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I somehow suspect that IF Veltex (what we own) is anything close to what Matin claims it to be, the audits (yes with an "s") are only the tip of an iceberg.
Reporting, listing, major restructuring, buyout, ... IF Matin effectively decided to INVEST in an audit process after he claimed that it wasn't required, he must have had a reason other than pleasing his bitching shareholders, to do it.
Whatever the case, we are for the moment stuck with a bunch of IF's and a misleading (for whatever reason) Matin.
We shall see ...
Thanks and keep up the good work.
I see we have a visitor back from earlier days.
Not that good a news knowing what he can continuously throw up.
Let's hope he gets back on his medication (may I suggest arsenic?)
Had heard it before but still good.
Updated Employee Handbook 2004 Effective immediately
DRESS CODE: It is advised that you come to work dressed according to your Salary. If we see you wearing $350 Prada sneakers &carrying a $600 Gucci Bag, we assume you are doing well financially and therefore you do not need a raise. If you can wear a Rolex you do not need a raise. (And should be on time.) If you dress poorly, you need to learn to manage your money better, so that you may buy nicer clothes and therefore you do not need a raise. If you dress in-between, you are right where you need to be and therefore you do not need a raise.
SICK DAYS: We will no longer accept a doctor statement as proof of sickness. If you are able to go to the doctor, you are able to come to work.
SURGERY: Operations are now banned. As long as you are an employee here, you need all your organs. You should not consider removing anything. We hired you intact. To have something removed constitutes a breach of employment.
PERSONAL DAYS: Each employee will receive 104 personal days a year. They are called Saturday & Sunday.
VACATION DAYS: All employees will take their vacation at the same time every year. The vacation days are as follows: Jan. 1, July 4 &Dec. 25
BEREAVEMENT LEAVE: This is no excuse for missing work. There is nothing you can do for dead friends, relatives or coworkers. Every effort should be made to have non-employees attend to the arrangements. In rare cases where employee involvement is necessary, the funeral should be scheduled in the late afternoon. We will be glad to allow you to work through your lunch hour and subsequently leave one hour early, provided your share of the work is done enough.
ABSENCE DUE TO YOUR OWN DEATH:
This will be accepted as an excuse. However, we require at least two weeks notice as it is your duty to train your own replacement.
RESTROOM USE: Entirely too much time is being spent in the restroom. In the future, we will follow the practice of going in alphabetical order. For instance, all employees whose names begin with 'A' will go from 8:00 to 8:20, employees whose names begin with 'B' will go from 8:20 to 8:40 and so on. If you're unable to go at your allotted time, it will be necessary to wait until the next day when your turn comes again. In extreme emergencies, employees may swap their time with a coworker. Both employees' supervisors must approve this exchange in writing. In addition, there is now a strict 3-minute time limit in the stalls. At the end of three minutes, an alarm will sound, the toilet paper roll will retract, the stall door will open and a picture will be taken. After your second offense, your picture will be posted on the company bulletin board under the "Chronic Offenders" category.
LUNCH BREAK:
Skinny people get 30 minutes for lunch, as they need to eat more so that they can look healthy. Normal size people get 15 minutes for lunch to get a balanced meal to maintain their average figure. Fat people get 5 minutes for lunch, because that's all the time needed to drink a Slim Fast and take a diet pill.*Thank you for your loyalty to our company. We are here to provide a positive employment experience. Therefore, all questions, comments, concerns, complaints, frustrations, irritations, aggravations, insinuations, allegations, accusations, contemplation's, consternation and input should be directed elsewhere.
Have a nice week.
The management
Have a good weekend ... snow or not !
One for the weekend:
Miss Bea, the church organist, was in her eighties and had never been
married. She was much admired for her sweetness and kindness to all. The
pastor came to call on her one afternoon early in the spring, and she
welcomed him into her Victorian parlour. She invited him to have a seat
while she prepared a little tea.
As he sat facing her old pump organ, the young minister noticed a cut
glass bowl sitting on top of it, filled with water. In the water floated,
of all things, a condom. Imagine his shock and surprise. Imagine his
curiosity! Surely Miss Bea had flipped or something...!
When she returned with tea and cookies, they began to chat. The pastor tried to stifle his
curiosity about the bowl of water and its strange floater,but soon it got
the better of him, and he could resist no longer.
"Miss Bea," he said, "I wonder if you would tell me about this?"
(pointing to the bowl).
"Oh, yes," she replied, "isn't it wonderful?
I was walking downtown last fall and I found this little package on the ground.
The directions said to put it on the organ, keep it wet, and it would prevent disease.
And you know..I haven't had a cold all winter."
"just incompetence with perhaps a good ending?"
I would say as an old timer:
"naive dreamer, a lot of incompetence as a business manager, with most likely some king of good ending."
Do not ask me when the ending will be.
To all you OWLS = (Older Wiser Laughing Souls)
Wisdom from Grandpa .
-Whether a man winds up with a nest egg, or a goose egg, depends a lot on the kind of chick he marries.
-Trouble in marriage often starts when a man gets so busy earnin' his salt that he forgets his sugar.
-Too many couples marry for better, or for worse, but not for good.
-When a man marries a woman, they become one; but the trouble starts when they try to decide which one.
-If a man has enough horse sense to treat his wife like a thoroughbred, she will never turn into an old nag.
-On anniversaries, the wise husband always forgets the past - but never the present.
-A foolish husband says to his wife, "Honey, you stick to the washin', ironin', cookin' and scrubbin'. No wife of mine is gonna work."
-Many girls like to marry a military man - he can cook, sew, and make beds and is in good health, and he's already used to taking orders.
-Eventually you will reach a point when you stop lying about your age and start bragging about it.
-Some people try to turn back their odometers. Not me, I want people to know "why" I look this way. I've traveled a long way and some of the roads weren't paved.
-How old would you be if you didn't know how old you are?
-You know you are getting old, when everything either dries up or leaks.
-Old age is when former classmates are so gray and wrinkled and bald, they don't recognize you.
Have a GREAT day.......and keep Laughing
"...very soon".
That's the way ... I like it!
The least we can say is that he doesn't learn fast.
You blow it once, then twice, then a third time, then I suppose you just shut up and stop changing your speach EVERY DARN WEEK.
I am not saying that no aydit is being done. I just say that Matin is totally ridicule by releasing expected delivery dates of the presumed audit.
If honest, Matin thereby obviously proves he doesn't understand what running a publicly held business is realy all about (incompetence)
Sorry...Bad copy/paste.
Matin's luck?
Ridicule doesn't kill!
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).
Nov 22, 2004 = Veltex is currently undergoing its 2003 audit and it is expected to be completed in December
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
Nov 22, 2004 = Veltex is currently undergoing its 2003 audit and it is expected to be completed in December.
Matin's luck?
Ridicule doesn't kill!
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
Some more humor
Battle of the Sexes :
1. NAMES
If Laurie, Linda, Elizabeth and Barbara go out for lunch, they will call each other Laurie, Linda, Elizabeth and Barbara.
If Mark, Chris, Eric and Tom go out, they will affectionately refer to each other as Fat Boy, Godzilla, Peanut-Head and Scrappy.
2. EATING OUT
When the bill arrives, Mark, Chris, Eric and Tom will each throw in $20, even though it's only for $32.50. None of them will have anything smaller and none will actually admit they want change back.
When the girls get their bill, out come the pocket calculators.
3. MONEY
A man will pay $2 for a $1 item he needs.
A woman will pay $1 for a $2 item that she doesn't need, but it's on sale.
4. BATHROOMS
A man has five items in his bathroom: a toothbrush, shaving cream, razor, a bar of soap, and a towel from the Marriott.
The average number of items in the typical woman's bathroom is 337. A man would not be able to identify most of these items.
5. ARGUMENTS
A woman has the last word in any argument.
Anything a man says after her last word is the beginning of a new argument.
6. CATS
Women love cats.
Men say they love cats, but when women aren't looking, men kick cats.
7. FUTURE
A woman worries about the future until she gets a husband.
A man never worries about the future until he gets a wife.
8. SUCCESS
A successful man is one who makes more money than his wife can spend.
A successful woman is one who can find such a man.
9. MARRIAGE
A woman marries a man expecting he will change, but he doesn't.
A man marries a woman expecting that she won't change and she does.
10. DRESSING UP
A woman will dress up to go shopping, water the plants, empty the garbage, answer the phone, read a book, and get the mail.
A man will dress up for weddings and funerals.
11. NATURAL
Men wake up as good-looking as they went to bed.
Women somehow deteriorate during the night.
12. OFFSPRING
Ah, children.
A woman knows all about her children. She knows about Dentist appointments and romances, best friends, favourite foods, secret fears and hopes and dreams.
A man is vaguely aware of some short people living in the house.
13. THOUGHT FOR THE DAY
Any married man should forget his mistakes. What use is two people remembering the same thing.
AND FINALLY...
A couple drove down a country road for several miles, not saying a word. An earlier discussion had led to an argument and neither of them wanted to concede their position. As they passed a barnyard of mules, jack asses, and pigs in a trough the husband asked sarcastically, "Relatives of yours?"
"Yep," the wife replied........."in-laws."
My view (FWIW)is that for as long as I have been holding stocks of this company, Matin expected to succeed and at the same time keep full control of the company.
If everything had gone as expected (see: business plan of December 2002) he could have done it.
Unfortunately, it didn't and he had to face continuous requirements for cash. Instead of (or in addition to) issuing millions of share (including half of them to himself as "compensation") he did sign notes, borrowing from Bingladesh and putting his ownership of the Mills as garanties of the loan (expecting to get it back when his American operation would be cash producing.
He did dig this hole and probably got to the point of no return about 6 months ago (someone probably made him face this as a "fait-accompli").
From there on, he probably decided that time had come for him to face the reality and he may then have decided to "share control" of the business with 1 or 2 large investors, keeping some control thru a shareholder's agreement instead of a ownership of 50% of all O/S.
IF this is close to reality, he had to finally normalize the company (audit, report, list,...) and this justified last October "surprizing PR.
MAY BE, JUST MAY BE, Matin finally did listen to "competent BUSINESS MANAGERS", understanding that the outfit was either tobecome managed as a multi million $$$ business or go under.
Again I beleive Matin probably is a relatively honest (he obviously did hide his problems) good operation manager. However (it took him a lot of time to see it) he did not have the "BUSINESS MANAGEMENT SKILLS" required to succeed in difficult times he had not forecasted earlier.
This is a frequent sequence of events when a "small business" becomes a "larger one". The alternative is that the apparently good business (growing rapidly) is effectively going bancrupt more or less rapidly or taken over for peanuts by business people having access to fundings and knowing how to manage a growing business.
May be Matin ended up having to decide between death and survival.
JUST MY HUBLE OPINION OF A POSSIBLE SCENARIO any other scenario being as credible ???
Looks like my portfolio ended up $572.16 more in the red.
What is $600 when you're already 5,000 (30%) under.
Quite a reference this outfit.
I realy have time to loose today ...
For fun, I assumed I bought 1,000 of all, less than $1.00 stocks, recommended by Shazam stocks as per his site, the day he picked them up:
1- I would have bought 27 stocks
2- I would have "invested" $ 15,389 over 15 months
3- I would now (friday) have a portfolio made of 20 stocks
4- My portfolio would be worth $ 10,700.60 (- 30.5%)
Not very reassuring for those having bought VLXC when this guy picked Veltex on January 7th at a price between $2.30 and $2.80.
If the trend was to apply to the VLXC pick, the stoc would be worth about $1.85 as of April 2006 ???
LOL! (I would still be up 85%)
Stock..picked.....PPS......Friday
AGEL..10/08/03...0.065.....SNF (Symbol Not Found)
OMOG..11/11/03...0.009.....0.016
TWW....9/03/03...0.83......0.64
UAX....9/11/03...0.16......SNF
ADSX...9/22/03...0.48......0.61 (seems 1:10 R/S occured)
DSLN...9/30/03...0.54......SNF
SMTR..10/02/03...0.20......0.31
TGC...10/14/03...0.94......0.25 (volume was 0)
CNTV..10/21/03...0.85......SNF
IMNY..11/03/03...0.96......1.50
SWTX..11/17/03...0.96......1.73
ECGI..12/12/03...0.88......0.58
ISO...12/16/03...0.48......0.44
UAX...12/26/03...0.25......SNF
ALAN...1/28/04...0.95......0.44
ECGI...2/19/04...0.95......0.58
RCO....2/24/04...0.62......2.87
INTZC..3/04/04...0.84......SNF
RWNT...3/12/04...0.021.....SNF
HEC....3/30/04...0.90......0.50
AAC....4/22/04...0.84......0.72
ONEV...5/21/04...0.104.....0.071
GNOI...6/28/04...0.62......0.065
AAC....8/13/04...0.52......0.72
RIRI..10/8/04....0.15......0.10
WOLV..11/16/04...0.94......1.14
UVSL..12/16/04...0.78......0.0016
The following is the scenario I hope for (cannot be more affirmative yet). Let's see if it does or not happen in time.
For this to become something else than a toy, considering progress made over the last year or so, I would not be surprised if, sooner than later, the company decided to implement a serious R/S so the PPS and volume of O/S reflected a more serious company being re-established.
A first step could be a 1:100 R/S (25,000,000 O/S) would make the PPS + or - $0.17. (fist half 2005)
A second step would be to generate a positive bottom line (end of 2005 or early 2006)
A third step could be a second R/S (1:10) to bring the PPS of 3,000,000 O/S in the dollars range (2006)
Finally, the stock could be taken to a real market such as AMEX as an example.(end of 2006).
Therefore (recent moves justifies trusting management) playing this stoch LONG (2 years horizon) make sense.
However trading it in and out along the way is a game that many may play making money along the way.
One more thing,
IF THIS IS TO BECOME AN INVESTMENT:
- A major restructuring of the financing will also be implemented,
- Matin will remain a large shareholder but will not control 50%+ of O/S's
- New INVESTED "business mansger(s)" will join the venture
- The company will become managed as a "real public company"
A lot to hope for but the basic assumption is that events lead Matin to FINALLY UNDERSTAND that the presumed $40,000,000 + company cannot anymore be a "one-man-show", managed by a "Jack-of-all-trades".
Either 2005 will be nice (Lot more shares but stil an interesting profit/share) or it will be a very long nightmare.
Let's hope for an happy new year ...
Posted by: pual
I haven't change my mind. The following has to happen. Otherwise we will keep debating the "sex of the angels" forever.
Date:12/2/2004 Post #of 6642
Step 1: FY2003 audited financials (Were past PR's accurate)
Step 2: Reporting to SEC (Get back some credibility)
Step 3: FY2004 audited financials in due time (Veltex would then become a credible company and shares would go from "speculation" to "investment".
Step 4: Listing on AMEX (Q2 - FY2005 ???)
Step5: Then EPS for 2005 would become relevant. Till then it only would become the content of another useless PR from Matin.
Price/share along the way will be function of what we will learn regarding 2 issues:
1- Ownership of Veltex Mills
2- Number of O/S
Till we get to know all of the above, VLVX will remain a speculation and price/share will remain reflecting the interests of traders and MM's (spread of 25 to 50 cents by the end of the day yesterday) and go up and down based on rumors.
CORRECTION:
"$0.01/share right now means a bottom line profit of $20,000,000."
"$0.01/share right now means a bottom line profit of $1,000,000 amnd a multiplier of 20".
Far from there as of yet but ...
$0.01/share right now means a bottom line profit of $20,000,000.
This can only be hoped for on a long term basis ... Very long term basis probably.
However, Market Manipulators playing the technicals could enginneer a PPS spike and then decision to stay or sell will have to be considerred.
Be careful.
"I do not know if he will fully succeed, but I think he can do it."
This is also what I tend to beleive. Let's hope he will be smart enough to partner with someone having the complementary skills he doesn't have personally... "Better Share in a success than fail all by yourself"
"I fully expect to be called all kinds of names for this post,"
Every possible opinions and beliefs have been expressed herein. Therefore, whatever happen, you will have some saying; "I told you so" and the most stupid ones will "call al kind of names" on those having supported a different opinion.
Whatever the future with Veltex, my opinion is that:
- 33.3% are wrong in their forecast,
- 33.3% are right in their forecast and
- 33.3% are honest enough to admit that, based on what is known, they cannot forecast ... just hope for the best, understanding the risk.
Note: The missing 0.1% is Matin and he doesn't post herein (MHO)
Best of luck to you and all.
"anyone who takes the traditional buy-and-hold approach with this stock will absolutly lose their shirt long term."
May be yes ... May be not ???
However playing short or long, no one should put his shirt at risk.
This is to be played (long or short) with money you can spare easyly.
From the pictures I saw, Veltex Mills plant is a wide/long one story high plant.
That's should secure employees but from what I saw, let's hope they do not have a fire. It looks as if the whole facility is made out of wood.
"It's all to obvious that some of you dont understand what investing in a PinkSheet company entails .."
Personally I do not think one does INVEST in a PinkSheet, non-audited, non-reporting stock. One does speculate, hope for the best and does very well undertand the risk.
I for one am a more than 5 year old long, regularly pissed by Matin's behavior but I now THINK I KNOW that there is a company behind this stock (quite an improvement on the past) but still wonder what it's realy all about.
Sitting on my shares (passing for the moment on a 150% potential profit... at least for some more time (unless events prove me wrong ... hopefully before I drop below my cost.
I very well understand those that gets (honestly) mad at the current situation and also understand those beleiving that tremendous profits do lie ahead.
This being said, escaping right now, taking a profit hopefully, is certainly a smart thing to do ... A profit is a profit.
Staying in (hopefully with money you can afford to loose) is also vey much acceptable if one does understand both the very high risk and very high profit potential.
Matin obviously did build a business and that most will agree with.
The question is: "Did he in the process mismanage finances and cripple it mortally?
FY2003 audit would be nice but even then, it will tell just a story that reflects the old state of the company (at least we will find out, hopefully' if reported facts are compatible with what Matin then said.
Till we have FY2004 audit (if before it reflects a one year old story again), this will remain a speculation, particularly considering recent unexplained events.
Never considering current number of O/S (2,x00,000,000)
For a capitalisation of $ 2,000,000,000 + to be justified (fundamentals), assming an optimistic multiplier of 20, the company should show a net profit of $200,000,000 onsidering current number of O/S.
IF this thing hits $0.01 within 2005, someone having bought at $0.001/share would have multiplied his SPECULATED capital by 10.
For that to be (only considering fundamentals again), a profit/share of $0.0005 and a multiplier of 20 would be required. That's a profit of (2,000,000,000 X .0005) $ 1,000,000 over 12 months.
Still quite far from that but:
- I like what the management does
- Speculators and traders may provoke a PPS spike to 0.01 per share.
Remember I as anyone else "speculate2 here... based on few information I received over the last few years.
I may be as wrong as anyone but I think Matin is a good operations manager and a bad business manager.
I heard that he didn't listen to the advices he received (up to recently at least) and made foolish costly moves with unjustifyable optimism.
Where he was less than honest is when (during the last 18 months)he did hide his problems and even mislead the market by behaving (PR's) as if everything was fine, hoping the situation would get better before he would get caught...
I had 3 daughters and they all tried this on me over time ... not knowing that their lack of experience was just getting them in even greater troubles ...
Bottom line I beleive (naively may be) that the results (if we ever get to them) will not be as great as we were led to beleive but not as bad as some suggest they will be.
With luck, we shall know by mid next year... I hope.
"it's just going to be too much work for the size of the crime."
This is exactly what I referred to many times in here.
Not that I like it but I very well understand that SEC barely have enough ressources to handle the "serious crimes" involving billions and none whatesoever to look into small possible misbehaviors which may have allowed a few millions to have been taken away from shareholders having accepted to "PLAY" the stock of an unaudited, non-reporting company.
This being said, I (call me naive) do not beleive Matin to be a crook heading a scam.
My beleif (supported by info I got from people who worked with or close to him) is that Matin, thru lack of competency, got burned and consumed a lot of cash he did not have.
At one point (recently I think) he had to face reality and accepted to listen to advisors (that would be new with him) telling him to clean his act or go under.
If so, getting his story lined up with facts (many he had been hiding such has morgaging assets without saying it) before reporting accurate pictures of the situation means a lot of work that Matin keeps under estimating... as always.
Ownership of Veltex Mills is certainly quite an issue to resolve. I personally he once owned it (may be even 100%) but cannot say that anymore having given it (partially at least) one loan after another over the last couple of years.
Incompetent but not stupid, I assume he has option to get it back and I suggest that's what he tried to do last August (18,000,000 shares).
"I expect that there will be another 18 million shares issued sooner or later for the mill"
I do not know where this issue does stand right now but I have to assume that it wasn't resolve thru a BOD resolution last sping.
Therefore, the 18,000,000 shares number cannot have been the same later considering the PPS went from $0.75 or so last August (when the 18,000,000 was mentionned) to $3.75 + sometime since to $2.00 more recently.
IF shares were issued to resolve the Mill issue, the real number of required shares varied (reduced) with the PPS varying.
Seems quite logical but in this situation logic doesn't always prevail.
May you be right. I also beleive this to be possible.
The resolution specifically called for 18,000,000 POST R/S shares.
As I often mentionned earlier, SEC obviously has bigger fishes to fry.
It was effectively 18,000,000 last August when the price was less than $1.00/share.
The question is what was or will be the used price/share whenever this issue was or will be resolved?
Were the recently issued shares (4,000,000 from Raw's source, then 500,000 more within the following 2 weeks) all related to KCA?
Only Matin could help in answering and he obviously is not ready to do so as of yet .
No way my friend.
However, following recent releases, $0.0019 (capitalization of $4 millions) is still a not bad BET, remembering it's a SPECULATION also !!!
This seems to be a nice play. The management seems to play it right for the moment.
Let's see where that leads us ???
Let's hope you're right.
IVOC = close to 10,000,000,000 O/S !!!
If you enjoy such stocks look at ADVC. Only 2,000,000,000 shares outstanding and this is a busines simingly coming back from a totally desperate situation just a few months ago.
I bought 1,000,000 at $0.001 just for fun a few weeks ago.
You may very well be right. As I said, I stood to be corrected on this subject. It would obviously be much preferable to have both FY2003 and FY2004 but I do not think it would be mandatory to have both.
In any case I wonder how "near" is the "near future"?
"Veltex is currently undergoing its 2003 audit, which the company expects to be completed in the near future."
Based on last year experience it could be right around the corner or 1 year down the road ???
However, I somehow beleive that it (FY2003) will be issued before the end of the month.
I hope, this time it will have required credibility ???
"2003 as well?"
I stand to be corrected but I think that IF a serious FY2004 audit was to be produced, FY2003 may not be mandatory to get an initial listing on AMEX (let's say).