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"NOT ALL the subsidiaries in Bangladesh have been included in this unaudited financial compilation."
Could that reflect the first step of a plan toward recognizing ownership issue out in Bengladesh.
This issue was clearly raised by Matin himself at the occasion of the BOD meeting over a year ago and never was clarified.
May be Matin starts to have some kind of resolution of the problem in place and gradually adapt his story to the new context.
All maybe's ...
"Furthermore, we are extremely appreciative of our loyal shareholders and will continue to work hard to justify their faith in our vision."
Reminds me of a guy who would spent all his evenings away from home telling his wife that he was working hard. However she never could figure out what he realy was doing every nights.
Regularly, he kept claiming that he was doing great on whatever it was he was working on but never realy showed anything concrete to prove it.
Months after months and years after years he kept telling his wife "Beleive me, when you finally see with your own eyes what I will have done, you will be so happy!"
He finally was adding: "I will continue to work hard to justify your faith in my vision.".
I wonder if this wife will endup admiring her husband or being another cheated one who may endup dumped after years of blind faith ???
I wonder how many wifes would just dump the husband and walk away fooling with another man having a more normal behavior?
I wonder how many women would get involved with this ex-husband understanding that blind faith is a requirement of the relationship?
One tought FWIW ???
The fact that recently (last few months) Matin seems to have stopped issuing NR's on anything whenever our PPS was falling is making me wonder?
Did he finally realize that this strategy was money thrown in the river and just gave up on trying to support the PPS by empty NR's,
OR
Did he finally realize that time had come to become serious and have the company normalized once and for all?
Whatever the case (if one of the two or both are right) time is of the essence and I personally hope Matin will give us reasons to be patient (again) and deliver something worth while before year end.
However, with him, who knows ???
To my recollection (no data to support it, when I bought at 0.005, it was because I say a stock in my portfolio which had been dormant at 0.001 for a long time (When Matin had dissapeared in Bengladesh), coming back alive.
Considering my cost then, chipping in another bet of $500 trying to reduce my cost or buy an opportunity to get some money back seemed O.K.
But if I remember well, the stock went down to 0.001 and stood there for a while.
Two bored casino dealers are waiting at the crap table.
A very attractive blonde woman from Texas arrived and bet twenty thousand
dollars ($20,000) on a single roll of the dice.
She said, "I hope y'all don't mind, but I feel much luckier when I'm
completely nude."
With that, she stripped from the neck down, rolled the dice and yelled,
"Come on, baby, Mama needs new clothes!"
As the dice came to a stop she jumped up and down and squealed...
"YES! YES! I WON, I WON!"
She hugged each of the dealers and then picked up her winnings and her
clothes and quickly departed.
The dealers stared at each other dumfounded.
Finally, one of them asked, "What did she roll?"
The other answered, "I don't know - I thought you were watching."
Moral of the Story:
Not all Texans are stupid and not all blondes are dumb,
but all men are men.
Husband and wife are waiting at the bus stop with their nine children.
A blind man joins them after a few minutes.
When the bus arrives, they find it overloaded and only the wife and
the nine kids are able to fit onto the bus.
So the husband and the blind man decide to walk.
After a while, the husband gets irritated by the ticking of the stick of
the blind man as he taps it on the sidewalk, and says to him:
"Why don't you put a piece of rubber at the end of your stick?
That ticking sound is driving me crazy."
The blind man replies, "If you wold've put a rubber at the end
of YOUR stick, we'd both be riding the bus".
That's another thing I have a hard time with. Why would a smart businessman sell at 1/3 the price of the competition and leave so much margin/p^rofit on the table?
I understand this if the early strategy is Market occupancy but if you beleive what Matin says, he already should start thinking bottom line and shareholders interest.
Even being at 50% the competitive price, he would succedd as much and have required fundings to normalize the company.
If Matin story is thru, obviously he has a corpse in his wardrobe and cannot behave as a real CEO would.
I hope he succeeds enough to burry the corpse then can behave. It however may take very long if this is the strategy.
I also can imagine a much less interesting outcome of this affair.
Wouldn't it be kind of stupid to SPECULATE on something where the risk was greater than the potential reward???
Do not take me wrong, I hope I make money on this but the way Matin behaves and his total lack of respects for his shareholders doesn't justify me to hold my breath ???
By the way I also buy lottery tickets now and then. May not winn the jackpot but many secondary prizes are interesting.
I bought and sold to often to post all my transactions but here are some giving you the evolution of the PPS;
PRE-R/S (Abat = Purchase)
09-09-1999 - Achat - 4,000.00 at 0.430 (Then Matin disappeared and I tought it was a write off. Then Matin came back and the corpse started moving again)
10-23-2002 - Achat - 11,000 at 0.05
11-07-2002 - Achat - 15,000 at 0.03
Matin did issue a business plan in December 2002 riding the then popular Synergy wave and I said why not.
01-29-2003 - Achat - 15,000 at 0.032
04-02-2003 - Achat - 20,000 at 0.019
05-13-2003 - Achat - 20,000 at 0.012
11-09-2003 - Achat - 100,000 at 0.005
01/24/2004 - Achat - 100,000 at 0.01
04/27/2004 - Achat - 50,000 at 0.014
05/25/2004 - Achat - 100,000 at 0.01
09/27/2004 R/S 100/1
Then I sold a large number of my shares on 11/12/2004 at $3.60 and bought most of them back since ($1,20 to 1,65)
Bottom line, all transactions included, my current cost is $0.97/share owning between 5,000 and 10,000 sares.
My plan is to wait till I can sell half my shares at $2.00 (If Matin and/or manipulators give me a chance) and ride my remaining free shares till I figure out time will have come to walk away.
"Bangladesh, Matin Invested 7 Million of his own money to start the Mill/Mills after KCA Garments acquisition"
To make a potentially long answer short:
Why did Matin try to buy something we presumably owned at the BOD of August 2004 (my recollection)?
As for selling my shres, I've been a shareholder since 9-11 (yes) 1999 and as often said, I have no intent to pull my BET off the table.
I have no serious way of knowing if these shares will be worth $2, $5 or $10 in the future but I "FEEL" they could be worth enough for me to get at least my money back (less than $1) anytime I want.
The potential reward being greater than the risk, thanks for the offer.
No one in here does negate that Veltex is an operating company doing some business and apparently (BBB) doing it appropriately.
That would be great if I only was a customer. Thanks.
The problem is that I am a shareholder and would like to no what the value of the company realy is. BBB doesn't help me knowing that.
Matin is the only one who knows, he behaves as if he owned the company privately and as if he had full control (50% + ownership) of it.
In this situation he can do whatever he feels like, even sell it at 120% current PPS (or have it taken over) to whoever he wants to (protecting his own interest behind the door). If you beleive 10,000,000 shares are outstanding (I realy do not understand base on history how Matin could control 5,000,000 of them or at least enough to have control), it means Veltex, whatever it realy is, could be bought for $12,000,000 or so if the BOD (???) accept the offer.
Like it or not, we would only have to take that and walk away pissed but powerless legally.
I do not say that this is what Matin plans to do but only put it up to show that we realy are powerless and we effectively BET blindly on Matin, hoping for the best.
You are right. The problem: Whatever they put out will not be beleived (or at least will be doubtful) because one more than a year old issue has never been resolved.
Where do revenues come from and what ownership do we have of those coming from Bengladesh.
It's as if I was telling my bank my familly is worth $1,000,000 without telling him that most of it is my brother's and taking him out, I am only worth $50,000.
Till Matin can produce normal audits for the whole of Veltex and he reports it normally, our share are an outright high risk speculation.
To look at them or discuss Veltex as if it was a normal company we "INVESTED" in, is realy inappropriate if not outright ridiculous.
I wonder what Matin is cooking behind the doors ... if he is cooking at all.
At least he has greatly reduced the number on meaninglees or unbeleived PR's.
Maybe (may as well dream) he is cooking something which will make the market happy one of these days.
I feel like someone sitting at the blackjack table in front of a dealer having 17 (assumed 10 in the hole) against my openned hand of 15, waiting for the next card.
Next card (move) may make a winner or a looser out of me. However, the way this story keeps not unfolding, the next card (PR) may very well give me another "push" and force me into waiting for the next hand... once more.
At least, not yet loosing !
Multiplier of 25 (Capitalisation of $14,000,000.
I'm sure glad not to hold $5.00 stocks in there.
This being said, SPOR does report to SEC: http://freerealtime.brand.edgar-online.com/default.aspx?date=1994&sym=spor&qt=1&
and shareholders have much more (infinitely more) information on their company than we have.
Till Matin understands that, we have a stock worth wathever manipulators want it to be worth.
Loved it!
"Not only has the company given up on press releases,"
I personally consider that to MAYBE be a signal that he finally understood that the time when spending to issue PR's to support PPS has gone by, considering he has no credibility.
"but it appears the promised audit will come when the pig flys."
Possibility but MAYBE he finally figured out that the future of the company must go thru its normalization as a do seriously manged publicly held companies.
On the other hand, assuming he realy controls the company, MAYBE he his preparing an exit from his current dead end, thru means that he could profit from, letting us with shares having no real future.
This is a gamble only and be sure you only have money you can afford to loose in there.
"Why would anyone invest in any pinksheet stock"
Because one has good understanding of what is going on in the company. Otherwise, because he likes gambling.
"I don't know if all PS stocks are non-reporting"
Many (maybe even most) do.
"you have been ... promised an audit for 2004, granted it was promised ... months ago and not delivered."
We also, to the best of my recollection, were promissed that steps toward getting listed on a real market were in the works (that suggested that normal reporting was planned for).
As I said, for me this is a speculative gamble but that doesn't mean I should be happy with the behavior of Matin.
As you guys say in englis (I think): Mr Matin, put up or shut up! Your words are obviously not beleived. Look at the trading since your most recent PR.
"Sure a dividend would be great".
Gee, dividend has never even going thru my mind related to Vlxc.
I only pray to see Matin spend the appropriate amount on making the company a real one in term of reporting as a normal publicly held company.
Very honestly, if I had "INVESTED" in this stock I would be out by now. If transparency does exist, then what we SHOULD understand is that something realy fishy is going on behind the scene.
Considering I only "SPECULOATED" or did bet in here, I will remain in for a while more understanding the risk.
However, if another push up of the PPS is enginneered by MM's and traders, I shall take my money and run.
This story doesn't make sense anymore and obviously Matin is getting rich without having to have his shares valued at higher price.
Someone one said: "If it looks like a duck, smell like a duck and quack like a duck, it's probably a duck".
If ever, things do go down the drain (whatever excuses Matin will put up to justify it) anyone holding this stock should accept that the writing was on the wall. That we refuse to admit it should not then be excuse.
Anyhow ... maybe, just maybe, there is no fire under the smoke we all see (unless blind).
Fine with me.
However, going along with your line of interest ("Growth is all that matters in start-ups IMO and that is what I am looking for.") I still look forward to the day this will translate in growth of the value of our shares.
Till Matin can convince the market the the claimed growth is for real, the PPS will remain in the one dollar range, whatever Matin says.
His periodic PR's obviouly do not convince buyers of his shares.
As for acquisition, unless he does it without using shares, it's kind of stupid to use largely undervalued shares to do it.
In any case, Matin obviously doesn't care about shareholders. I even think he could (just a wild hypothesis) try to proceed with the sale of the company to a buyer he would control himself or any other scheme of the kind to get rid of us.
Assuming his claims to be true, he must have his own reasons to maintain current PPS claimed to be very much undervalued.
"Finally, we greatly appreciate out loyal shareholders and continue to work hard to justify their faith in our vision."
I certainly hope this to mean that working toward transparency is also part of their "hard work".
I still cannot understand why Matin, assuming the business is half as good as he claims (may very well be thru ... who knows cfor a fact?), cannot afford to normalize his financial reporting and stop having to claim that "We obviously feel that our current share price is extremely undervalued relative to our record revenues and growth progress".
OBVIOUSLY ??? Obvious to who???
Darn kids!
TEACHER: Maria, go to the map and find North America.
MARIA: Here it is.
TEACHER: Correct. Now class, who discovered America?
CLASS: Maria!
_____________________________________________________________________
TEACHER: Why are you late, Frank?
FRANK: Because of the sign.
TEACHER: What sign?
FRANK: The one that says, "School Ahead, Go Slow."
_____________________________________________________________________
TEACHER: John, why are you doing your math multiplication on the floor?
JOHN: You told me to do it without using tables.
_____________________________________________________________________
TEACHER: Glenn, how do you spell "crocodile?"
GLENN: K-R-O-K-O-D-I-A-L
TEACHER: No, that's wrong.
GLENN: Maybe it's wrong, but you asked me how I spell it.
_____________________________________________________________________
TEACHER: Donald, what is the chemical formula for water?
DONALD: H I J K L M N O
TEACHER: What are you talking about?
DONALD: Yesterday you said it's H to O.
_____________________________________________________________________
TEACHER: Winnie, name one important thing we have today that we didn't have
ten years ago.
WINNIE: Me!
_____________________________________________________________________
TEACHER: Glen, why do you always get so dirty?
GLEN: Well, I'm a lot closer to the ground than you are.
_____________________________________________________________________
TEACHER: Millie, give me a sentence starting with "I."
MILLIE: I is...
TEACHER: No, Millie... always say, "I am."
MILLIE: All right... "I am the ninth letter of the alphabet."
_____________________________________________________________________
TEACHER: George Washington not only chopped down his father's cherry tree,
but also admitted it. Now, Louie, do you know why his father didn't punish
him?
LOUIS: Because George still had the ax in his hand.
_____________________________________________________________________
TEACHER: Now, Simon, tell me frankly, do you say prayers before eating?
SIMON: No sir, I don't have to, my Mom is a good cook.
_____________________________________________________________________
TEACHER: Clyde, your composition on "My Dog" is exactly the same as your
brother's. Did you copy his?
CLYDE: No, teacher, it's the same dog.
Interesting tought!
The following is the philosophy of Charles Schultz, the creator of the "Peanuts" comic strip. You don't have to actually answer the questions. Just read the e-mail straight through, and you'll get the point.
1. Name the five wealthiest people in the world.
2. Name the last five Heisman trophy winners.
3. Name the last five winners of the Miss America.
4. Name ten people who have won the Nobel or Pulitzer Prize.
5. Name the last half dozen Academy Award winners for best actor and actress.
6. Name the last decade's worth of World Series winners.
How did you do?
The point is, none of us remember the headliners of yesterday. These are no second-rate achievers. They are the best in their fields. But the applause dies. Awards tarnish. Achievements are forgotten. Accolades and certificates are buried with their owners.
Here's another quiz. See how you do on this one:
1. List a few teachers who aided your journey through school.
2. Name three friends who have helped you through a difficult time.
3. Name five people who have taught you something worthwhile.
4. Think of a few people who have made you feel appreciated and special.
5. Think of five people you enjoy spending time with.
Easier?
The lesson: The people who make a difference in your life are not the ones with the most credentials, the most money, or the most awards. They are the ones that care.
If so ("Some other good deals are on the table"), I hope he will try not to do them using shares at current price (assuming current price not being what it should be) and that he will somehow "hit the go up button", whatever that means.
Maybe, just maybe, Matin finally understood that the only way up is not by issuing unverifyable facts coming out of someone's mouth who has lost his credibility over time.
Maybe, just maybe, he has figured out that if he realy wants to see the PPS go up, time has come for him to behave as the executive of a publicly held company and show minimum respect for his shareholders (present and future).
If so, the process could take quite a long time but the next release (whenever that is) could be quite significant (one way or the other).
Who realy knows what this guy is up to?
Very honestly, I care less and less about what was going on 1 year ago. What I care about is having reliable data relative to what is going on now.
Granted an audited to 2004 is an entry point in this direction but it's not the destination.
Another thing that keeps bothering me is the ownership of the Mills and our ownership of the bengladesh business. 14 months ago, Matin did give us a view of the situation, rapidly shut the door when the shit hit the fan then we never were able to figure out what the story was all about after all except for "audits" not including this "component" (???) of Veltex.
My feeling of the situation:
I sit at a blackjack table, the dealer has a 7 card open and I have 14 in front of me. "Hit me!
6 out of 13 chances to burst!, 4 out of 13 chances to may be win (assuming a 10 or face in the hole) and many other possibilities ahead of me.
In one case I sit in front of a deck of cards which will decide of the outcome and in here Matin will.
Fortunately it's just playing money and I am darn happy I didn't bet the house on this hand.
Hope no one played over his head in here.
P.S. An interesting difference is that at the table, I cannot get better than blackjack against a loosing hand with the dealer when in here, larger win is always possible ???
I may be masochist but I enjoy the game (in 8 days I will have sat at the table for 6 years, having felt I had lost my last hand for 2 of them). LOL
Just posted a tought that I had recently. I in no way suggest that to be a fact. Your hypothesis are as good as any.
I wonder if Matin has not decided to support the PPS thru last minute purchase of stocks instead of paying for PR's?
3:58:56 PM Trade 1.24 800
3:37:40 PM Trade 1.15 410
It seems to me that this did happen a few time in the last few months?
More than one month since the last release. It seems that Matin did finally figure out that issuing news (impossible to verify or more confusing than informing) just to maintain a PPS was useless (and expensive also).
I wonder if he also figured out that time has come for him to make his coming out one and for all. If so, whenever the next release comes out, I expect it to give us information which will be verifyable and significant. This I suppose, means seriously audited numbers.
On the other hand ...
George,
Best of luck, however as I wrote: "Bottom line, this is a highly speculative bet if there ever was one ..."
If as I (except for my 1999 initial 500 shares ... now 5) , you did "speculate" you cannot say Veltex was a "mistake". It may end up having been a bad risk but we will not know for sure before the whole story is out.
However if you tought you were "investing" (much smaller risk based on a lot more accessible information) I accept your qualifier "Mistake".
What this abstract doesn't say is that:
1- This is a sales pitch isued by and payed for by the company.
2- This public company is operated as if it was a private company and the management doesn't care about it's shareholders
3- The list of organizations listed are real but shareholders do not realy understand what portion of it they own or not.
4- There is no way (second source) for shareholders to figure out what they own except from affirmations by the "owner".
Bottom line, this is a highly speculative bet if there ever was one ...
NO ONE (unless an insider or someone very close to (him ???) them, should get involved except with money he can afford to loose without pain ... hoping for the best whenever reality gets revealed thru normal channels generally used by normal companies.
Place your bets!
"33% short of predicted revenue"
If you apply this to what Matin claimed and claims, we still would have shares worth more or less 6 or 7 dollars.
The problem is that applying an hypothesis over another one only leads us to an even less probable hypothesis.
Honestly nowadays(even assuming the story to be thru at 50%) a buyout by a real company seems quite attractive to me as a speculator.
Impossible to disagree. EVERYTHING is possible. As a matter of fact, what you say fits a scenario I alluded two a very long time ago calling it a "reversed scam".
For whatever reason, Matin keeps issuing unverifyable informations (except for the fact that he does business shows and get some hard to figure out deals with some other companies), knowing darn well that doubtful speculators (actual or potential), in doubts,will buy or buy on positive news and sell on rumors or even long silence from the company.
I do not know what Matin is up to but he for sure succeeds in (directly or indirectly) manipulating the PPS for reasons of his (your hypothesis being one possibility.
Assuming this is not a disaster in the making (Kind of doubt that myself) Matin and his close large shareholders (they do not have to speculate being insiders or close to them) will one of these days have to come out clean if they want to cash in expected gains. The question is how patient can they afford to be? Months? Years? Who (but them) knows?
Another question is: Could it be that Matin and his close one are trading? Honestly, considering volumes traded each day (let's say 50,000) and recent PPS fluctuations (let's say $0.40) I do not beleive that to be a plausible scenarion. At best, someone very active and lucky could clear less than $100,000 or so a year, playing that game. I doubt this to be their plan.
I much prefer to beleive that accumulating low price shares(thru getting back shares from the market or, as you say, issuing new ones) the future gains could be quite interesting for them.
On the other hand, may be (who knows again) the whole story is a lie and these shares will endup being worth close to nothing.
"We have been told 3 Million. Have the insiders been buying that much?"
IF (a real big one) the financials claimed by Matin were exact, accumulation by insiders before normalization could very well be.
Dishonest? Maybe but whatever the case, something fishy is going on with this company. Not a new tought but till we figure out what this is realy all about, everything from the best to the worst is possible.
A little after 10h00am we had 32 trades involving 36,800 shares the average trade being worth about $1,500 (same kind of pattern as yesterday).
What would be nice to know is:
1- Are many dumping small amounts of shares walking away from this stock and is someone accumulating,
or
2- Is someone liquidating a large position to multiple small buyers?
Till Matin accept to make his coming out (serious reported audit outlining the story as it is onece and for all) such questions will remain unanswered and doubts will keep this stock to be a toy for traders ... unless someone in the know can accumulate or dump from or to less informed speculators not knowing as much.
Time will tell but how long will time be?
Interesting reading but between behaving as an IBM or Microsoft company and doing whatever is mandatoty to normalize a small public company there is quite a GAP.
One thing I cannot accept is Matin operating Veltex as if it was a private company and expect his shareholders to go on blind faith beleiving what he says, following years of deceptions.
The mill affair in particular took any credibility out of his NR's and his continuously unmet commitments did create a perception that he is either incompetent (in some domaines at least) or a outright liar. I go for the first personnally.
This being said, a capitalization of $15,000,000 or so is very small and probably actually justified by current real state of the business.(good little speculative stock to own).
A $100,000,000 capitalization however (10,000,000 shares worth 10 times claimed profit per share) is much more difficult to beleive. (Unless justified by credible information, I personally would have a real hard time keeping my shares if I could sell them at $4.00 in whatever future.
Just an opinion on my part.
Between
1- having to face such issues and have your shares trade at $10.00 and
2- staying away from then and have a stock trade at $1.50,
the choice seems quite easy.
I do not buy the excuse that "expense of dealing with SOX regulations" causes Matin to stay away from normalizing the company. MHO only!
I certainly hope you are right (even if I am very reluctant even considering this to be THE story) but ASSUMING this to be close to reality: Why in the world would Matin have his darn books seriously audited, his finances duly reported to SEC and the shares reflect somewhat what their presumed real value is?
Whatever the answer to this question is the reason why current PPS remains at $1.50 or so (all in all reflecting a profit per share of + or - $ 0.15).
Not very new a question but had to write it down once more.
You're right. I wasn't complaining (on the contrary). Just noting that stability seems present out of any news and that could mean that shares are concentrated in few hands keeping it cool till further notice.
Waited for over 5 years ... can work a couple more months ... LOL!