credibility to the source relative to FUTURE PR'S or NR's. Every time I refer to the AF presumably coming, I qualify it with 'WHATEVER IT SAYS' (i.e. it very well may not confirm what has been stated in the past).
I do not know how much the AF do cost. However if the delay is caused somewhat by the unavailability of the auditors as earlier mentionned by someone, the cause should not be function of the elapse time. Against that cost, one should credit the savings made by not issuing useless PR's since March 9.
Theorically, the lawsuit being a Matin's private action, one should assume that we (shareholders) are not paying for it?
'Both these have an impact on the financial being of the company'
Since we do not yet have a clue what 'the financial being of the company' realy is and considering the previous comments made here, we hereby illustrate very well that herein held debates are generally based on vaporware ... LOL
'You may soon get more transparency than you would ever
expect.'
Second post along that line (post 14490).
That's also an info I heard and 'soon' seems defined as hours. I however do not thereby necessarely refer to AF.
Let's see.
I do not know but it seems to me that if I was running an outright scam, I would not hire lawyers, to bring a case of mine, against a defendant, in front of a judge, following thru when the defendant doesn't follow thru as expected.
If my house was full of stolen stock, I would not invite the cops home if someone had stolen me a few items.
As for the $75,000,000 if (as probable) 90% comes from BD and if BD financials cannot be normally confirmed (as illustrated when Anne Tahim did her audit), then it's (almost) meaningless relative to what the market would estimate the value of the shares (market value or cap).
In this case selling the BD operation could be the only alternative so its real value can be accounted for in Veltex verifiable value.
'But you don't start out with Q's and OS and so on and then drop them off and expect people to be suspect about what's going on.'
I suggest you read posts of before you came to the board a couple of months ago. You will see that it was almost hunanymous, unless a credible audit was produced, nothing coming out of the company as PR's or NR's had any credibility whatsoever anymore.
Then what was the point in telling stories no one would beleave anyhow. Let's focus on having a credible set of AF, whatever it says, whenever possible.
Then, whatever news will be available should be released in a way one can verify what it says (Ex: identify customers refered to)
Thereafter we shall have fun discussing the company's fundamentals, the state of the situation and try to foresee the potential ahead.
Till then, I (no one has to agree) do not care about on going silence if it's caused by desire to only come out when released information is accurate, credible and normally verifyable.
- 'You sure did your DD and you sure called it wrong.'
Who said the game is over? Speculating (based on info I have) I may endup having been wrong (speculating implies risk) or not. How do you say it ? ... Till the fat lady sang ...
- 'Maybe you had better ask yourself who is dumping now'
I do as I wondered who was buying big at $0.30 + two weeks ago (We both know as much on that suject ... read nothing)
- 'there are some fed up stockholders'
Finally, an observation that make sense (however some are or someone is buying from them)
- 'In one of my conversations with Steve'
How many of these again?
- 'Hmmmmm, wonder if he felt I had something there or already knew who it was.'
I'm sure he lost sleep over your insight (Sherlock)
As most herein do agree, up to the last PR (March 9), credibility of whatever was release by the company (read: Matin) was non existant. It's been said for months may be even years.
Since then, no release whatsoever (without credibility what will be the value of a release anyhow?).
One (optimistic) can assume that intead of spending $$$ for useless releases, investing in producing a credible audit would make more sense. Such an audit is obviously not what Matin had in mind last February.
Till reliable credible news are available (most likely AF) those trying to argue this is a scam (I wonder why they bother) shall enjoy themselves. For them, in time, your 'When one leaves themselves exposed, Murphy's law hits hard' may apply.
Those hoping that current silence doesn't imply no work is being done (those are honest enough not to say that they KNOW) only have to wait to see.
Future shall tell...
I wonder how many time you did talk with Steve (if any???).
You make it sound as if you had regular conversation with him and he was kind enough to give you all kind of answers you can thereafter use to make him look dishonest (I purposely did not use the words 'accuse him of lying).
'Your posts are pure and worthless supositions and assumptions'
What else can someone (except you) post when as you say (reliable) information is not available ('As I stated if the information was available').
Would be nice to know what make you so emotional about it that you cannot remain consistant from one week to the other. Could be easier if you waited for 'FACTS' before you make them up (for whatever reason of yours).
Just incredible how ridiculous your posts taken altogether can be ridiculous. I just look at this one demonstrating your way of throwing in unsupportable affirmations, often contradicting the few facts we generally agree upon (Ex: Matin's credibility and its impact on what was released)
- 'Fine, then Steve can not be held accountable.' Once more you left unfunded accusations out there for days now have to take it back.
- 'I don't believe the money spent for an AF was worth it.' One is allowed to beleive whatever he wants but this one is kind of amazing for anyone having followed this stock for some time ???
- 'Also, the smart thing Matin could have done was bought 100K shares personally. That would have shown confidence.' You should know that considering Matin's credibility, him saying he bought 100,000 shares would have done nothing to raise our confidence in what this was. Back to the only valid exercise expected by most: 'spend money for an AF' (credible).
- 'Now much money has been spent. Q1 will probably look terrible along with Q2. What has all this gained us? Nothing.' How much has been spent? Look terrible relative to what (we never realy knew or beleive where we started from? Since when an non yet completed unreleased audit gave anything to any one?
- 'Some of you posted "why post useless info"? If there is one point most (negatives, neutrals or positives) agreed on for some time is that releases issued by Matin were useless ('Announcements were doing fine. ???) because his credibility was nil.
- 'Now there is nothing but silence and more doubt.' Hard to beleinve that 'doubt' increased since last NR. As a matter of fact one could interpret recent 'silence' as a signal that something different (good or bad) is being defined.
The first word of the sentence you pasted is 'IF' (capital letters).
I gave my OPINION multiple time in here and one must know that the company is currently working at NOT GOING BUSINESS AS USUAL.
I therefore do not understand your: 'The above is a statement made out of frustration.' ??? but do not realy care.
IF the company was to keep going business as usual, based on the past, this would remain a stock to trade with based on rumors circulating at different times (thanks to the board) and transactions manipulated by MM's.
However, there is a business called Veltex out there, it seems to be growing and it's made of 2 very separated entities (BD and NA).
Whatever BD is all about, it seems that the 'NA startup' has been maturing somewhat (most likely not yet profitable) and one must assume that financing is required. It seems that Matin (and his relatively new environment) would prefer to get it by borrowing instead of diluting. That justifies producing credible AF.
Minimum risk - Minimum short term profit: My hope is that the NA operation is now (MV) worth more than $7.5MM, BD being a potential additional benefit. In this case one can at least not run the risk to loose to much.
High risk - high reward potential (High risk speculation): Reality is somewhat close to what Matin has said all along and a credible audit will show it. In this case one can only make a large profit.
Some do beleive that this is an outright scam with no business behind it but one aimed at selling share. I do not beleive that to be and will let those people play that game without me.
First, I think that we all should forget about what Matin said in February. It seems obvious to me (OMHO) that things have since changed behind the scene and, contrary of what was in the past, Matin cannot anymore throw in any news release he wants, outrageously disclaimed audited financials included.
Second, I wrote 'That make these naturally suspicious boards something close to illigal if not outright criminal in some cases.'. I beleive that, if we were all clearly identified herein, many could face lawsuit, accusing people (only based on personal perception) of 'conducting (or sharing in the plot) an outright scam stricly made with the objective of stealing money from small shareholders and using it stricly for their personnel profit. By the way I have dropped RB from my 'favorite list' a long time ago because of the stupidity of the posts therein (realy do not know what it now looks like). If as you suggest it's still effectively worst than here (I assume many still post on both), then that makes my point even more valid.
Honestly trading opinions, beleifs and findings, not presenting them as facts is generally fine. However, agressively making a point that one KNOWS FOR A FACT that so and so is a scam-leader, someone purposely misinforming shareholders or someone having other similar behaviors seems (to me at least) only 'acceptable by some' because they hide behind anonymity.
'not declare things as fact that are your opinions or may be hearsay.'
So much or that in here. Where are the good old days when posters were honest enough to write OMHO (only my humble opinion) and FWIW (For whatever it's worth).
Now many make personal deductions from feeling and do post them as fact. In many case, to work at getting more credibility they will do it claiming to have personally talk to those who should know within the company.
That make these naturally suspicious boards something close to illigal if not outright criminal in some cases.
Within the United States culture (perception from a stranger) considering everybody seems to have a personal lawyer, playing that game should soon bring someone to court as a defendant.
'Once again, what constitues a major stockholder?'
We do not know but let's speculate on my recently posted HYPOTHESIS.
Feb: Matin says AF in 90 days.
Before April: Large shareholders get involved and convinced Matin that setting the records in order was required.
Priliminary AF: Raises a lot of questions from the involved large shareholders and could not be signed by auditors without disclaimes making the report useless.
Thereafter: Part of the 'investigations' to resolve the requirements for disclaimers does require resolution of the case between Matin and the defendants.
Obviously the already involved large (or major) shareholders are informed as they are consulting Matin and or with Stephen.
Stephen obviously did not want to get to deep in discussing that by saying 'The large shareholders that came to help recently were informed'. He just wanted to get rid of you sying that 'major shareholders were informed'
This is what THINK (not knowing).
In any case, the situation as it is (second time court sat on the case, some shareholders informed, ...) I think that we shall soon hear from the company.
To much noise, rumors and bashing going on.
When Matin was all by himself this wasn't an issue but now we have large shareholders, Stepen, lawyers and a judge involved. This suggest that we may soon start to see more normal behaviors coming out of the company. I do not thereby say that the AF will be confirmed or not neighter do I say that the next NR's will be all noce (remember the 'high risk Hypothesis of mine).
I repeat it: I DO NOT KNOW. For me, this is a high risk, potentially interesting reward SPECULATION.
What gets to me is those fabricating scenarios out of thin air and presenting them as FACTS.
First: I do not say the suit and AF aren't related I just say I do not know and neighter do you.
Second: Don't you understand that these guy will give you whatever answers they feel may get you off their back.
IF THEY KNEW when the audit will be ready for 'signature' they probably would release a target date (even if based on history it would not be very useful anyhow). As a marketing executive, my salesmen understood very well that no transaction existed till a 'authorized signature' was down on paper. 'All that's missing is signature' meant to me, God knows when we will be able to credit the order. They also understood that we were not acknowledging (paying for) contracts with conditions (equivalent to disclaimers in here) allached to it.
Third: 'The only possible reason has been the lawsuit'
Stupid AFFIRMATION (as usual). I can imagine dozens of reasons (justifications), the lawsuit potentially being ONE OF THEM, for delaying the 'signature'.
Are you paid to put out all this garbage or what?
'I can only refer to facts' ???
Your luck is that ridicule doesn't kill!
By saying 'he could have told me (you) he was aware but could not discuss" he probably tought he would not get rid of you (I can hear you imagining reasons why he coudn't) and tought also he would thereby feed you reasons to invent additional unbased imaginary scenarios.
Seems obvious to me that they cannot talk freely anymore. Not that their presumed talking (as per some poster claimed) meant much but it now seems they do not want (or probably) cannot comment as freely as they used to.
'This could drag on for at least another year or 2.'
Here you go with your BS again. You do not learn fast !!!
'Therefore don't look for any AF at all.'
Not that I say it's not true (I have the honesty not to claim knowing when I do not) but where from did you get this certitude that audit and the suite are that closely linked together that no audit will be possible before the judiciary has completed its job? ('at least another year or so ???).
I realy wonder where your motivation comes from ???
'I don't feel the need to divuldge anything further since it is of little consequence.'
You however could have appologized for some of your past posts based on made-up BS assumed by many, you included.
As a start, may be you should refrain from disparaging Steve without having all the facts on hand. Why not this time wait till you KNOW instead of accusing based on what you assume.
Assuming you and a couple other aliases are not the same, one could honestly start to think that some orchestrated plan is being executed in here.
What in the world could motivate some of you to post in here dozens and dozens of repetitive posts, AS IF THEY KNEW THINGS OTHERS DO NOT, everything obviously leading to nailing Matin to the wall as a dishonest person stealing money from poor stupid shareholders out there.
In my view it recently went much farther that expected behaviors of small traders trying to support their personal strategy or frustrated posters throwing up their frustration ???
ORCHESTRATED ???
Join Date: Jul 2000 ...
You're quite new to the board and I assume you did not know that this was debated in hundreds of posts on RB at the time and the source of this was thereafter taken to court (if my recollection is right). The person was thereafter (if my recollection is right) found guilty and somewhat legally penalized.
Curious you now decide to pull this 7 years old piece of garbage out. One has to wonder why?
'Any comments here about the low volume today?'
I assume that those not beleiving this to be a potentially good speculation already sold their shares (as many herein claim). On the buy side, I presume that whoever was accumulating at $0.30 or so feels he has enough. It also shows that Matin, contrary to the theory of some herein, is apparently not throwing new shares in the market. Finally, I do not think that in current context, to many new buyers are available.
'When do you think the Audit Reports will come out?'
I do not know but my beleif is that we are on the verge of having a new more transparent Veltez out there. For that, the audit will have to be as complete, professional and credible (as oppose to the old way of doing things).
Such AF may not (I suppose) support all claims made in the past but I expect, whatever the showned reality will be, it will justify better than current PPS.
Such a process (far from what Matin initially had in mind last February) obviously takes a lot of time but time is not of the essence right now. Accuracy and credibility are.
One hypothesis to also consider is that may be verifying BD so it's normally reported here may be more difficult than some beleive even (???) not feasable. If such situiation exist, splitting the operations or selling BD may be steps to be completed before the quality of audit expected can be done (NA operation only).
Bottom line, MY VIEW is that more than a business as usual auditing process is being performed, more time than expected is therefore required (that the auditor may not have planned for either initially) and critical decisions may have to be taken and even implemented before we see the baddly hoped for AF.
The good news is the process started almost 5 months ago. Let's hope we are getting there.
Incredible how much has been written on the lawsuit considering most do not even have a clue relative to its specifics, the behavior of the parties since the ruling was made, the recommendations of the judge and those of Matin's advisors.
Honestly, all I care about right now is to see valid AF.
Having Matin issue any NR or PR before we see these is loss of money and it only would serve to feed participants of our fun but useless anonymous message board.
I do not know what's still between us and credible audited AF but till it gets resolved, this is, and will remain, an interesting high risk speculation.
I am lead to beleive that work is effectively being done (when the auditor is available) to resolve some issue pertaining to securing CREDIBLE audited financials.
Let's hope this can be completed in the near future.
'A number of people here are not who they say they are including Mr. "this is just my fooling around money" big shot who's no doubt got all his savings locked into these loser companies.'
As usual, YOU KNOW :' ... no doubt ...' (LOL!).
I've known you (from your e-mails in the past) quite less frustrated. I wonder how much you lost with this stock ???
Who, who doesn't risk anything gets nothing in return.
As long as one doesn't play money he cannot afford to loose, he should not have to see your frustration expressed against him and his decision to speculate a little.
Years ago you were quite 'invested' in Veltex (you wrote it to me then). I assume you lost a lot thereafter, based on your ongoing expression of anger. Sorry for you but we as shareholders were not responsible for your bad luck. Why give us (somewhat beleiver shareholders) s.it all the time?
May be wrong by I think I did a good buy at $0.30 and you shall have done an even better.
Very selfisly, I wish you the best!
'descrepancies may put VLXC management at risk for misrepresentation.'
THIS HAS BEEN MATIN's PROBLE ALL ALONG.
I suspect (MOO) protecting against such a situation is part of what makes the 'signing of the audit' a difficulty.
It's (My opinion again) explain why Matin lied, honestly hoping that he could resove the problems without creating himself 'unnecessarery embarrassments'.
I respect your opinion but do not share it.
1- Relative to the AF being late, my opinion is that when Matin promissed them to be released within 90 days, last February, he tought it would be done as with Anne Tahim a couple of years ago. She looked at local records, Matin gave her the numbers relative to BD, she disclaimed her report by saying she did not know what they were all about then signed under this 'protective disclaimer'. On that basis Matin very likely beleived honestly that the new audit could be done the same way (he obviously didn't understand the lack of value of such AF's) and therefore assuming 90 days to be enough was normal. Thereafter, thru pressures from large shareholders, The auditors were asked to perform an audit they could say they verified as much as possible and that meant finding out more about the BD audit (who did it? how? ...). THIS WASN'T POSSIBLE (obviously) WITHIN MATIN's EXPECTED TIMEFRAME and I beleive that those involved (auditors, large shareholders, lawyers) decided that delivering as credible as possible AF's was more critical than delivering useless ones rapidly. In my opinion this is what is meant by 'waiting for the auditors to sign.'.
2- Considering the TOTAL LACK OF CREDIBILITY OF MATIN (as agreed by all in here for a long time), releasing general NR's or PR's thowing in unverifyable informations was useles and therefore why spend the money? A pre-requisite to somehow rebuilt a certain credibility with this company (not Matin only) is to have as serious as possible AF,s released and, if available, have a large customer accept to be quoted as such in a release outlining a business success.
If the above is somewhat close to reality (as I am led to beleive by my DD) then, Matin may have or not changed in his general behavior but he certainly would have partially change relative to listenning to advisors (whatever his reasons). Past advisors of Matin did confirm to me that they left because Matin weasn't listenning to them.
2-
I bet they now are slightly less 'VERY reputable company'.
By the way when he was screewed even more seriously in the past, he also wasn't 'entirely' guilty of negligence. He also listenned to people he tought reliable.
This behavior (my opinion) is unfortunately often caused by lack of competence.
From what I heard, Matin now seems to have got that message and seems to have much better advisors (having skin in the game this time).
We shall see.
'The problem is IT'S A SCAM'
No point arguing since YOU PRETEND KNOWING and I do not know but (having done my DD) I have REASONS TO BELEIVE...
I however seriously prefer my odds, hoping to have made a good(highly speculative) buy at $0.30 (I didn't say great) than yours, hoping to see $0.0001 (whatever the volume)
Let's wait and see.
You wrote: 'I don't know what person did this math, but it is completely wrong.
TOTAL ASSETS $ 5,441,088
TOTAL LIABILITIES $ 3,305,946
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 5,441,088
Equity = Assets - Liabilites
So the book value is $2,135,142.00'
Right now, the market tells us the 'market value of the company is roughly $ $3,000,000 (5,000,000,000 shares X $0.0006).
That doesn't seem much to buyout a company already generating more than $9,000,000 in annual gross revenue thru an established customer base.
I also wonder what the Accumulated deficit of $ 33,685,393 could be worth (taxes) to someone merging ADVC into a profitable company?
My point is that at current PPS, I belweive the risk to be minimal. The problem right now is that the company hasn't appropriately informed the market for months. Except for mentionning their plan to acquire companies, months ago, they haven't realy updated us except for recently mentionning that they still plan to do it but on a one-company-at-a-time basis.
Still an apparent good SPECULATION (not investment yet).
I assume you were jocking by ending your post by: 'Can anyone here get these questions answered?
I love jokes ... LOL!
If you had been around long enough you would know that your post doesn't make any sense.
Anne Tahim (a reputed auditing firm) did sign an audit, including unverified data, presumably audited in BD by God knows who and then included a disclaimer explaining she had not validated whatsoever the BD info submitted to her by Matin.
It now seems that because of some shareholders getting involved, Matin will not have the luxury to have current auditors let him escape with such an audit.
Personally I much prefer a late audit than a meaningless one.
'got tangled up with a company that tried to screw him over.'
Hope he finally learned this time. Obviously, being screwed by the business partners he got involved with following his grand synergy plan, some years ago, wasn't enough to teach him. Maybe this second experience (not knowing about most likely others) will convince him that to do the things normally with reputed business persons is finally smarter than trying to do it, hiding, with any sucker looking for a suckee.
From what I hear, Matin seems to now accept that there is a way to run a publicly held business and play by the established rules.
Let's see.
The 'a bogus stockholder meeting' as you say I do remember very well (I got very active getting some then large shareholders involved in blocking the buyingback of something we presumably owned).
The sequence of event was: Optimist Matin morgaged our BD assets to obtain cash to build NA, Matin cannot reimburse as expected and try to buyback the morgage by issuing shares (R/S became needed since no more A/S were available). Stupid move of an incompetent lying about it by abstention and trying (as children do) to repare the damage thinking he will not get caught). Liar, not crook.
'big investors wouldn't let Matin act like he has in the past this time' I said. In the past, we would have seen the type of audit Anne Tahim did (meaningless covered by an all inclusive disclaimer). In the past we would already have seen at least 3 or 4 unverifyable (but how positive) news releases telling us how great things are. I for one think current Matin's behavior may reflect a change of attitude.
Excuses ??? From what I saw they all were generated by posters herein posting anonymously... not Matin (maybe you do not catch the difference ???).
5%: all those you can identify from my playing with message boards + 2 small canadian stocks (no board available)
95%: Not your business but just look at recent history of Bombardier (the one I did refer to when I said my 5% became dollar wise larger (LOL!)
...
Enough discussing of you BS.
Enjoy lif ... whenever you get one!
5% may be. Let's get the real numbers.
I, in a previous life, had to manage a Canadian startup operation for a multinational. Our base was almost inexistant coming from small not very impressive cuistomers.
For one and one half year we made regular but slow process but all along trying to win a large reputed referenceable customer from highly establihed competitors.
One day after 18 months we got it, the market noticed it and other large prestigious prospects started looking at us.
within the next fiscal year we multiplied our annual revenue by 4 and did show highly profitable bottom line for the 1rst time and kept being profitable till I decided to leave the company and semi-retire in 2000 (successes did continue for those left behind thereafter).
I hope, Matin learn, the audit comes out, we get a prestigious account accepting to become a reference and thereafter see a fast growing NA operation for years to come... this based on personnal previous experience.