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Bought and sold to average down (now below $1.00) since then but, I just realize I have been a shareholder of Veltex for 7 years this month ???
Date of first purchase: 09-09-1999
Number of shares: 4,000
Purchase price: 0.430
Nowadays that reads:
Date of first purchase: 09-09-1999
Number of shares: 40
Purchase price: $43.00
LOL!
Adding an unknown to another unknown give a unknown and that's what we're faced with right now!
Hope you are right considering, as I said' that I intend to keep my shares.
As for Matin, he may be a good salesperson, he may also know the textile industry quite well. My point is that (always assuming he is honest) he is an incompetent business manager and definitely not qualified to be a successful excutive of a publicly held company.
I also hope the shares (God knows how many will be outstanding in future) will gain somewhat but for what to happen, Matin better figure out that he needs help from a real competent business manager and be prepared to listen to him if bancrupcy is not to be.
Not holding my breath however.
With or because of Matin, it seems I have been screewed with this stock.
Whatever the case, this was a high risk speculation to start with and Matin's behavior confirmed the high risk all along.
From reliable sources I beleive Matin wasn't a dishonest man but someone unqualified to build a business without good advisors. Matin got some advisors around him but not being listenned to they left him one after the other.
An individual such as Matin is a real good target for those looking for a front in screwing shareholders.
Bottom line, whatever the reasons for current mess, I am the one who took the decisions and if I realy want to find someone to give s.h.i.t. to, all I have to do is to sit in front of a mirror.
This being said, the money I have in there was committed as all or nothing bet and I intend to leave it there till the last card will have been turned.
I do not sell anything (not even my shares in VLXC).
This being said, since I know as much as many in here, You may very well be right ... What do I know?
I have no clue but suspect it's a lot more than I would like it to be.
"Matin has to be in bed with them for this to have worked out so smoothly."
If he tried, he probably got it right up where the back looses its name. I do not think he was smart enough not to be screewed by the sharks he went to bed with.
My understanding at the time was that it was to be on the lower of both PPS (the price at the time of the PIPE or off the price on the conversion date).
Matin being an incompetent optimist and someone having no understanding of what running a business means, he was sucked in by people understanding the game. We now see the result.
Wouldn't it be nice if he now was figuring out that he needs help from advisors he should listen to? He burnt many up to now but may be (miracles do exist) he will end up figuring out that he doesn't have it ... assuming naturally, that he honestly tought he was able to do it and honestly was trying to.
Hell is paved of good intentions ... and occupied by bad people. I wonder what will get him there somehow?
To my recollection, the discount was then 50%.
"What does that tell you?"
What that tells me is that, never mind the rules, Matin seems to be able to do whatever he wants without being arrested:
- He somehow lost At least the control of the Bengladesh operation without telling (or did he loose it alltogether?)
- He voted a reverse split 2 years ago (we had less than 2,000,000 post R/S outstanding shares then ... or 200,000,000 pre R/S)
- He since issued at least 15,000,000 new share God knows what for,
- He recently referred to options we shareholders did not even know existed,
.... As you say: "We can only assume that Matin holds enough voting power to do as he pleases so I suppose anything is on the table."
Welcome to the club but do not hold your breath.
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).
By the way, wasn't the last BOD on August 2004?
If there is a business worth something out there, may be a very low PPS will motivate Matin to finally confess the reasons why he made a fool of himself over the last few years, trying to keep the PPS as high as he could.
Not having much more to lose, he then may decide to put the real story out there (particularly the Bengladesh affair). He then should be able to have a serious audit produced so shareholders know what the fundamentals are behind the PPS.
Then, Matin could cash in whatever his own shares are worth or seriously mandate a business manager able to grow the business.
On the other hand, may be Matin already destroyed whatever potential Veltex had by his incompetence, stupidity and/or even worst characteristic of his.
I see you joined our board recently. You should know that I, as many other, have tried to talk about that to Matin and after a while, the man stopped acknowledging my communications.
Bottom line:
1- if there is a business worth something out there, audit is the only way shareholders will figure out what that business is realy worth.
2- For whatever reason(s), Matin cannot have a serious audit produced and whenever he did try, it was disastrous (disclaimers by the auditors rendering the audit meaningless, refusal to sign on audits of Bengladesh, ...).
3- Whatever Veltex is worth (for real), the only way out seems to be the sale of the company (the only way to get rid of someone who is TO SAY THE VERY LEAST totally incompetent as a business manager).
Whoever owns shares herein should be prepared to either write off his "bet" or sellright away (there are always suckers prepared to buy such stocks ... given the "right" (???) price.
As I often said before, I PLAY with 5% of the value of my portfolio buying pinksheet stocks offering high profit potential against high risk of loosing it all. Whenever I do, I mentally write off this money right then.
VLXC is one of the 5 such stocks I actually own (thereby pissingoff my broker) and I must say that this environment is quite a playing field for incompetent business people, manipulators and outright sharks, exploiting the naivety of small dreaming shareholders (I include myself in there but call myself a realistic dreamer).
Birds find food in menure but there still is a lot more menure than food in a bunch of horseshit.
Seem to me that these penny stocks taken attogether are the same. There may be one or a few worth the risk in there, but you better (as I do) play with money you accept to have lost the day you throw it in.
I had a few good experiences (up to now more than covering my assumed losses (still have some presenting hope) but not making me the great return I have been "dreaming of").
I now have decided that enough is enough and I will not buy anymore stocks in this playing field.
I hope VLXC gets alive once more so I can get my money back. I honestly doubt this could happen within the next year or so (Matin is in no rush to resolve the situation, if he can, having a great job (I was told he gets $750,000 per year salary ... plus expenses he approves himself) !!! Why should he worry.
Pissed ?
No. I knew what I was getting involved with when I decided to average down when Matin came back from Bengladesh.
Disappoiinted?
Yes, I did not figure out initially how incompetent Matin was (still not beleiving he is just an outright crook). This being said, he must rightfully feel pretty happy with himself, having created such a great job for himself.
Bottom line, I sit on my shares and wait for the end of the adventure or getting my money back.
I also will keep following my other "long shots" hoping that one of them will deliver as hoped for.
Whatever happen, I enjoy the message boards discussing these stocks and this fun has a value I must recognize.
My opinion now is that for as long as Matin will lead this company, our stocks can only become worth less and less.
I do not say this is a scam, I just say that Matin has proven to be one of the most incompetent (not to say worst) business manager I ever heard of (and I had a whole carreer meeting with business managers and playing stocks)
Whenever someone get close to him (V.Duff, P.Knopick, auditors, investrend and many others I know of but cannot name) it takes them a few weeks (months exceptionnally) to realise the guy is dangerous to be associated to.
They therefore get away from him and advise their contacts that they are not anymore working with him.
I do not know what your buy signal was based on but it seems that another "honest source" got burned.
If business worth is beind these shares (and I think there is) I beleive that selling it or merging it is the only way out. It seems obvious to me that Matin (I assume he is not fundamentally dishonest) never will be able to give value to the stock ... Incompetent, stuck with past lies and manipulator (and a bad one at that) he should get away and let someone else try to give value to his numerous shares (and options).
Hi,
You up to now have been quite accurate (you obviously are close to the company) and relatively moderate in your enthousiasm (I belive but time to buy hasn't yet come).
Now, if you shout that time to buy has come, I assume that you know something we do not.
Personally I will not buy because I already have the shares I intented to hold all along.
Wasn't I serve, and if interested is trading, I would probably buy some in view of selling fast for a small profit, based on your credibility (you obviously THINK you see reasons to come in).
If whatever you beleive justifies your recommendation, is serious, if it comes from Matin (directly or indirectly) it will not be credible (as usual) and if it boosts the PPS, it will fall back again when we figure out that we have no way to check whatever the story will be (as usual)
Only way out of that is some kind of normalization of the company and credible and VERIFYABLE financials.
Sincerely hope that this is the type of event you seem to refer to ???
The problem is: Whatever Matin will say will not be beleived.
Larger sales in Q3 and Q4 are obvious. The problem is we do not even know what Q1 and Q2 realy were (we do not beleive Matin anymore). Then we do not know relative to what Q3 and Q4 will be greater !!!
This will remain the status of this affair till Matin accepts (or can afford to accept) to normalize the company (reported credibly audited financials)... unless he sells or merge the company ???
Do not hold your breath.
When is the last time we saw that much volume?
Veltex Corporation Continues Strong Earnings for 2006, Veltex-Canada Moves to Larger Facility - CITY OF INDUSTRY, Calif., June 28, 2006 /PRNewswire.
6/30/06 open:0.58 close:0.58 Vol.:332,800
Possibly!
Personally I beleive that many small speculators have decided to go play somewhere else and they are now dumping their shares taking back whatever they can so they can try to recuperate their losses by playing more attractive stocks.
Assuming Matin's news releases are "somewhat" close to reality, I beleive he (with friends) could be getting these shares in view of holding more of whatever these stocks may one day be worth.
On the other hand if this is a big lie all the way, may be Matin is issuing stocks to get himself his apparently very big salary and few bonusses for rainy days ???
Glad not to have serious money in there (even if I am now looking at a book loss as most of us out there).
Context of the following: Presomption that what Matin issuied was the thruth (or almost):
I try to imagine Matin sitting in his "great office" (see Rawnut pictures ... LOL), reading again his last NR and seeing his stock going right thru the floor !!!!
Hypothesis a: He is desperate and he does not understand why people do not beleive him.
Hypothesis b: He already knew that people would negatively react to yesterday "news" and ha has a smile on his face, accumulating shares at below $0.40 right now.
For him to make his forecast Matin will have to claim that second half results are $51,000,000 (50% higher than first half)... notice how this is phrased... I did not refer to actuals but claims.
As for the profit, if you are right, of 2 things one, Matin should have shut up or should fire these accountants.
There was understandable disconnect between Bengladesh and US but disconnect between US and Canada ???
Finally, you are right to wonder "why should he listen to me?"
After all according to all my sources he never listenned to anyone (with the result we all know).
Whenever you talk to Matin again, give him my regards and tell him that I still have my shares (even if he recommended to sell them earlier).
How valiable are PR's when issued by someone having no credibility?
Veltex Corporation Reports Growth in Q2 Earnings for 2006 CITY OF INDUSTRY, Calif., Sept 05, 2006 /PRNewswire
9/5/06 open:0.40 close:0.40 vol:106,890
*************************************************************
Veltex Corporation to Release Second Quarter Earnings CITY OF INDUSTRY, Calif., Aug 14, 2006
8/14/06 open;0.40 close;0.40 vol;50,620
**************************************************************
Rev Up With Veltex Corporation on MN1.com CITY OF INDUSTRY, CA, Jul 26, 2006
7/26/06 open:0.52 close:0.51 Vol:7,750
**************************************************************
Rev Up With Veltex Corporation on MN1.com CITY OF INDUSTRY, CA, Jul 26, 2006
6/28/06 open:0.60 close:0.58 vol:34,300
**************************************************************
If Matin's objective is to buy back shares (for himself or his friends) he is quite successful at getting a good buy price.
Otherwise, why does he keep throwing money away to "newsmakers"
Not often I can agree with you but you are 100% right. This gross profit number being issued proves that Matin takes shareholders for nuts or is a nut himself. My bet it'as a nut assuming others to be nuts.
At least, the revenue number is smaller than one should have expected based on previous annual sales number Matin mentionned ($ 34,000,000 in 2 quarters vs projected $ 85,000,000 for the year).
May be after all he is gradually trying to render whatever he says closer to what reality is. If he ever can release real numbers (real = acceptable by auditors) and resolve other small issues such as the ownership of Bengladesh, then may be he will be able to normalize the situation.
One should however not hold his breath ...
Considering his credibility, that and nothing are the same.
Unverifiable sales figures (we do not even know of a verified identified large customer.
Gross profit given but all we know about bottom line is thay it's improving.
Assuming this to be a real busines (I do beleive it is but have no clue about what it realy is) I wonder when Matin will be able to issue a meaningful (read credible) NR?
Veltex Corporation Reports Growth in Q2 Earnings for 2006
CITY OF INDUSTRY, Calif., Sept 05, 2006 /PRNewswire-FirstCall via COMTEX/ --
Veltex
Corporation (Pink Sheets: VLXC) today reported their financial results for the
second quarter of 2006.
Gross revenue: $19,323,578
Gross profit: $8,748,744
Combined 2nd Quarter 1st Quarter
Jan.-June 2006 June 2006 March 2006
Revenue from Sales $33,943,897 $19,323,578 $14,620,319
Gross profit $11,669,572 $ 8.748,744 $ 2,920,828
There are approximately 17,000,000 shares currently outstanding.
Javeed Matin, CEO of Veltex Corporation, stated "The Company was able to show increased growth during the second quarter of 2006. We attribute the increase in Veltex earnings due to the acquisition of Veltex-Canada, which has immediately added to the company's bottom line, and we believe will continue to grow. During the second quarter, Veltex-Canada moved to a larger 30,000 sq ft warehouse, which has allowed the company to meet increased demand in a faster more efficient manner."
Just posted that for the record as I said.
I have learned not to expect anything from Matin anymore (and I doubt it's because of his staff) and even if he does deliver in the near future, it again will be a delivery of unverifyable informations creating more questions than answers.
For the record.
"CITY OF INDUSTRY, Calif., Aug 14, 2006 /PRNewswire-FirstCall via COMTEX/ -- Veltex Corporation (OTC: VLXC) is pleased to announce earnings for the second quarter of 2006 will be released in August."
...
"He (Matin) continued by saying, "The Company is in the process of preparing financials for the second quarter of 2006. Upon the successful completion, it will be made available to the public. We expect this to be completed in the next 15 days."
Another broken commitment (last of the next 15 days was yesterday) but considering "audit of last year results" is not mentionned, releasing or not some quaterly results should not make any difference on the PPS.
One has to wonder why Matin "seems" to be doing everything right, except the right thing?
As said before, I do not beleive Matin is strictly running a scam but I certainly do beleive that he is running a very messy operation ... whatever the said operation realy is!
One can beleive what he wants ... one way or the other ... and no one can debate thatr. You can alw3ays beleive in whatever you want.
The key to having a PPS reflecting what VLXC realy is is "WHAT WE KNOW". That is THE issue in here.
To whoever wrote offline!
No answer needed but I just wanted to express my hapyness with what you wrote off line.
"I have my suspicions as to the reasons why"
Come on! We trade opinions in here not realy knowing the facts and I, for one, outlined my opinion, everyone understanding that I did it " without some sort of proof ".
Very respectfully this "without some sort of proof it would be irresponsible of me to comment on the matter further." doesn't sound very serious!
If only proven things were discussed in here, the board would not even exist.
Never talked to Matin but we for a while traded e-mail till he stopped answering mine, obviously not wanting to (or not able to afford) to explain his behavior.
The only person who could do something in view of getting us "clear answers on all these unresolved issues" in Matin.
For unknown reasons he doesn't do it even understanding very well that he must have it done in a verified and verifyable way if he expect his stocks to be worth more than current PPS (presuming that current PPS is low but that, we do not know either).
As for "The uncertainty is creating a lot of frustration here for us" it also explains why potential shareholders stay away from this stock and, (sincerely respectfully) it's the reason, most of your enthousiasm is unrealistic right now.
This is kind of useless and I wouldn't like some people starting to promote their stocks in here. I therefore would not do it myself.
Additionnally, we do not know enough (understatement) to start promoting VLXC.
To hel you wait for an outcome ...
http://digicc.com/fido/
Anyone (positive or negative) reading this board must understand, whatever a poster says, that what he reads in here are opinions, assumptions, ideas, rumors and expressions of hope and/or frustrations.
Whatever one says, nobody realy KNOWS FOR FACTS anything about Veltex (Even pictures taken thru a window can be very misleading).
The only fact we all know is that Matin has not allowed us to check whatever he presents us as facts and considering his past, nothing he says can be taken as fact unless verufyable thru different reliable sources.
This being said, here is a summary of my opinion:
1- Veltex does exist (It's not only a scam)
2- Matin is very probably not an outright crook running a scam
3- Matin did hide significant informations in the past and
now is stuck with that.
4- Matin knows the textile busines but is probably quite an
incompetent business manager.
5- Matin had advisors but (up to now) never listen to their
advices.
6- Matin (with help from someone he will finally decide
to listen to) will end up "normalizing somewhat" Veltex
(Financing, merging, selling, ???) so ha can have value
for his shares (and options).
7- Then we also will get our shares valued at a real
fundamental based PPS and that will in no way be as great
as some still beleive or as bad as some do beleive.
Again this is just the OPINION of someone having been around for years and I am not even calling it a "BELIEF".
"have ben friends with a state senator for 25 years. I work on his campaign every six years and while I never asked him to intercede for me in my career it was well known that he and I were friends"
The "it was well known that he and I were friends" is the part that I noticed since I did the samething.
Being an executive of a corporation marketing the governments I manged to get named on the BOD of a charitable organisation made of many public sector executives and a few deputy ministers.
Never ask anything from yhese people but it being known that we were partners, it realy did give me access to high ranking civil servants I would otherwise have quite a hard time getting to.
This being said, I hope Matin will be able to draw from the experience of his fellow board members ideas on how to resolve whatever issue stops him from doing what he must know has to be done with Veltex. BOD members do get together and trade ideas and advices on a lot more than the business the BOD does represent. These informal discussions may be very profitable some times.
Whatever the case, one has to be outright dishonest to give a negative spin to yesterday's release.
I do not know how old you are but I can easyly figure out your I.Q. from your posts!
"Crooks never give to charity. LOL!!!!"
To stupid to figure out what is being said or dishonest enough to do as if you did not get it?
The point was: "Crooks do not generally get nominated on BOD's or reputed charitable organizations".
I doubt that giving a few shirts and caps (as said in here) would have convince other directors to associate with a crook.
I Know you understood but cannot afford to admit it!