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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.
Isn't a joke something (or someone) generally provoquing at the very least a smile?
I never even tought of smiling, never mind laughing, reading Hap and his stupid posts.
I've been investing for years in stocks and enjoyed "playing" with a few speculations (some would say gambles) such as VLXC, just for fun, hoping to hit a lucky one.
I've never seen a situation such as VLXC where there is absolutely nothing to understand about what is realy going on. I sometime understood (but later proven more or less accurate) what was going on and was able to debate about the situation.
Here it seems that the only thing one can beleive he kows is that he doesn't know. Everyone, from the most optimistic to the most pessimistic, can express an opinion and nobody can honestly say that it's not right.
Obviously, as expected, the CC had no impact whatsoever on the shareholders.
As of now, here is the activity today:
10:16:36 AM Trade 0.19 5000
10:13:36 AM Trade 0.19 5000
10:07:40 AM Trade 0.19 1100
10:05:58 AM Trade 0.2 4000
9:37:02 AM Trade 0.2 8000
Up to now I said the audit was the only way to get the market give Veltex's the value it realy dserve.
From here on, I shall suggest that the only news worth releasing will be the sale of whatever it is we own in Bengladesh. I however do not know if we still own something out there or not or, even worst, if we only own a debt to be reimbursed.
Whatever the case, Matin must get rid of it ASAP.
I also beleive that Steve only knows what Matin told him and I doubt very much Matin gave it all to him.
V.Duff, Investrend, Paul from I do not remember the name of the communication firm, the accountant (forgot her name also) who made the audit some years ago, ..), they all said (or told me in some case) that they were abused by Matin.
Why not Steve? Unless ...
Ask him what we hold or not in Bengladesh and why we do not spin it off right away so the company can be normalized.
Right now, according to what we heard yesterday, the total market value of the company is about 3 times the cash he claims the company has.
If a business does exist in America, and Bengladesh is taken out of the picture, the company should be able to rapidly execute its plan (audit, report, list) and increase drasticly the market value of the company, based on fundamentals only.
By the way (I missed it, it's Steve WHO?
I heard (stand to be corrected) that they have $1,500,000 in cash on hand (just after he mention the buyback plan).
Same relative to the options. Steve said there one none but his. He however said that SOME OF THEM could be execised above $3 and some. He however did not mention how many other he got and what were the terms and conditions applicable to these other.
As for the credibility of Steve it's kind of irrelevant since the only key message we got is that nothing worthwhile will happen before the Bengladesh assets are sold.
We do not know when this could be done (ASAP) and what it means not even being aware of what we hold out there or not.
The other great news is that everything they do and will do will be great for the shareholders ... LONG TERM (Steve said that at least 3 times).
How long is long term? Your guess is as good as any but do not try to hold your breath.
From what was said (One can beleive or not what he wants) Steve is paid with options, some of them being exercisable at over $3.00 (?????????).
Matin (not dishonest ... I think ... just outright incompetent and lying to hide it somewhat) never played straight with us.
The only thing I beleive is that he wants to get rid of what-it-is-we-own-in-Bengladesh so he can normalize the North American operation .... what ever that will be.
By the way, Matin by himself (according to Steve, only own 6,500,000 shares. He therefore doesn't have control (he however conducts BOD meeting as if he did).
Finally, Steve mentionned $1,500,000 of cash on hand. I hope it's not cash in Bengladesh ???
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.