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My initial reaction (not surprised at all):
1- Till we sell our ownership in Bengladesh, forget about real audits, reporting to SEC and getting listed. What is the interest of an "audit for internal purposes" considering the level of credibility of Matin?
2- "There are no options other than mine" ... What was Matin talking about when he sais he planned to buyback 1,000,000 of them?
3- We got 3,500,000 more shares issued recently, long after we bought the Canadian operations. Why allude to the fact that shares were only issued to acquire assets?
4- We will be short by $30,000,000 on the forecasted revenue, because of elections in Bengladesh.
Plan: (Horizon: ASAP)
a- Sell Bengladesh (We still do not know what we own out there even if at the end of the call Steve mentionned "we own factory and Mills out there). Why wait ???
b- Become fully reporting (No real audits possible before "a" is done)
c- Get listed on a real market.
As expected, all that was. is a rehashing of the unverifyable bullsh.it Matin released for years.
It doesn't seem that Live questions will be authorized:
"Questions from informed investors will also be taken in advance of the call and should be emailed to the investor relations department at ir@veltexcorporation.com."
Matin thereby can pick, choose and makeup questions he feel comfortable with.
Let's see!
I do not know why but I have a feeling that tomorrow, following the CC, we may get closer to whatever the bottom will be for the next few months.
"If I lived within three hours of the place I would know one way or another, but I am 3K miles away and nothing drawing me to socal."
I'm always wondering why people living close do not pay a visit to Matin and have a tour of the company ???
The only one who did stood on the hood of a car in the middle of the night, taking pictures thru a window ??????????????
The conference call was announced on Noverber 9th (following a BOD meeting held without advice to shareholders).
Volumes at the time and since then read:
Date Volume
11/14/06 4,900
11/13/06 43,000
11/10/06 234,895
11/9/06 537,930
11/8/06 206,810
Would be nice to know when exactly the BOD meeting was held, presumably aiming at beginning " a well organized plan at this time to improve our capital structure. The Board's action is a reflection of the Company's commitment to build on and to increase shareholder value. The Board of Directors reaffirms our confidence and optimism in the long term future of the company and will continue to execute on our strategy of returning capitalto shareholders."
The least we can say is: "This statement and its significance do sound real good" ...
"I find it doubtful that they make what they claim (revenues) because if they did it would be a no-brainer to get on an exchange and multiply the stock price by a factor of at least ten."
Seriously,
If they were half as successful as claimed, someone could buy the company for more or less $5,000,000 then start over again by making it public under another name and operating as such in a normal way.
Personally, I expect no real credible answers to any question we may ask (Why we I beleive Matin speaking if I do not when he writes).
Let's first see if the cc will or not happen (probably but with him ???)
Then let's listen to what he has to say (I still do not understand why he would hold a cc, unless he has a real news to release such as changing the essence of the company (selling, merging, privatizing, ...)
Finally, if we get that far, the only 2 question I have are: (and I already ask him more than once):
1- When will a credible audit (i.e. performed by a well reputed auditing firm and reported to SEC) be available,
2- What is the ownership we have in the Bengladesh operation we tought we owned till you did try to buy it?
Finally, I could add a third question about the reason he had some months ago to recommend someone in writing to sell his shares. With 20-20 insight, it appears that he was very honest in this private communication but at the same time, he was publicly releasing NR's saying that the business and the future were just great ??? Why such a discrepancy ???
That reminds me of when he was having audits performed by unidentified auditors, for the same reason.
What a bunch of buggers we are !!!
Somehow I beleive that Matin and his lawyers will figure a way to end this incredible history without having to ever outline what they did and how they screwed us.
They will burry the corpse under a layer of moves making Veltex disappear into some other outfit we shall own a little part of ... may be.
To me it's obvious that Matin did dig his own hole (and ours) by making and hiding moves which were business wise, the result of incompetence and stupidity more than dishonesty.
The question is: "How will they pull out of the mess they created without loosing it all or even worse ending up in court?"
By the way something new was released yesterday: Matin said that Veltex Corporation will hold a conference call at 1:30 p.m. PT (4:30 p.m. ET) on Tuesday, November 14th, 2006 to discuss its financial results and recent corporate developments. To my knowlrdge this is a first.
Let's see if the conference will be held or not and what will be said. If it happens, I would not be surprised to hear that a plan is in the work to make Veltex dissappear as per the scenario outlined earlier ???
"Bet this closes even or at a loss today."
Just wrong by half a day.
First Matin said, when there was roughly (my recollection) 16,500,000 O/S, that he was to buyback 1,000,000 shares (and by the way 1,000,000 options we did not know even existed).
10 months later we find out the number of O/S went up 30% to 20,000,000 from a presumed level of 15,000,000 after the buyback God and Matin know what for ???
Now Matin says he will buyback 2,500,000 shares (no mention of options this time ???). This assumes he has at least $600,000 worth of cash he can spare ???
If he is (and was) that cash rich, why did he issue 3,500,000 new shares, after he presumably bought back 1,000,000 shares then accumulated cash again to announce a new buyback.
This guy is so ridiculous that I doubt he even is anything but outright stupid (however smart enough to have suckl in a lot of sucker I am one of).
At least I knew all the way the risk. I tought ... a long time ago ... that high return potential made the risk worthwhile.
I certainly do not think the return potential to be great anymore but the risk is now real low at $0.2x/share.
I hope I can listen to the conference call ... that is, if conference call there end up being ???
No taker on your bet here ... To large a risk!!!
I heard that Matin pays himself an annual salary of about $750,000. May be issuing shares is contributing a lot to this expense ???
All one can hope from here on is for Matin to merge the outfit in something serious. Then and most likely only then, will we figure out what this is worth and what it is not.
For the moment (20,000,000 X $0.20) it doesn't take much to justify such a market value ($ 4,000,000). It however take some commercial activity and a future and we have no clue relative to these fundamentals ???
If Matin had any credibility left, this would get the PPS back up very significantly. The fact that Matin has none will probably have close to no serious impact on it.
As of November 09, 2006, there were approximately 20,000,000 common shares outstanding.
to begin a well organized plan at
this time to improve our capital structure.
"Veltex Corporation will also hold a conference call at 1:30 p.m. PT (4:30 p.m.ET) on Tuesday, November 14th, 2006.
Questions from informed investors will also be taken in advance of the call and should be emailed to the investor relations department at ir@veltexcorporation.com.ABOUT VELTEX CORPORATION.
Veltex Corporation Announces Stock Repurchase Program Board of Directors Authorizes 2,500,000 Shares
LOS ANGELES, Nov 09, 2006 /PRNewswire-FirstCall via COMTEX/ -- Veltex
Corporation (OTC: VLXC) today announced that its Board of Directors has
authorized the repurchase of up to 2,500,000 shares of the Company's common
stock.Stock repurchases under this program may be made through open market and
privately negotiated transactions at times and in such amounts as management
deems appropriate. The timing and actual number of shares repurchased will
depend on a variety of factors including price, corporate and regulatory
requirements and other market conditions. The stock repurchase program may be
limited or terminated at any time without prior notice.As of November 09, 2006, there were approximately 20,000,000 common shares
outstanding.Javeed Matin, Chief Executive Officer, commented, "The stock repurchase program
is designed to enhance shareholder value and to begin a well organized plan at
this time to improve our capital structure. The Board's action is a reflection
of the Company's commitment to build on and to increase shareholder value. The
Board of Directors reaffirms our confidence and optimism in the long term future
of the company and will continue to execute on our strategy of returning capital
to shareholders."Veltex Corporation will also hold a conference call at 1:30 p.m. PT (4:30 p.m.
ET) on Tuesday, November 14th, 2006 to discuss its financial results and recent
corporate developments. Interested parties are invited to call live in the US
and Canada by dialing 877-680-2258. The call is also available by dialing for
international callers 706-679-5424. This call will be operator assisted. The
conference code is 1908000. Please telephone approximately 5 minutes prior to
the call. Questions from informed investors will also be taken in advance of the
call and should be emailed to the investor relations department at
ir@veltexcorporation.com.ABOUT VELTEX CORPORATION
I wonder what Matin's plan is right now???
1- Let it go, do whatever business he is doing (we know business there is. We just do not know how significant or not it realy is) and just collect his salary and bonuses he votes to himself?
2- Find friends to join him in exploiting the opportunity (is it or not???) of a $0.20 PPS?
3- Try to merge Veltex within another company thereby burrying for good the corpses he keeps in his wardrobe (Bengladesh)
Most likely having millions of shares himself, what can he do to get something significant out of it?
Hard to beleive that he just sit in his office picking his nose with no plan in mind!
"Here's my entry ----> ?? (I have no idea)"
Personally I would say twice that much ???
Whatever Matin releases (other than a reliable audit or the news that the company has been merged with or sold to a credible company) is gonna be water thrown in the river.
The market doesn't beleive anymore whatever Matin says and the only value of a NR from him is to those releasing it for a fee.
Honestly I expect nothing of significance but what do I know?
Oh yes ... I know that it would be stupid to beleive anything Matin says assuming he will say something shortly.
Your smile (laugh) of the day!
A friend of mine talked to Matin in last few days and was told that audit were being prepared ???
Since I do not pay for it. I get a lot for my money (LOL!)
Wasn't reported by FreeRealTime.com
Thanks
Did I miss something? Not a single trade?
# of Trades: 0
Day Volume: 0
Unfortunately, Matin being incompetent and hiding the thruth all along got us in the hands of people winning at the cost of shareholders of companies managed by such individuals.
As I often said, I think Matin was both incompetent and dishonest but incompetence being his primary characteristic, he will sink with all of us.
If he is not outright stupid, he will move aside and somehow get someone able to save wharever still can be ... if it's not already to late.
That obviously, if there is a company generating some kind of business out there... that we do not know either.
From what I can see, current market cap should be between $5 and $7.5 millions (min 20,000,000 O/S, max 30,000,000 O/S ar $0.25).
If only 1/4 of what Matin did claim in term of revenues and profit was true, Veltex is right now a great buyout prospect.
Assuming Matin can block such a buyout (who knows if he has or not real control) he could try to normalize the company (simultaneously burrying the corpses he did hide over years) by accepting to merge Veltex into another company.
Whatever the case:
1- I stopped hoping that Matin will one day be able to normalize Veltex as it is,
2- I cannot see how our shares could go back to $1.00 again.
I still beleive that there is still a business out there behind our shares. I just have no clue what this business is worth or not.
Ever ask question to someone who just doesn't want to hear them, nevermind aswer them?
And by the way, assuming a miracle and Matin would give you answers, would you realy beleive him?
To late for the Q & A game. Time to show up or shut up.
Looks like, for the moment, Matin decided to just chutup ???
Was curious but cannot reach a conclusion ???
March: Volume: 2,367,000 (High - Low: $1.00* - 77.3)
* Excludes a reported $1.85 on March 16th ... Error?
April: Volume: 1,095,000 (high - Low: 92 - 72)
May: Volume: 1,550,000 (High - Low: 82 - 57)
June: Volume: 1,264,000 (high - Low: 79 - 50)
Juillet: Volume: 511,000 (high - Low: 59 - 47)
Août: Volume: 851,000 (high - Low: 55 - 43)
Sept: Volume: 2,194,000 (high - Low: 42 - 21.5)
Almost 10,000,000 shares reported as traded in 7 months got PPS from $1.00 down to $0.215.
Considering the claim that only 17,000,000 O/S or so do exist, this is quite an activity ???
Very interesting since he recently told someone that Matin there wass no convertible and no major seller out there.
If I have time, I may write him asking for the list of the names and addresses of shareholders and the number of shares
each holds. I read somewhere that the Utah law requires that he provide this to any shareholder ???
Since you seem close to him, maybe you could do it yourself. The last time I wrote to Matin (very politely) he did not snswer to me.
Still around but what can be said?
Matin doesn't care about us (never did anyhow), no news to critic (the only possible reaction with this company), nothing known about what the company is (we never realy knew anyhow) and someone dumping shares by the truck load (a fallout of an infamous deal made by Matin 1 or 2 years ago).
Obviously, some shareholders have dumped their shares, taken their losses and invested the residual in other more serious stocks.
As for a rebound, may be? When dumpers are thru with getting their money back and if some Market Manipulators are successfull in engineering a spike of the PPS to suck in new "investors(???). It however will be harder considering the number of shareholders waiting to jump out as soon as the PPS starts rising and other investors having acquired millions of shares at $0.25 recently.
Persionally, this being part of my speculative portfolio, I intend to just ride it and see what happens ???
Why not? Asking questions is always O.K.
However, considering I beleive nothing this guy says, I do not think the answer will be very significant (for me at least).
We never knew that options there were till Matin sudenly mentionned he was to buyback some??? How can we know if they were issued before, after or both before and after the R/S and at what exercisable price?
I have no more doubt (some will say it was time).
Matin CANNOT produce a serious and credible audit of the company as we know(???) it, without getting himself in serious legal exposure.
On the other hand he must have it done (always assuming there is a good business behind the shares)
He therefore is trying to have the legal entity transformed without being personally penalized both financially and legally, into a somewhat different legal entity, he (himself or thru other persons) will be able to normalize this business.
I have no clue how that can be done, if even feasable but this seems to be the only way Matin will be able to do the right thing (assuming he wants to ???).
"$0.4/share puts VLXC total price tag at just over $7 mm. I do not know how fair this may be.However, if my suspected floorless death spiral plays out, the share price could be driven down to as low as $0.05/share or less ..."
Cannot disagree or agree since we know nothing but whar Matin says and this, considering his credibility = Knowing nothing.
For as much as I am concerned, Matin may very well have not done anything looking like forming "a Special Committee of outside advisors to consider strategic alternatives to improve its capital structure and maximize shareholder value through growth and other strategic opportunities."
That could be anything from the "honest thruth" to "an outright lie" going thru a "tactic to screw current shareholders."
Took me a long time to give in but I have ABSOLUTELY NO TRUST IN WHATEVER MATIN SAYS.
Took me a (to)long time (honestly did try to beleive somewhat) but I now have given up.
However, this being part of what I refer to as my "highly speculative portfolio", and the money therin being of small importance to me, I still keep these share (at $0.30 I do not realy care) waiting for the final outcome (i feel it may be more or less 2 months away).
At current PPS, a buyout could easyly be done at $0.40 cents per share or less.
The massage sounds great. The problem is always the same, the source and his credibility.
May you be right but honestly, I do not think so.
May I be wrong.
Nothing, but NOTHING Matin will do, short of producing and reporting a CREDIBLE se of audited financials, will help this stock.
Matin may be incompetent or whatever else one wants to call him, but he cannot be stupid enough not to know that.
This being said, he doesn't do it.
The only possible explanation is that, whatever there is to be audited, it is so different than the story Matin told for years, that auditing it seriously could get him in deep trouble may be even in jail.
Matin will therefore have to burry the past and repackage his company into a different legal entity with which he will be able to start from scratch.
Thays what these consultant will do for him.
They will have to answer the question: How much will Matin have to buy our shares for, so he can remain out of a justice court?
I expect the answer to be given within the next two months but, I bet it will be quite less than $ 1.00. Even $ 0.50 may be good in few months.
We shall see
I very unfortunately agree with most of what you wrote.
As said earlier, I expect the consultant (probably just a front) to conclude that the only way to move ahead is to erase the past (Synergy fiasco, loss of control of Bengladesh, hidden number of options issued, ...). The way to do that is to have the company privatized before (some time later) making it public again based on honest handling of informations to the market.
Assuming a business does exist out there and 10,000,000 shares are in the hands of shareholders (other than Matin), all of them can actually be bought for about $4,000,000.
My opinion is that the Veltex as we know it is on the way to its end and it will reincarnate later as a different entity.
I have a different view of what today's NR may mean to us short term (With Matin I've learn to look for the negative interpretation of his apparently positive NR).
1- I often mentionned that, not being able to audit and report his financials for reasons of his, Matin could walk away from his mess and start fresh by selling the company. The last post of mine hinting that was:
Posted by: pual
In reply to: WeightlossProgramcom who wrote msg# 12115 Date:9/19/2006 11:38:49 AM
Post #of 12189
Assuming that there is a good business behind this stock (a business? probably ... A good one? doubt it) and that Matin got fedup to be continuously insulted by shareholders expecting him to do things he cannot afford to do, what could Matin (and close friends) do?
Sink the stock as low as he can, buy it back from discourage shareholders then privatize the company by buying back the remaining ones at a price acceptable by the majority of shareholders represented at the board (i.e. himself).
Reading today's NR, I was reminded of what recently happen to another stock of mine (In this case, it was great news for me):
Step 1: JUNE 29th (PPS was $3.06)
Yak Communications Inc. Engages Investment Banking Firm
MIAMI, FLORIDA AND TORONTO, ONTARIO, Jun 29, 2006 (MARKET WIRE via COMTEX) -- Yak Communications Inc. (NASDAQ: YAKC), a provider of legacy, dial around, and VoIP telephony services to residential and business customers, announced today that the Independent Committee of its Board of Directors has engaged the investment banking firm of Orion Securities Inc. to advise the Company with regard to its various strategic alternatives, including the potential sale of the Company to maximize shareholder value.
Step 2:SEPTEMBER 21st (PPS was $3.90)
TORONTO, ONTARIO and MIAMI, FLORIDA, Sep 21, 2006 (CCNMatthews via COMTEX) -- Yak Communications Inc. (NASDAQ: YAKC) announced today that its Board of Directors has approved a cash offer to acquire all of the outstanding shares of Yak's common stock pursuant to a definitive agreement with Globalive Communications Corp.
The $5.25 per share offer by Globalive represents a premium of approximately 39% to the $3.79 closing price of Yak's common stock on the NASDAQ Global Market on September 19, 2006.
I can imagine Veltex now coming back in 2 months or so with a PR reading:
"Veltex announced today that its Board of Directors has approved a cash offer to acquire all of the outstanding shares of Veltex's common stock.
The $0.525 per share offer represents a premium of approximately 40% to the $0.375 closing price of Veltex's common stock on December 19, 2006."
Hope I am wrong, my cost be just under $1.00. However, may this would be the least of 2 evils ???
Honestly, and I have been a shareholder of VLXC for 7 long years, I have lost whatever naive faith I still was trying to keep.
I suspect Matin to be an totally incompetent person who is satisfied paying himself a huge salary thereby getting whatever profit he may make in his pocket.
I second the motion!