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In post 12446, I wrote:
"He tries to grow North American business any way he can imagine (including buying gas stations).
At some point in time when American's business volume will allow it, he will announce that he sold Bengladesh operation for $XXX (not mentionning what ownership was effectively sold).
He will then have burried his past lie and be able to normalize an american operation buying from a Bengladesh SUPPLIER."
This is only an hypothesis and it assumes Veltex is increasingly doing business in North America.
Will the next steps of this hyppothetical strategyhurt the current PPS... I doubt it (because, even not beleiving the $0.35 EPS, I assume there ia a North American business and it does justify current PPS or better.
Future (do not hold my breath) will tell.
LOL!
"I have come to the conclusion that no one with a history here will believe anything Matin says until we get a reputable audit published."
I would like to add:
"I have come to the conclusion that no reputable audit will published till Matin has resolved his Bengladesh issue! ... whatever that is (ownership, government relations, taxes, ...)
One tought only. I haven't any beleive about that anymore, except that Matin is out of his mind or has an incredibly complex strategy he is the only one understanding it.
Matin does report all financials from Bengladesh even if they are not supposed to be (Ownership).
He tries to grow North American business any way he can imagine (including buying gas stations).
At some point in time when American's business volume will allow it, he will announce that he sold Bengladesh operation for $XXX (not mentionning what ownership was effectively sold).
He will then have burried his past lie and be able to normalize an american operation buying from a Bengladesh SUPPLIER. I beleive the Bengladesh operation will then be owned by close ones to Matin and the transaction will also help them resolve issues they have with local government.
Assuming Matin not being completely stupid, he must have a plan he did develop with his partners, familly and lawyers.
I cannot beleive that this guy keeps issuing NR's, looking at the PPS go down each time and do it again and again, thinking the next NR issued by him will make the PPS go up.
By the way, if my recollection is right (last cc), Matin doesn't have 50% of the shares by himself. He however seems to operate the company as if he did.
As I said, this guy apparently cannot care less about rules or laws. He does whatever he feels like doing, his experience telling him that regulators do not watch him or even care about such little capitalizations.
Every time a news release is issued and shareholders see that it's just more of the same BS, some do decide that Matin only keeps issuing the unbeleivable garbage he has been putting out for years and many do have it and dump their shares.
This however only partially explain the phenomena.
Another explanation relates to someone using the arrival of new fishes when a "good news" is released. A lot of shares then get dumped (downward pressure on the PPS) to a number of new buyers (upward pressure).
Give or take 1 or 2 pennies, that keeps the PPS relatively stable.
Finally, I would not be surprised if Matin (and friends) would buy shares from shareholders having it with him (Matin may have understood that also).
Give me one law and or rule this guy seems to abide by ???
Why should he abide by those regulating issuance of stocks.
Why should he worry. For years, many did complain about him to all possible regulators and nothing ever happen to him. Why should he worry about issuing shares (all he need is a broker accepting to be his complice and there goes the printing machine).
I do not say that this is what he does but no one can be sure it is not.
Who realy knows ?
You however are probably right but at $0.18, the scheme (if selling shares is his business) is getting less interesting.
Can you imagine that???
A company's news release confirm that its profit per share is $0.35 and the PPS of its stock, instantaneously move down from $0.18 to $0.175 per share on a volume (first trading hour) representing more or less 5% of the total number of O/S ???
This happen the day after a publicly released interview with the CEO got the share down from $0.195 to $0.18.
According to the market (market cap) the value of this company generating $70,000,000 in annual sales is about $3,500,000.
I would love to see the face of Matin right now.
What's your bet?
1- He is discouraged and doesn't understand why, whatever he says, people do not follow him ???
2a- He loves it because he (with friends) effectively tries to get rid of as many as possible small shareholders bugging him and presenting a risk to get him to court whenever he decides to normalize this publicly held company, after severing the financial connection with Bengladesh (selling whatever we own which I beleive is much less than 100% of it).
2b- He loves it because he (with friends) effectively tries to get rid of as many as possible small shareholders setting up for a low cost privatization, thereby never having to say what he did wrong and hided in 2003 in Bengladesh (The ownership obvious issue).
3- He cannot care less because all he cares about is to get his salary and expenses account paid, put some aside then retire at 65.
At least, from what I was told, Matin would be getting a $750,000 a year SALARY.
Why should he bother with a low PPS6
"Veltex Corporation and ... ... its wholly-owned subsidiary Velvet Textile Mills, Ltd."
That is the "wholly-own subsidiary" Matin did try to buy in 2004 (BOD agenda of August 2004 if my recollection is right).
Buying something he already owned ???
"There is something very wrong with this company. I just don't know what."
Personally I beleive very seriously that the whole mess is mainly caused by the question of ownership in Bengladesh.
It's obvious to me that in 2003 (beginning of the infamous synergy plan) Matin did and hided something which, if now discovered, could get him in great legal troubles.
I beleive that it is the reason Matin lied even to his auditors and that these honest firm left as soon as they smell the danger.
The excuse given during the last cc about the difficulty to audit the Bengladesh operation was another attempt to get around this show stopper.
My bet is we will never figure out (normalization) what Veltex realy is, till the Bengladesh situation is resolved somehow ...
unles, as claimed by some, the whole thing has been a scam from day 1 (I doubt that).
"The only thing that makes sense, ..."
Just a suggestion on my part but with Matin, never start with these words. Better think about what doesn't make sense if you try to figure out this abnormal individual.
This being said, he does whatever he wants and is probably quite happy with "His success", confident that future will be even better...
Would be nice if the crazy man ended up being right about future.
As I think also.
I do not know who is selling but it's someone having as many shares as he can sell(1/2 million shares today). Personally, I wouldn't be surprised if it was Matin himself (at current PPS Matin could have made $100,000 just today.
He may be stupid but if it's him, he must be laughing to the bank ???
What I do not understand is "who is buying"??? 68 trades as of 2 this afternoon. It's so easy to find out what this has been all about, why would someone buy such a stock as of today? Many trades worth about $2,000 today alone. I know it's only $2,000 but why would someone BET it on Matin???
Another outstanding public relation move by Matin.
Time.........PPS
12:40:14 PM 0.18
12:39:10 PM 0.185
12:38:54 PM 0.185
12:19:00 PM 0.19
11:37:40 AM 0.195
One has to wonder???
Could Matin do it on purpose, knowing and trying to get the PPS as low as he can issuing BS or is he just outright stupid???
I do not care if he is running a scam or not, if he got the company in its actual situation by accident, thru naivety or as a result of his stupidity but I realy would like to know why he keeps issuing obviously useless NR's and/or PR's.
Personally, I did prefer to look at the woman. As for Matin, I am sure people have been impressed by the office he speacks from. I am sure RAWNUT will be impressed since he beleives in pictures so much.
Don't you also like to now know all of the following???
1- CORPORATE STRATEGY
Veltex is successful and growing rapidly.
2- THREE VELTEX SUBSIDIARIES
Velvet Textile Mills
KCA Garments Industries
Veltex Apparel
Veltex Canada
Veltex-Explorer Inc.
3- STOCK FACTS
Authorized Shares: 200 million
Shares Outstanding: 18,141,309 (as of Sept. 21, 2006)
Active Float: 10,104,695
Revenues: $19.9 million in 2003, $40 million in 2004, $68 million in 2005 & $70 million in 2006 (projected)
52 Week High/Low: $3.90/$.625
Some more BS from Matin.
Veltex CEO Featured in Exclusive Interview With EmergingIssuer.com
CITY OF INDUSTRY, Calif., Dec 11, 2006 /PRNewswire-FirstCall via COMTEX/ --
Veltex Corp. (PINK SHEETS: VLXC) updated the investment community in an
exclusive interview with http://www.emergingissuer.com. The interview included
topics such, an overview of the company, their target markets, recent financial
milestones, and potential upcoming strategic moves and acquisitions. To hear the
interview in its entirety, visit http://www.emergingissuer.com, and click on the
"play movie" icon in the Featured Interview section.
Since Matin announced (Nov.9) that 2,500,000 shares were to be boughtback, a total of 1,500,000 shares were reported as having been traded, at a PPS of $0.20 or so.
I wonder how many were boughtback by the company considering the incredible opportunity they had with such a low PPS (LOL!).
Still at it? Not necessarely but as I often said herein, I intend to let this ride for as long as it's worth something or not. This is what this (5%) portfolio is all about.
In this sector, I either double+ my BET, loose it alltogether or get my money back and escape.
Having no crystal ball, I do not know what will happen with this one but I certainly do not hold my breath waiting to double my money and I shall be quite happy if one of these days (or years) I even get my money back !!! (LOL!).
I lost (completely) some, I still have some, and I made a lot on a few with this not very reasonnable way of "playing" it but I have fun doing it with spare money of mine.
Glad I made you laugh but on my side, I have fun with this "speculative (???)" portfolio.
I'm wondering. What would happen if someone was writing to the Bengladeshi's auditors telling him to look at Matin and his relatives.
For as long as the Bengladesh situation will remain a "crime scene" we in America will never find out what the North American operation is or not worth.
"obscure relationships that exist with the BD subs and their ownership."
I also heard of something like that. To bad regulators do not investigate such individuals.
I suppose yhis comes with the turf we play on.
Then, get on a high building and jump.
We shall wait to hear from you if you did (fly) !!!
Assuming 20,000,000 O/S and not considering possible options (we were told there were not that many, if any),
At current PPS of $ 0.20, market cap is $ 4,000,000.
I wonder ... If we could get the honest picture of what Veltex realy is, would such a small market cap be justified?
Doesn't take much to justify such a market cap.
I wonder ... what market cap would be FUNDAMETALLY justified if Matin was to issue our finanancials IN A CREDIBLE WAY?
Thanks! Typical as you say!
Just to confirm.
I know it's business as usual but didn't Matin and his friend say during the conference call that financials were to be released "last week". To my recollection Matin even said Monday last week but honestly I am not that sure about it.
Anyone remembers?
WeightlossProgramcom ... Previous answer was for you!
Whenever Matin feels like it. However since nobody beleives him anymore issuing it or not will probably have the same impact.
I personally think they will be slightly less agressive than that.
To know where this company stands, go to:
http://freerealtime.brand.edgar-online.com/default.aspx?date=1994&sym=advc&qt=1& and read recent SEC filings.
Currently ADVC is a stock one could look at as highly speculative (high risk, high reward potential).
However (MHO _ FWIW) is that at current market cap (only more or less $ 3,000,000) risk is relatively low and potential reward quite attractive.
Personnal sources of mine tell me that nice developments are in the works and news should come out before year end.
At current PPS "speculating" $600 or so could be both fun and profitable.
Again, read SEC filings and make up your mind by yourself.
20 times the dayly avg volume.
60+% growth of the PPS
No news ???
Something is going on.
Leaked news?
Rumors?
If nothing is released between now and 9h30 tomorrow, we should go right back where we come from.
Let's see.
11/17/06 181,010
11/16/06 98,282
11/15/06 24,100
11/14/06 104,100
11/13/06 43,000
11/10/06 234,895
Average : 115,000 shares per trading days.
ASSUMING ALL BEING BOUGHT BY A SINBLE BUYER (VELTEX), Veltex could have bought back the 2,500,000 shares by year end.
If you think that could be (Veltex the only buyer) you're realy naive.
If you think Matin is throwing in any cash to buy back Veltex' shares you must be a dreamer.
I wonder if Matin cares about the PPS?
I even wonder if he realy owns 6,500,000 shares or, far all that matters, if he owns any?
That's assuming he effectively is being paid with options only (some of them exercisable at $3.00 + ... LOL).
Personally, I do not beleive that.
If I was to become consultant to Matin, even before I enter into a contract and have my name associated to him, I would request:
A 2 weeks paid trip in Bengladesh with a letter authorizing me to interview whoever i WANT, so I can meet people (management, employees, accountants, lawyers, government people, ...) who can inform me of what that is all about (I would also bring my camera). I would try to figure who owns what out there and what the legal (taxes) situation of the company is with the authorities.
Anyone accepting to be associated to Matin without having done that is either a fool or a less than honest person (how polite can I be !!!).
Obviously, Steve hasn't done that.
You may very well be right. However if he is an accomplice as of last night he shall still be by the end of the month (LOL)
"Matin is in with Steve as we speak."
If Steve is still around by the end of the month, I will consider him a complice, not a consultant.
Honestly, I must say that my plan is now to use this as an income tax item (capital loss). Probably not for 2006 but for sure in 2007 ... unless a scheme succeeds in getting the PPS up again but I cannot imagine how this could be.
If a business there is, the best we can hope for is that it's worth current market cap or about and someone buys the company at current PPS + a small %%.
My bet (if this happen): the buyer will be Matin or a relative who took away what even incoming $$$ there was.
In any case, IF (the only way to start a sentence on this topic) ...
IF a company there is and I think there is,
IF some business does exist (I beleive there is but have no idea how big it is or not)
IF Matin gets rid of Bengladesh (keep a business relationship but eliminate the ownership link)
The the "little" left over company may be worth something to grow from.
Then,
IF Matin gets a competent business manager and does limit his involvment to what he understand (whatever that is),
IF O/S remain at 20,000,000 (I do not beleive in the buyback)
IF credible audit is released and reported to SEC
THEN, we can grow from there.
For the market cap to become $60,000,000, fundamentals will have to become more or less:
Profit of $ 6,000,000
Revenue of more or less $1000,000,000.
Even IF all of that is in the cards (I doubt it a lot), I unfortunately am getting to hold to be there by then.
Therefore, my wish is that somehow speculators will enginneer a spike in the PPS allowing me to escape with minimum damage.
The border I do not know but the culture and/or language probably.
May be I do not understand what you say but "4 to 6" = $0.20 to $0.30, not $3.00.
Am I missing something.
I think we should read: "2.4 to 6 is a lot easier than 4 to 60".
May be I did not follow you right.
Personally I do not beleive any buyback will be done. As a matter of fact I do not beleive either that 330,000 shares were bought back some months ago.