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Between you and the mouse, I have a hard time to pick the one who falls more on my nerves.
Not at all ... I was just adding my grain of salt to the exchange you had with shrotker.
I very much understand and share your concern.
I can accept (with regret) that effectively "sub-contracting" an audit in Bingladesh could be a way to get around large costs which would come from sending american auditors out there.
This being said, this would not be an excuse not to clarify once and for all, within the audit report and without inappropriate disclaimer, the ownership issue Matin created just before the last BOD.
All of that assuming an audit report is coming. That I will beleive when I see it. Till then, everything written about it (coming monday, coming within the week or not coming at all), I consider BS.
I have enough issues trying to beleive anything coming from the company, I certainly will not rely on a message board to figure out if an audit is coming out or not and when...
"Nothing too amazing ..."
Let me try to chahge that somewhat ...
In a crowded city at a busy bus stop, a beautiful young woman
wearing a tight mini skirt was waiting for a bus. As the bus
stopped and it was her turn to get on, she became aware that her skirt was too tight to allow her leg to come up to the height of the first step of the bus.
Slightly embarrassed and with a quick smile to the bus driver, she reached behind her to unzip her skirt a little, Thinking that this would give her enough slack to raise her leg.
She tried to take the step, only to discover that she couldn't.
So, a little more embarrassed, she once again reached behind
her to unzip her skirt a little more, and for the second time
attempted the step.
Once again, much to her chagrin, she could not raise her leg.
With a little smile to the driver, she again! reached behind
to unzip a little more and again was unable to take the step.
About this time, a large Texan who was standing behind her
picked her up easily by the waist and placed her gently on the step of the bus.
She went ballistic and turned to the would-be Samaritan and
yelled, "How dare you touch my body! I don't even know who you are!"
The Texan smiled and drawled, "Well, ma'am, normally I would
agree with you, but after you unzipped my fly three times, I
kinda figured we was friends."
I agree that VLXC is anything but transparent. However, nowadays, corporate organisations are (apparently) all manipulating everyone (tax payers,shareholders,...). You somtime wonder if the difference between large corporations listed on real stock markets and Mickey Mouse outfits traded on Pinksheet is not just the skills available to manipulate shareholders.
Just as a small example (use it because I just read it):
CONTEXT:
Bombardier finalizing the negociation for close to $1,000,000,000 grant/garantied loan with the government.
"Tie strings to aid: investors
02:00 EST Friday, Mar 18, 2005
Several high-profile investors are pushing for reforms at Bombardier Inc. by urging Ottawa to withhold financial aid unless the firm eliminates its dividend and its founding family gives up voting control.
"If a company needs help from the government, that means they need cash. If they need cash, why do they pay dividends?" said Claude Lamoureux, chief executive officer of the Ontario Teachers Pension Plan. Bombardier's annual dividend of 9 cents a share costs the company about $160-million a year, almost $30-million of which goes to members of the Bombardier family, who hold less than 20 per cent of the equity but retain control through multiple-voting shares.
The dividend is "a source of income for, essentially, a controlling shareholder. You know, a normal company would have cut the dividend already," Mr. Lamoureux said.
"Can we just try to reduce the stupidity on this board? ... blatant stupidity isn't selling anyone."
Just in case you did not read this message ???
"1. Most of Veltex's historical revenues are generated overseas (I recommend that you try reading the 2001/2002 financial to avoid coming across as an moron)"
This is exactly why the overseas ownership is of such a critical issue. At the time all (99%) but $ 261,000 of revenues showned were generated out there.
As for the audit itself, considering the disclaimer included in the transmittal letter, it was done (according to Anne Tahim for the $261,000) but she has not done anything but taken a document handed to her by the company. We do not know if it had been audited or not, who would have done the audit and even then, who effectively owned whatever was audited overseas.
Anyone arguing based on this report either doesn't understand what it is or doesn't want to see it for what it is ... for whatever reasons.
Honestly I sold 1000 shares I had my wife buy and 750 I had my daughter buy also.
Being out of town I cannot say exactly what date but it was in the $3.25 range.
Bottom line, they both took an interesting profit and now own 500 and 250 shares at no cost ... Who knows?
As for myself as I said I maintain a small portfolio (5% of my investments) which I use to gamble on highly speculative stocks and I wait to see. I must admit that up to now I haven't yet hit the jackpot but I got a few that went from speculative to investments.
This being said, if for anything but something I can trust the PPS of UVCL raises back in the 3 to 4 dollar range (traders sometime succeed in enginneering such traps) I may be very tempted to escape once and for all or at least get my money back and keep 1,500 free shares.
One day at a time.
"a kind of slow pump"
Beleive me or not, I do not realy care.
Facts are:
- I bought shares of Veltex in 1999.
- I tought they were history when they stopped being active for 2 years
- Decided to average down when I saw them start moving again (doing whatever DD was possible)
- I now own 5,000 (close to $1 per) within my speculative portfolio (I consider this to be a bet)
- I have no interest whatsoever in pumping or bashing considering I do not beleive that message boards realy do influence market of such shares
- I beleive that Veltex does exist and is doing business even if I do not beleive that it is doing as per claimed by Matin.
- Thru whatever DD I was able to do, I saw pictures of the Bingladesh plant but also admit I do not know what is going on behing the fence and the walls.
- Thru whatever DD I could do (discussing with people closer to the company than I, I learned that Matin (contrary to what you claim) is more incompetent than dishonest (except for his trying to hide his errors)
- Recent comments made by some of these people are suggesting (cannot know how probable) that Matin did hit a wall 6 to 9 months ago and finally got advisors to help him find a way out of his (our) miseries. I was told that contrary to earlier times, he was listenning to them.
- Finally, I tell myself that short of loosing it all (that's the risk) all it takes to justify a PPS of $1 is a profit per share of about $0.10/share which is only $ 750,000 per year
No emotion out here just risk/reward analysis ... as much as feasable.
All I look for in here is opinions and (proven or not) facts if available, related to current situation (I do not care if Matin went or not to university and why his synergy dream fell apart in 2002 and 2004. I care even less about your personnal problems with him.
"a kind of slow pump" ... absolutely not. I openly admit I do not have a crystal ball to know about the future and I live to far to jump in (then on) my car to go lok thru windows (personally I would have visited during day time but that's me).
"I wrote that in public, told and wrote that to F.B.I, told and wrote that to SEC, told and wrote that to Matins every attorney and present Veltex attorney, told and wrote that to Veltex auditor."
Public still buys whatever shares are being sold by whoever.
F.B.I. never followed thru after years of "proofs" presented.
At least present attorney still on board (may be he takes part in the crime).
Auditor would now accept to produce a forged audit.
Of 2 things one:
- Nobody cares about whatever you have to say
- Most of what you say (I assume it to be true) relates to old, now irrelevant, facts.
Not that I beleive that Veltex is as per what Matin claims but Geeee you are boring, repeating the same thing dozen times per day. Take a rest.
Between Jan 20th and Feb 16th 5 PR's were issued.
Since Feb 17th, no a sound ???
I wonder why?
No one should presume of an interpretation since negative ones are justified (Matin is packing up ...) and positive ones are as probable (Matin waits for the audit to be ready).
My advice: "In doubt, wait".
You have shares? Stay put and watch closely.
You have no shares? Stay away but watch closely.
"What you forgot to ask and write in your post that"- Did the PR man "SAIF" told you Audid will be signed off and shall also go to SEC????....lol"
Sounds to me as if someone was covering his a.. just in case. "Audid" may come but it will be garbage.
If so, whatever it will be, those having bought shares at + or - $1.20 in the last days with short term profit objectives may be rewarded.
Who knows what is realy going on behind the doors but those living behind them?
As my broker keeps saying, a profit is a profit, is a profit, is a profit ... if you cash it in.
Must be a slim virtuat dog .
O.T. to shrotker,
You are probably right but I personally sold most of my oil based investments considering the nice profit I was able to cash in and my worry considering that most had gone thru a very rapid growth since last summer.
My plan is to remain cash heavy till this sector comes back down quite significantly. I do not know when this will happen but I do not mind waiting.
As an example, short of reasons to justify not to,I would be tempted by EXC whenever I see PPS in the range it was within let's say last October ($36 - $38).
One of my energy-utility fund I owned for years (ERF.UN) generated a great yield for years. Having bought most of it in the 1998 time frame at $16.50 (accounting for a 1:6 R/S) and having recuperated most of my capital thru dividends, I dumped it all at $43.00/share last October (it went up to over $48 few months later and closed at $44,80 yesterday).
I plan here again to re-enter but the whole sector (oil and utilities) in my view is still inflated. I may be wrong (that's part of the game) but being cash heavy these days seems prudent ... MHO only.
"That is your priority,"
See there you go writing on subjects you have no clue about.
BAU!
Heck, I'm the one who should be stuck in snow.
I told you Bush was a bad choice ... LOL
Will get back to you when I find time.
"Maybe we could setup a different mode of communication between yourself, me and scott and possibly a few others where we would not call each other names and spout negativity for the sake of I do not know what."
Shrotker did give that a try a few months ago. I do not know if he wants to try it again but I leave it to him to decide.
"Are we not all mature adults here???"
Mature ??? The best kept secret in here.
Adults ??? I suspect many are primary school students (many obviously not qualified for such a challenging environment).
The answer to your question is No and that's why whatever is written in here has close to no influence whatsoever on the PPS.
In any case, this remains a nice place to be whenever you want to get away from the real world.
MM,
Aren't you tired of playing the dangerous avenger you describe continuously.
Even if what you generally write could be the real story (most likely as it was years ago) don't you see that your general "menacing" tone takes any credibility you imagine having down the drain. SEC cannot care about what you have to say (mostly because of the way you say it), neighter would any serious lawyer or anybody else for tha matter.
Between you and Matin, I see no difference except that one of you 2 is right and the other one is wrong (I know you think you are).
And before you try it ... No I do not fornicate with Matin and/or get paid by him to support his story (In any case I know the story is not as claimed but do not know what the real story is ... I suppose this makes it a speculation or may be a bet ... certainly not an investment)
Personally I do not hold my breath re: an audit by the end of this week.
On the other hand, I do not expect a crash of the PPS either. A set back for few days or may be weeks? Most likely (business as usual).
One of the reason for it is that their is a POSSIBILITY that Matin and his close one will try to accumulate some more cheap shares before they let the cat (may be a small one however) out of the bag.
Why? I also beleive that there is a POSSIBILITY that the recently issued shares went to Matin himself or his partners, in view of getting back some kind of control of whatever this is all about.
More negative scenarios are ABSOLUTELY POSSIBLE but personally I do not YET beleive this to just be the outright scam many assume that to be, neighter do i beleive this to be the gold mine many hope for.
Matin is in some business, he has been a dreamer, has by his incompetence done very bad business decisions, did lie trying to hide it but works hard (most likely with more competent business people) at saving whatever there is to be saved.
Doing so, I assume he faces quite serious bills having accountants and lawyers trying to clean up his mess before he comes out with whatever the real story is.
This being said, there is only one thing I know for sure. Some in here are right, some in here are wrong.
What I do not know is: "what group am I part of ?????"
This board is quite ENTERTAINING (forget about informative except for Ramroc's O/S info).
That Matin does issue shares I have no doubts about. The question is who is buying (or getting) them and why?
Another unanswered question.
That's all there is with this BET, whatever is witten in here, positive or negative.
In any case, I keep enjoying reading your messages whenever I want to breack away from real life and smile.
Thank to most!
"Anything can be looked at negatively or positively, but without the facts no one knows."
Not withstanding all the reasons justifying distrust vis-à-vis Matin, this is quite thru.
For someone used to do the type of research he reports in here I tought curious that twice he had to ask for your e-mail when it was right in front of him ???
"Let me congratulate the pumpers here. The posts about the vendors worked well. Some were convinced to buy".
I doubt that their messages, one way or the other, realy influence the PPS.
Only 10 of us are directly involved in this board, I did not buy shares, I assume you did not and neighter did Mice.
Granted we may have silent readers but even the between the extremely positive and extremely negative posts, there is close do nothing render one set more probable than the other.
Wouldn't it be nice if we could know who is buying?
You should be right all the way. However, I am always surprised by the way such stocks do trade in this market (which I admit I am not realy used to trying to stay away from penny stocks).
For one, I certainly would not buy shares in this outfit right now (saying it's uncertain would be quite an understatement).
However, no news, nothing new under the sky (I do not beleive message boards do influence PPS) and the price went up 9.52? on 65,900 shares traded during the day.
Still following this board.
Incredible how many messages considering that we know as much today as we did months ago.
2002 business plan is resurected and we all know for months that this synergy dream rapidly become failure.
Anne Tahim's audit wasn't one, everyone knows but it's being quoted regularly.
The illusive audit has been waited for for years and still is.
The company is for real (that we know) but no one knows how big or small it is.
...
Would be nice if someone had something new to post one of these days.
Let's be honest, Veltex issued 4 or 5 million shares in one pop (God and Matin knows what for ... for the moment).
Except for this dilution hasn't been that bad over the last 6 months.
Not saying the whole thing is great, just trying to set the record straight.
May be you should go back to messages posted in here over the last 18 months or so. Then you would discover all your future findings right away.
Good reading.
"I personally got quite involved in the effort to have him stop that" ... What do I mean.
Valid question.
I wrote to Matin himself,
I lined up many shareholders,
I allerted Paua from E & E,
I got a business lawyer (large shareholder) involved and
all together we raised hell and WERE PART of whatever it is that got Matin to pull out his resolution.
As you can see my involvment was in the capacity of a shareholder and our representations were anything but advice. The lawyer in particular was then prepared to give Matin the ride of his life.
Before you ask, no he (we) did not go any further after the resolution was removed.
Sorry but no plot in here.
"We WILL get the stock listed on a major exchange if we all work together" (let's hope Matin joins us)
This is childish ... unless you just want to speculate and trade in an out for few $$$ at a time.
Whatever your intent, best of luck.
"Miamimice is either lying or Veltex is a scam"
It may be one or the other.
It may also be the result of stupidity and incompetence.
Then the question would be is it or not recuperable and if so up to what point?
As you can see it's white, black or some shade of grey.
Helpful no???
"miamimice, it is wrong, in my opinion, to believe he is lying. He could be, but also he could be a knight in shining armor that is being abused for telling truths."
I didn't say he is lying I said he keeps rehashing old stories which are most likely thru.He also obviously knows the industry and Matin.
This being said, it doesn't shed that much light on what is CURRENTLY going on behind the doors.
Matin did lie (one has to be fool not to agree) but he probably (???) own more share than all of us altogether.
I therefore consider the possibility (this is in no way an affirmation)that he finally realises that time has come to clean the house (hopefully with the help of competent partners) and get some real value to his (and our) shares and he may be (???) doing what should have been done years ago i.e. listen to those understanding what running a (publicly owned business realy means.
This being said, only future will say if these share are worthless or worth a couple of $$$ (I certainly do not beleive in the $20 range suggested by currently claimed financials).
Is the King right? Is the mice right? is the thruth somewhere in between?
Who realy knows ... but Matin?
I was witing my previous post before I read this one of yours.
I hope it clarifies my position somewhat more for you ???
SAM,
Remember ... I DO NOT KNOW but here is a possible scenario:
1- Matin did own the Mills some time ago
2- Stupid or incompetent he borrowed against this asset over the last 2 years and ended up loosing control of it (unless he found a way to reimburse his notes.
3- Trying to normalize the situation he did try to buy it back at the last BOD (18,000,000 shares then worth about $1/share)
4- Caught his pants own he ad to pull out of this scheme (I personally got quite involved in the efoort to have him stop that)
5- Still wanting to normalize the situation and wanting to have an audit performed and released he issued 5,000,000 new shares at about $3.00/share to get back ownership of his asset (Therebuy the claimed financials, most of them being in Bingladesh)
6- Certainly having more issues to resolve so an audit can be performed and release, he (with new partners robably) had to do multiple actions aimed at cleaning the mess.
7- The audit will be completed and released, whenever the mess of his will have been cleaned up (whatever dilution it means)
Optimistic scenario? Granted?
Less beleivable than some others outlined in here? Future will tell.
Who Knows? Certainly not Mice who rehashes the same old story for years, having his personnal reasons to want to destroy Matin's busines ... Whatever business there is or not.
The only potential light we can get (short of a serious audit) probably will come from shrotker's conversation with the lawyer ... may be ???
The recent story of this illusive audit ... an update to an old post (6675) of mine:
Posted by: pual
Date:1/14/2005 10:55:13 PM
Nov 22, 2004 = "Veltex is currently undergoing its 2003 audit and it is expected to be completed in December."
Calif., Oct. 25 = "The Company is currently undergoing the audit by a SEC licensed auditor. We expect the audit to be completed in the next 30 days (i.e. before Nov 25th)."
Dec 1, 2004 = "Veltex plans on becoming fully reporting and moving off the pink sheets to a major exchange upon completion of its audits, which the company is currently undergoing."
Dec 9, 2004 = "Veltex is currently undergoing its 2003 audit, which the company expects to be completed by years end."
Dec 27, 2004 = "Veltex is currently undergoing its 2003 audit, which the company expects to be completed in the near future."
Jan 05, 2005 = "Veltex is currently undergoing its 2003 audit, which the company expects to be completed by February 1st"
Jan 14, 2005 = "Veltex is currently undergoing its 2003 audit, which the company expects to be completed by February"
Feb 16, 2005 = "We anticipate our completed US GAAP quality audit for 2003 will be issued approximately March 15, 2005. The 2004 audit is expected to be issued approximately April 15, 2005."
More to come ???
Respectfully and patiently,
Roger
"Veltex is real"
That is for sure.
THE QUESTION IS: What is it for real and how much business realy is behind our stock?
Only a serious audit can answer this question and such an audit looks like the mechanical rabbit used to get the dogs running in a dogs race.
"Most honest investors think this is probably a scam or could be a scam. Some also feel sure that it is a scam. There is absolutely no way in my opinion the stock would have this price if most did not think scam was a valid possibility."
What I have a problem with is " Why would someone thinking or being sure this is a scam own any share in this out fit?
I can understand someone not knowing what it is (even if it doesn't smell good) to throw in a few speculative or gambling dollars but why do it if you think or beleive this to only be a scam?
Reasonnable people havung such beleifs would not own any share then would not bother posting in here continuouly ???
On the otherhand I could very well understand someone interested in trading in and out trying to influence the PPS up and down (having more than one alias) to support his strategy in time.
Personally I have old money already assumed to have been lost a long time ago and not knowing what this is all about (even if I have my doubts) I leave my bet on the table till the last card turns up ... unless the effort of others justify my changing of mnd at some point in time.
Message boards are nice toys to play with, nothing more, nothing less.
I have owned and followed this stock for over 5 years (only selling a couple of times).
As any shareholder (I preffer the term speculator in this case) I want the situation to be a messy one that will soon be clarified and if I want to see positive comments I only have to read all Matin's PR'S.
THE ISSUE is Matin as all along been misleading the market not to say he outright lied to us and nothing he says is credible anymore unless proven legally (that's the audit, nothing else).
The only positive left is that Veltex does exist, Veltex does participate in business shows, Veltex issues PR's.
Anything else NO ONE SEEMS TO KNOW or is able to prove it positive or negative.
Having to rely on a message board to do any DD is ridiculous since there are no way to differenciate between a manipulator and a honest poster trying to inform (positive or negative).
My suggestion is that you limit your questions (I bet you now have dozens) to the key ones and not thow at him questions which could more be a comment.
The ownership of the Mills is obviously the key question. Did he ever own it? does he still own it (proofs)
As for the audit, we all know it's been promissed times and times again. Commenting on that could help you get comments more than asking directly about it.
Finally, it would be nice to be able to verify who this lawyer realy is and ways to check his credentials. If he was to give you Matin's supporting answers, the quality of the source should be validated. Lawyers and thruth are not always compatible.
Have a good call.