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Roger ... Not even worth trying to seed some info up there.
Do not bother trying IBM. I spent 17 years with them (ended up regional manager), still have many good friends in there and the better they would know you the least your chance to be hired (even as a janitor).
"potential employees" ???
Another invention of yours
By the way, my information is that the mouse may be in jail in more than one way ???
By the way I also recommended ways to have better PR's but that doesn't make an insider (As a matter of fact I'm not even an USA insider ... LOL)
more or less one week but he decided this morning and accepted to sign a confidentiallity agreement.
Up to that point he was an investor part of a group (I share in) which works at doing the best DD we can (not only on Veltex.
What he wrote in today also applies to our group (The darn guy happen to be honest ... with all).
And I know for a fact he did just that, using the relationship he built when he seriously tought of investing in the company (He however decided then not to).
With all due respect, you realy made a fool of yourself thru that post, assuming the whole process was 2 phone calls (unless you only read your own posts).
Go back to his past posts and you will see that he had much more contacts with the company (e-mails) doing his DD and even evaluating the opportunity to invest directltly in the company.
Finally, if he had been an insider promoting the company, why would he now (that he become one) remove himself from the board openly saying why?
Once again you jump to unsupported conclusions which support your strategy, whatever that is.
Please keep posting the number of O/S since you got your credibility on that topic... for the rest ???
"The fact that no money has apparently flowed back to the U.S" (you)
I read this thinking of the following.
"clear up the misunderstanding that was a result of the "absolute control" statement in the '03 audit."(shrotker)
Whatever the clearing up will be all about, some kind of controlling ownership is the key.
This issue being resolved, we then will see if money can or not flow back to U.S.
As per hapslap's post, rapatriation may not be an issue but let's first see what we own out there.
Two information I got over time from more than one source:
- Plant there is in Bengladesh (I saw a picture of it), Matin owned it at some point in time (up to early 2002 am I told) but borrowing against it, he lost control of it with option to buy it back later.
- FY 2004 is in the works and delay is cause by circumtances impacting the auditors.
As I said more than one source totally independant from each other but these may or not be fully reliable.
FWIW
This has to be the most accurate post I read herein in a long time.
Who knows? May be patience will be rewarded after all.
As I said, I look at it as a startup in USA building its busines and hopefully generating FROM THIS UNIQUE BASIS a profit justifying a nice PPS. In this context the recent news do sound great.
If by luck, the Mills ownership question get resolved and its assets can be realy accountable for in the organisation behind our stocks then ... We shall see about that part later.
To my recollection, it's the first time a third party is quoted in such a PR:
"Ron Yoshida, President of Coral Head, Inc., commented, "We are excited about our relationship with Veltex. I feel strongly that the professionalism and their care and detail to HIC's designs will help both of our companies for many years to come and be mutually financially rewarding."
otcstockexchange.com: Mid-Day Stock Alert -- OTCStockExchange.com ... VLXC
Rochester, NY, Apr 12, 2005 (M2 PRESSWIRE via COMTEX) -- OTCStockExchange.coms
"Mid-Day Stock Watch Alert" this afternoon are ... Veltex Corporation (Pink Sheets: VLXC).
..........
Veltex Corporation (Pink Sheets: VLXC - http://finance.yahoo.com/q?s=VLXC.PK )
Veltex Corporation, a vertical manufacturing, import and distribution company
for apparel and accessories, announced today that it has completed setting up
operations in Canada. Veltex has set up a satellite office based in London,
Ontario Canada to take advantage of the growing business relationships in the
Canadian marketplace. Veltex Apparel is positioned well to gain market share
from the over 4,000 distributors of promotional products in Canada which
represents over a $1 billion marketing industry.
Veltex Corp. clearly has enormous appreciation potential based on its realistic
revenues and net profits projections. It is very rare to discover a company
whose stock is so undervalued and yet has everything in place for a dynamic
near-term upward move to significantly higher prices. Veltex is a well managed
company, with a strong vertical infrastructure in place that expects to generate
revenues in excess of $55 million in 2005 with net profits of over $11 million
or approximately $1.38+/- net earnings per share (EPS) A 35% increase from 2004.
-- 2005 Projected Revenue $55mm
-- 2005 Projected Profit $11mm
-- 2005 Projected Net Earnings $1.38 per share a 35% increase from 2004
Jordan Ross, Vice President Sales and Marketing of Veltex Corp., commented, "We
are very excited to have entered the Canadian market. We expect that this move
will produce strong revenues and profitability for Veltex. Furthermore, we are
looking forward to joining the Promotional Products Association of Canada. This
will provide us with many opportunities to meet our new distributors at trade
shows throughout Canada. This is a huge step towards making Veltex a world class
apparel company."
Vice President of Canadian Division, Veltex Apparel, James Burke, expects to
hire up to 5 sales representatives. The new sales representatives will primarily
focus on expanding Veltex's presence and making the company a major player in
the promotional products industry throughout Canada. Mr. Burke commented, "Since
the Canadian government has allowed any apparel imports from Bangladesh to be
duty free, Veltex will enjoy about a 20% savings which will be applied to our
bottom line."
KEEP IT UP. the board is not as good as it was earlier but thru your actions it,s still a nice place to trade opinions.
Thanks.
Bottom lin, assuming a story effectively is to be documented and told, Matin must figure out that he needs to get professionnal skills in all domaines he doesn't know. Three come to mind immediately:
Obviously not understanding legal considerations involved in managing a public company he apparently got a lawyer on board.
Obviously not understanding financial considerations involved in managing a public company he obviously need a finance executive on board.
Obviously not understanding public relations considerations involved in managing a public company he needs to enroll a good PR person/firm on board.
All of them could probably with time (again: assuming a story effectively is to be documented and told) help Matin and this company a credible and verifyable story out there, then get the stock listed on a real stock market (my most optimist forecast for that to be is late 2006, the earliest).
Honestly, best case, I suspect this would mean for Matin to put out the real story as it now stands, whatever ressemblance or difference it has with/from the one he dreamed of and communicated up to now.
Let's see
Getting a lawyer was a
This could very well be.
Personally, considering the volumes we see, I do not beleive that naked short sellers or Money Managers are very active with this stock. Few day traders? May be (I suspect some in here are working at supporting their strategies). But realy I suspect the activity we look at is caused by regular shareholders trading in an out for few $100 now and then and some other (as claimed by some in here) trying to sell high and buyback low.
The other possibility is that IF THE STORY (Matin's) HAS SOME THRUTH in it, some, close to him are probably accumulating from those being scared away and new shares being issued by Matin for whatever the reasons.
Almost 1,000,000 shares were traded since March 23 and it looks as if no new ones were issued.
Who was buying (accumulating??) during this period of time? The PPS dropped from $1.15 to $0.75.
Someone who knows something we do not or just some betting on a speculation?
All we know has been audited is the USA operation and this generated no revenues in 2001, $261,000 in 2002 (Anne Tahim) and no revenues in 2003.
We also know that a lot of marketing activities have been conducted since then and we can presume that some revenues were generated from these. Hopefully Fy2004 audit will help us understand where this startup stands at least stood 3 months ago.
On that basis, our stock may be worth some % of the current PPS.
The key to the affair is the status of the out of country business referred to by Matin and the legal relationship there is between this and the US operation.
Any discussion based on the acceptance of figures claimed by Matin and not verified (audited) by a credible source we can find about, is pure speculation.
I still wonder what Matin did (or not) following his attempt to buy "the portion" of the Bengladesh's operation we tought we owned up to then.
Till this is cleared, I assume I own shares in a SMALL startup seemingly doing a lot of things right and apparently starting (this morning PR) to get results of significance.
For this startup to justify a capitalization of $ 7,000,000, a bottom line of $500,000 and an outlook of reasonnable growth in the next 21 months should be more than enough.
As for the other financials measured in tens of millions, I personally prefer to better understand what they are all about and whose ownership they are.
Considering that Matin may have included intercompany revenues in his claims and this could have been the explanation of the 33% variance you mentionned, I have no doubt that we may see the same type of variance for FY2004 whenever it gets audited.
As said all along, I think Matin works hard at building up a business (hard to beleive this to only be a scam) but he is not competent at managing it professionnally when finances are in question.
No negative spin here but till we know what is our legal status related to ownership of whatever is going on, out of USA, we still only have 2003 audited financials for USA and a Matin's statement related to the non-USA business.
Will be fun to see what the recently issued block of 4 t 5 million shares was used for.
Somehow, I see 2 big difference in this PR:
1- Matin does not try to forecast a release date of the 2004 audit (last time he mentionned it was for April 15th). May be he finally figured out that missing target dates continuously wasn't very constructive.
2- The name of a specific customer name (West Surfing Products-Australia) and business volume (order for over $750,000) are mentionned. I do not have time to check but I am positive someone will.
Oups! Just saw it and answered.
Never to be forgotten. This is anonymous and for sure some herein are tryting to manipulate the PPS up or down over time and in relation with their own objectives in time.
Trying to figure out the motivation of posters herein is useless since we all look the same.
No way to figure out why one writes what he does.
Still, like birds, we can find something worth in the horses..t we find in here. LOL!
Yes I almost do, whatever it says.
However, I certainly do not regret having serious doubts on an anonymous poster revealing a critical information. Nothing personnal. Just that you and I are anonymous people who may be the most whatever (honest, dishonest or anything in between).
This being said, we later found out you were right and that bought you some credibility related to O/S (source).
Do not kid yourself (I do not) the story will repeat itself sometime in the future. Almost half the people in here will brag about having been right all along (one team led by the mouse, the other one by texastex). The only question is which half will be able to say, one of these days:"I told you so"? (count me out since I admit I do not know what realy lies ahead).
Agreed but at least it's not a bad news some could jump all over. Just for that ...
No other way to look at it my friend.
I wonder if that means he starts to generate enough revenues to cover expenses???
600,000 shares were traded since that day. Obviously some are quitting the game. I wonder who is taking up these shares and why???
Whatever it is this Matin is doing, we must admit he is confusing most of us (some will always pretend to KNOW ... I do not).
Assuming a 2004 audit is in the works (I mean the auditable USA auditable entity), considering that FY2003 (USA) has been audited, how long could it take to produce this 2004 audit?
Mr. Matin commented, "We anticipate our completed US GAAP
quality audit for 2003 will be issued approximately March 15, 2005 (It came out 8 days later). The 2004 audit is expected to be issued approximately April 15, 2005."
Wouldn't it be nice?
Note: I still do not look for nor expect a credible audit covering both USA an Bengladesh.
"Why? don't you think healthy skepticism is warranted here?"
What makes you beleive I don't.
I am not skeptic related to the $5, $10, $20 per share, I do not beleive any of these to be out there for years (many) to come, if ever.
I am not skeptic related to the efforts made to build an American distribution operation. I however wait for the 2004 audit (at least showing the USA related financials) to see if revenues are or not being generated in USA.
I am very skeptic related to whatever is going on or not in Bengladesh and who owns it, whatever it is. All I know is that there is a plant out there with a "Veltex sign" right at the entrance door. This being said I do not have a clue what is going on behind the walls (would have stepped on my car but it's only a photo ... LOL)
The question is, beleiving that this stock is (will be) worth something (not $0.00) what will that be (not $5.00).
My questionning is, could it be more than $0.50 (capitalization of more or less $4,000,000 suggest a year profit of roughtly $400,000).
If so, this, at $0.50 could become a speculation which may turn out to be an investment.
Still thinking...
Not yet ... Thinking about it.
I do not like open orders days/weeks ahead of time. Ilook, listen, read then shoot whenever I feel like it.
Great advice.
Personally all I realy care about right now is to see an audit covering the USA business done in 2004 (kind of report we just got for 2003). Did all the marketing activities conducted in 2004 translate into revenues (we had none in 2001, none in 2003 and $261,000 in 2002) and to what level. If a real "distribution" operation is growing in USA (startup taking off), we could soon have some kind of justified PPS. (Wouldn't take much to justify a capitalisation of less than $10,000,000). After all, even the mice wrote: "I understand, there is a good marketing man at Veltex."
As for the Bengladesh operation, it will remain difficult to assess and I do not expect a 2004 audit to clear the air completely on this issue (We may have to rely once more on a unaudited Matin's letter refering to that). If and whenever we find out that an operation there is or not and we own some or all of whatever is out there, then we shall gain a lot or just own a small stock in a small company.
JMHO
I do not realy know why I do it but just for the record, she very honestly told me (WHEN ASK, 3 years ago) that this was an highly speculative stock and Matin was embarking on a high risk strategy (His publised synergy plan of December 2002).
She never recommended it to me and I very much doubt she would loose her time in here (as I regretfully just did).
This being said, I now "know" (not often I had the opportunity to use this term in here)that you're full of it and sincerely suggest you meet a doctor before your rage kills you.
Roger (In every sense of the word).
Was worth reading your post till I was allowed to read 1 thruth... "she was a Veltex paid consultant".
Effectively, she was a consultant for Matin and more or less she left saying that Matin has positive qualities (hard worker, honest, ...) but also had real negative ones (does not understand the USA culture, doesn't understand what running a publicly held company, ...) and she abandonned him cause HE WASN'T LISTENNING to advices given to him. She however at the time held on her shares.
The last time we communicated together (more than 9 months ago) she told me her business was going real good, she had no time to follow Veltex anymore, therefore got rid of her shares then.
I would be very surprised if she was now posting anonymously on this board (which by the way has become quite useless).
To say such a thing, you may be even more sick than I tought you were... if that was possible.
Your luck? Ridicule doesn't kill.
If I still had any doubts about your sanity, I wouldn't anymore.
You would post anything and make it sound as if you beleived what you wrote (may be you do after all).
No reasons to beleive that the only audit we know of (USA) is garbage.
The Matin's report is another question altogether.
2003 audit does not cover Bengladesh and is signed by the auditors.
The other documents are just letters signed by Matin.
2 for 1.
Let her go playing the customer then go by yourself playing the shareholder.
Breack a leg (and I do not mean running) LOL
If I was that close, I certainly would not miss my chance to meet with Matin face to face (if he is there), have a chat with him seeding in few key question and then going to try my luck at a table.