Retired
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
The last serious audit I remember (FY's 2001 and 2002) was performed by an auditor named Anne Tahim.
She however wrote in her presentation letter: 'We did not audit the statement of Velvet Textile Mills.... The amounts included for Velvet Textile Mills were compiled by other auditors and have been furnished to us. Our opimion is based solely on the report of other auditors (auditors were from BD and not identified).
At the time, more than 99% of gross revenues were being generated in BD.
Having personally alerted Anne Tahim that ownership in Bengladesh wasn't clear, she went to Matin, she obviously did not get answers and just left telling me she had nothing more to do with VLXC and did not want to discuss it any further.
We therefore never saw a real audit of this company and I am being told that Matin still refuses to discuss BD ownership with appropriate documents defining it. This is why many came to help and left some months later becoming suspicious and getting scared to be used inappropriately by Matin.
Let's see what the presumed next audit will say (if audit there will be), who will the auditors be (so we can validate their credentials) and what disclaimers they will make (particularly regarding the BD situation).
Since the Transport flop of 2003, Matin is hiding something very significant (he is scared of legal fallouts if it gets known) and unless he finds a way out of the messy ownership situation of BD, I do not expect any valid information about what's behind our shares.
The reason I keep my chares anyhow is that Matin is effectively building up a NA distribution business, it's still not profitable but it's growing somewhat.
For him to grow further he must get new capital and for that he must become transparent with potential funding sources. That's why he should sooner than later figure out a way to normalize the situation (sell whatever we own in BD ... may be).
Then we will see what realy is behind our shares an find out if it's realy worth $5,000,000 or so (PPS of + or - $0.20).
Till then, we gonna stay in the dark, audit or not.
OMHO
'we'll know if the man has any honor or if he is just another liar.'
Personally I think he is neighter one nor the other. He is an incompetent person honestly thinking (how stupid) he can suck an auditor into issuing a report without having access to all the appropriate information (Matin has lied about something very significant in the past and he doesn't want to have anyone know about it).
As for the 2 cents (more or less 1/2 a million $$$) it's totally impossible. The North American operation still isn't profitable (no cash available) and I personally beleive that this is all Matin has control of (There goes his lie again).
If we see an audit by the end of May (I very much doubt it) it once more will be full of holes and we again will be stuck with even more questions.
THE QUESTION: When will Matin be realy forced to pull out of this vicious circle?
Do not hold your breath but hang on your shares (if you did speculate with money you can afford to loose).
Otherwise, get some of your money back and move on.
Best of luck (How selfish I am ...)
If shares are being bought back (quite a big IF), my suspiscion is that it's not being bought by the company (which would profit to all but required unavailable cash) but by insiders or close to outsiders. This would only profit to them and require no money from the company.
An individual or group of persons could buy out of the market 5% of the shares (1,000,000 shares or so) for about $200,000.
If future is to become great (these people would know) these shareholders would make a lot of profit and nobody would complain not knowing about it and just to happy to see their own shares getting some value.
Legal? No.
But so what? In any case no one (except Matin and his close ones) knows what this is realy all about.
Whatever happen with there project, I do not see them buying back there shares (not even profitable yet).
Worst case (my personnal view ... FWIW): They sell the business and current PPS is more or less what is justified.
Best case: They proceed with the acquisitions. Then, no one knows what the company will realy look like (assets, liabilities, shareholder's equity) untill we find out how this was financed. We may assuming this to be, see much larger revenues and even profits but we will also have to lokk at the financial structure of the new company and this picture will have nothing to do with what we actually see.
ADVC is therefore a total speculation (not to say a bet) offering potentially interesting return with low downward risk.
FWIW
Someone closer than I to ADVC told me that acquisitions were still being worked. Many issues have been solved but more problems still have to be resolved.
According to him, there is still hope for success, work is still being done toward this result but in this context, the company must keep silent.
No timeline was given.
Take it for whatever it's worth.
I personally just sit on my almost free shares till an outcome gets known but I am not buying anymore.
Whatever happe, with 5,000,000,000 O/S at 0.0004 to 0.0006, capitalization is only $2 or $3 millions.
I hardly can see this going down that much more considering there is a real business behind these shares and that business is already worth that much for someone ... at least.
It would not be the first time Matin does hire an auditor and I suspect the same result will happen again.
The auditor will start working on the project and whenever he will try to get info regarding ownership structure, Matin will refuse to give required answers as he did so many time in the past to all those trying to assess what this was all about.
Best case, we will get from the auditors an audit reflecting NA operations (maybe) and a side non-audited letter by Matin telling a great story about a BD operation we (excluding Matin) most likely do not hold anymore.
Till Matin figures out a way to separate NA and BD operations I do not expect anything of significance in term of verifyable information endorsed by recognized parties.
By the way, since you know who the presumed auditors are, did you check their background. There are auditors and there are auditors. Some are more reliable and reputed than others. With Matin hiring them, getting background information on the selected one is of the greatest importance.
Of 2 possibilities, one:
1- This is a scam, Matin is living out of dumping stocks and more of the same is what's in the future (Until Matin decides to pull the plug).
2- Matin is stuck with an impossible situation in BD and building up a distribution business in North America (still a relatively small operation). If so, Matin must get access to cash (selling few shares at $0.20 will not get him that) and to get it from any serious source, normalisation is a requirement.
If that's Matin situation, the only way out for him is to:
a- separate BD from NA (Sell, split or whatever)
b- get NA operation normalized (assuming NA operation is presenting interesting potential)
c- enroll serious financial supporters in the NA startup company.
If #1 is reality, then new suckies are required but obviously are not that numerous locally.
If #2 is reality, then normalisation (audit) is in the cards (no date quoted here), some do know about it and recent buyers (Matin, the company or those personally in the know) are setting up for a rapid gain.
Whatever tha case:
a- Capitalization currently seems to be very small (less than $5,000,000)
b- A NA operation seems in place but we do not know how big or small it is (However it doesn't take much to justify a $5,000,000 capitalization)
c- We shareholders, do not have much less to loose with a $0.20 PPS.
d- If one is not in and if he knows as much as outsiders do know, he should obviously stay away from this stock unless he wants to BET a few $$$ on a long shot.
Was away from PC's for 6 weeks and coming back yesterday I read recent posts herein to find out that nothing has change with this stock.
Will there be an audit or not?
Is a buyback going on?
What is the O/S number?
Are shares being dumped?
Is this a scam or not?
Whatever what wants to beleive, all I KNOW is that when I left yhe PPS was in the $0.25 - $0.30 range and it's now in the under $0.20 range.
Obviously some are dumping but on the other hand some (not necessarely suckies) are buying?
THE QUESTION: Who are those forming the 'in the KNOWING group, the buyers or the sellers?
On March 3rd, I left for New Zealand and wrote herein:
"Leaving Sunday AM, coming back April 15th, no access to PC's, I wonder what will have happened during my absence."
Here I am 6 weeks later, having seen nothing related to the stock market and looking at what happenned to our stock during my absence and all I see is that I realy didn't miss anything.
The company is still alive (at least) but the management is still silent, except for an 8K filing dated March 14 saying the president's contract is renewed.
Apparently (???), except for that, nothing positive or negative is worth a news release informing us, months after they alluded to acquisitions obviously not finalized ... assuming they are still in the works (???).
At least, nothing (news, rumor or speculation) caused the PPS to go up seriously during my absence to then come back down before I could react.
Glad I did not have to look at this day after day for weeks.
Note to Danson:
I am back and you can now come out and tell us something thereby justifying that you do something justifying somewhat your contract renewal.
LOL!
Leaving Sunday AM, coming back April 15th, no access to PC's, I wonder what will have happened during my absence.
I shall see but from now up to mt return I DON'T CARE or DON'T GIVE A DARN (I think he was playing short stop)
Going away in New Zealand up to next April 15th. I hope that by then something will effectively have been learned, whatever the learning process.
However (may be based on years of misbehavior on the part of Matin) I suspect I will come back to see nothing more than we see today.
Enjoy (I will)
My beleif is that profits are in BD (this not being verifyable and us not knowing if we owes it or not.
In any case if retained earnings and cash are out there they obviously cannot come to NA where the expenses are (may be related to building up a distribution outfit in NA).
That's how Matrin can claim big profits and still have no money to pay the bills in NA.
As I said earlier, I do not think Matin is a crook, he is just an incompetent manager taking his dreams for reality.
Someone realy wants to get our PPS down:
10:43:36 AM Trade 0.0003 1000 ($ 0.30)
10:22:30 AM Bid 0.0003 5000
7:41:20 AM Bid 0.0003 10000
The reason I say that is that, notwithstanding her disclaimers, the last time an auditor signed a paper showing numbers coming from out there, she found out she had been seriously mislead and she just severe any relationship with Matin and VLXC before she got in more troubles.
I unfortunately do not remember the name of the said auditor but recollect darn well the exchanges I had with her at the time.
Something realy wrong relates to the ownership of the BD operation and that's why Matin (assuming he his honest) is not able (assuming he realy wants to) to yet normalize the company.
I suspect he figured out that spinning off the issue (BD) could help him normalize the NA operation but, I am not sure that this business is yet mature enough to justify a rerasonnable PPS if operated independantly.
You are right about our individual ownership totalling 100%
My point is that my ownership of the NA operation could probably be credibly audited and normally reported and I therefore would have quite a good idea of the value of the company I own.
As for the BD operation, we never were able to figure out what we altogether owned out there (remember the 2004 BOD), no one (read past auditors) was ever able to accept financials coming from out there (they were reported as a side letters signed by Matin) and my shares in this company (post spinoff) will most likely look like my current ownership of VLXC shares. I will have to rely on information I will get from Matin on a company for which audits will presumably have been done out there by God knows who. As currently, these financials will most likely not give us appropriate credible verifyable informations and will not be acceptable in here, therefore reportable to SEC.
I do not say the share in the BD company will be worthless, I just say that they probably will have the same profile as those I currently own in VLXC.
To far for me.
Assuming Spinoff, will Chineese sales be credited to BD? (most likely). If you add $1,000,000 to an unknown, are more pecise is the unknown?
I just hope tha Matin's forecast of a $100,000,000 company is not all most all based on revenues of the unverifyable BD operation.
Thank you very much for this info. Just for fun, here are my first reactions and some toughts of mine (FWIW):
1- 'BD operation might be spinned off' ... Both negative and positive. Negative because we never were able to figure out what was realy going on out ther, we never were able to have auditable financials from out there and everytime someone was trying to make an audit including this operation he ran away from it as if he (she) had seen a monster. I realy do not expect to be able to do much of shares PRESUMABLY giving me ownership in this affair.
On the positive side, having a totally separated NA operation should allow us to get serious financials of the company behind these shares. Matin would then have no excuse not to have these NA financials normally audited and reported. I do not assume this company will be that great financially but, if serious, Matin could (if he gets good advisers he listen to around him) be able to justify a relatively interesting PPS for this (hopefully) promissing 'NA Quasi-Startup'.
Assuming 20,000,000 O/S (???) current market cap is about $6,000,000. Doesn't take much of a serious business to justify such a company market value.
2- 'CEO said he hopes to grow to 100 million ASAP'. WHO CARES. Till Matin can show us credible auditable financials, I have been around long enough to take anything he claims as most likely an illusion of someone having no control of what he talks about. Back to previous point..
I WANT TO KNOW WHERE WE STAND IN NA, OWN SHARES IN THAT AND FIND OUT OPENLY WHO ARE OUR CUSTOMERS (including, if it ever happens, those behind 'large contract from NY and another large deal from CA'
3- 'they confirmed they will have figures audited withing 90 days.' I do not beleive they can do that in an acceptable manner if BD's financials are to be included'
4- 'They seem to think figures can be better audited if just US and Canada.' Should read 'They seem to think figures can be audited if just US and Canada.' However, the audited financials will have to be normally reported to SEC before I accept them and that cannot be unless the point 1 above has been done. Therefore I suspect that, what Matin would issue within the next 90 days will have the same value as what he did issue in the past. I doubt the spinning off will be completed within 90 days.
5- 'This did run in the past to nearly $2 a share.' ... based on vaporware, manipulation of the PPS by traders and MM,s. To me expected PPS will only allow speculation when we know what the NA operation is all about. I for the moment have trouble thinking that this will be (based on fundamentals) be worth $ 40,000,000. If only Matin was to spinoff BD, seriously have audited financials for NA and normally report them to SEC, then and only then, will we be able to seriously discuss some PPS for the future (as one normally does with real companies he is invested in).
SH.T! Will be on the roadbetween Quebec and Montreal.
Hope someone willtake notesand report herein!
Only one question:
When do you expect the situation to allow you to give us a picture of the detailled overall picture of the company, where we stand and what the plans are.
Thanks but for the moment I am stuck in Quebeccity (living in Montreal).I wasdelivering my consulting report to a customer yesterday and right as I took the road back home my car's transmissin gave up.
Looking forwardto get my car back (+ or - $1,500 less in my pocket ... 3,000,000 shares spoiled on a darn car *&%?/%?() and drive back home to finalize preparation for the trip.
Leaving saturday for a holiday till mid-April, I start to seriously beleive that I will have to wait upon my return to see news out of ADVC (good or bad).
Wasn't looking for that to be but, if for good reasons the PPS was to grow following a good news, it may be a chance not to be able to sell to fast.
May as well try to be optimistic.
What if they somehow feel (I wouldn't dare say know) that PPS will be quite higher within the next 90 days?
If it doesn't they do not have to sell (they can)
If it does, may as well have processed the required paperwork in advance.
Who knows why they did that?
I somewhat doubt it's to pay taxes. If they realy need $7,000 we are in real trouble ... LOL!
Right now, considering 110,000,000 O/S, the market value of HBRM is more or less $ 3,000,000.
Whatever, one should not count on this one to retire.
And some do beleive SEC is their to punish theifs and protect shareholders ???
SEC Seeks to Limit Investor Suits
MoneyNews
Tuesday, Feb. 13, 2007
WASHINGTON –- The Securities and Exchange Commission has taken initial steps to protect corporations, executives and accounting firms from investor lawsuits that accuse them of fraud.
For starters, the SEC filed a brief in Supreme Court last week urging the adoption of a legal standard that would make it more difficult for shareholders to prevail in fraud lawsuits against publicly traded companies and their executives, The New York Times reported.
At the same time, the agency's chief accountant said it was considering ways to protect accounting firms from large damage awards in cases brought by investors and companies.
According to the newspaper, critics of the SEC's actions said the moves signaled a major retrenchment from the post-Enron changes and showed that a lobbying push by big companies, Wall Street firms and the accounting industry was gaining traction.
...
Respectfully and patiently,
Roger
And some do beleive SEC is their to punish theifs and protect shareholders ???
SEC Seeks to Limit Investor Suits
MoneyNews
Tuesday, Feb. 13, 2007
WASHINGTON –- The Securities and Exchange Commission has taken initial steps to protect corporations, executives and accounting firms from investor lawsuits that accuse them of fraud.
For starters, the SEC filed a brief in Supreme Court last week urging the adoption of a legal standard that would make it more difficult for shareholders to prevail in fraud lawsuits against publicly traded companies and their executives, The New York Times reported.
At the same time, the agency's chief accountant said it was considering ways to protect accounting firms from large damage awards in cases brought by investors and companies.
According to the newspaper, critics of the SEC's actions said the moves signaled a major retrenchment from the post-Enron changes and showed that a lobbying push by big companies, Wall Street firms and the accounting industry was gaining traction.
...
Respectfully and patiently,
Roger
OK. I regret calling you dummy.
We must now be even.
Thanks I answered before I read you.
I have this very special habit to read the post as they come along.
Hey dummy, can't you read:
Posted by: pual
In reply to: Ruellit who wrote msg# 694
Posted by: Ruellit
In reply to: MFridge who wrote msg# 691
No issues that I know of for UVCL, it's clean of any financing deals and law suits.
In fact, without any business UVCL still has a value of about half a mill!
And some do beleive SEC is their to punish theifs and protect shareholders ???
SEC Seeks to Limit Investor Suits
MoneyNews
Tuesday, Feb. 13, 2007
WASHINGTON –- The Securities and Exchange Commission has taken initial steps to protect corporations, executives and accounting firms from investor lawsuits that accuse them of fraud.
For starters, the SEC filed a brief in Supreme Court last week urging the adoption of a legal standard that would make it more difficult for shareholders to prevail in fraud lawsuits against publicly traded companies and their executives, The New York Times reported.
At the same time, the agency's chief accountant said it was considering ways to protect accounting firms from large damage awards in cases brought by investors and companies.
According to the newspaper, critics of the SEC's actions said the moves signaled a major retrenchment from the post-Enron changes and showed that a lobbying push by big companies, Wall Street firms and the accounting industry was gaining traction.
...
If Sean is serious, assuming there is a next time, he should not sign any letter of intent, shake hand with whomever he would deal with, shutup (No NR) and come out when the deal is a fait accompli.
That's a PPS of 0.0025 if I calculate right!
OK, maybe I do not have enough shares.
On the otherhand maybe I define retirement with to agressive a vision?
Whatever, IF DEAL THERE IS, I still expect a great opprtunity to cashin some more.
Oups! that a little optimistic in my view.
If acquisition there is, short term selling opportunity will rise.
Longer term however I expect thing to settle at a reasonnable PPS (not something to retire from however).
That is however IF ...
My bet is we are not that far away from an outcome (notice I do not judge of what the outcome will be).
I suggest a few more weeks may be the way to look at it.
I do not remember.
However, if you look at yesterday financials, you must understand that IF AN ACQUISITION of significance is to be done, financing will be quite complex.
Not only will they have to finance the purchase but they obviously will have to reorganize completely their overall financials if they are to operate efficiently.
Personally, if acquisition there will be, I expect quite a complex and extensive NR and I have no doubt that current ownership will be totally changed.
I therefore understand why it could take that long (but apparently they are still working at it) and do not have any idea what my shares will be worth after the deal is consumed, if deal there is to be.
No problem.
By the way, one has to be quite naive to be surprised by the outcome of the last Sean scheme.
Personally I only will be surprised if Sean succeeds on a plan of is. I however do not hold my breath.
?????????????????????????????????
UNIVERCELL HOLDINGS INC - Nasdaq OTC BB: UVCL
Share Related
Market Cap 2,590,250
Common Shares Outst. 199,250,000
Average Daily Volume 1,487,700
Source: http://quotes.freerealtime.com/rt/frt/M?IM=quotes&symbol=UVCL&type=Profile&SA=quotes|Pro...
State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: As of November 10, 2006, there were 199,250,000 shares of the issuer's common stock, par value $0.0001 issued and outstanding.
Source: FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2006
Will have been in for 3 years on April 16th.
Bored? No
Doubtful? Yes (If one is not, he doesn't understand what this is all about.
Impatient? I have my days but, understanding failure is possible, I understand that if this is to become a success, the management has a heck of a job to complete (readd yesterday's financials)
Hopeful? Yes (otherwise why would I keep these shares?)
My hope is that, if a good outcome is to be it is before I leave for 6 weeks in New Zeland or After I return. I would like to be here when the news hit the wire so I can play the game when everyone gets emotional.
And (JMHO) you will not see one till the BD situation gets resolved somehow.
Personally, if I was Matin, I would sell it for whatever I can get for whatever it is I own out there, even if it's only one dollar worth. I would then explain the market that, trying to stay alive following the transport disaster and simultaneously working at building a North American operation, I borrowed against the assets we had out there, lost the control of it and ended up owning whatever is left.
May be or not true but what is one more lie if it leads to normalization.
At the same time, I would have whatever the North American operation is audited (not the funny type of audit we saw up to now) I would start reporting to SEC (what a change that would be) and have knowledgeable most likely unhappy (for the moment) shareholders.
If such a drastic way to come out of the mess was to tell shareholders that they right now own something worth (capitalization) more or less $6,000,000 (20,000,000 shares at $0.30), such a plan could work and create a base to build on.
Hopefully, we still own something out in Bengladesh but honestly I personally doubt it.
To had we do not own Pure Romance's stocks. If pure Romance represents such a nice future the current owners must know it.
If a merge was to happen (Long shot) our 200,000,000 O/S will probably alltogether represent 5% or less of the total new company.
JMHO but I share it with myself.