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If an hypothesis of mine was to be proven (restructuring of the ownership) it could also explain delays.
I wouldn't bet on any date.
It could be tomorrow or in 6 months or never.
Who knows???
If history is to be repeated (I however doubt it) holding our breath could be realy tough.
I do not know when the last audit (???) was officially announced but in February last year, PR's were referencing it.
It finally came out on January 6th the following year.
Veltex Corporation's current audit is expected to be completed by March 31, 2003. Audited financials will include the assessment of full year 2001 and 2002 financial records.
(abstract from a PR made on Feb.25, 2003)
Veltex Corporation (OTC: VLVT - News) announces the final touches are being finished on the audit, and should be completed within the next 10 days.
(abstract from a PR made on April 2nd, 2003)
The numbers released were the preliminary financials and the audited financials will be available to the public in about 2 weeks. Veltex apologizes for the confusion. The error was a communication mistake.
(abstract from a PR made on April 18th, 2003)
The progress with the audit continues to move ahead but is taking longer than anticipated. So far, there have been no accounting irregularities found and everything is going as intended.
(abstract from a PR made on June 10th, 2003)
Matin said the company expects that the audit of its 2002 financial results should be completed within the month, and the company expects to release its unaudited 2003 quarterly results in conjunction with the annual financials release.
(abstract from a PR made on Nov.11, 2003).
I do not think we disagree. I just wanted to say tha from now on, shares are worth 100 times more than before, understanding that there are 100 times less of them.
My point only was to say that discussing in term of hundred million shares right now is ridiculous.
There was 2,000,000 shares right after the split and there are now 7,000,000.
No intent whatesoever on my part to say that there was no 3.5 to 1 dillution or so since the split.
If my $40,000 car get depreciated by 25% I would sound preety stupid expressing that by saying the value went down 1,000,000 pennies (even if it's true).
Now if you want to discuss future and consider potential for dilution, the fact is it now (since the R/S) could be up to 100 to 1 where as it was nil right before the R/S.
If that was to happen, the number of shares would be 200,000,000 (not very appropriate saying 20,000,000,000).
"500 million shares out versus 200 million..."
This is looking at present (post R/S) using past values (pre R/S).
As if I was saying I paid my car 4,000,000 pennies insted of $ 40,000 ???
A very happy new year to all and I mean all.
My view of Veltex in 2005?
Within the next 6 months the cat will be out of the bag, some in here will have been right and some will have been wrong.
To me, those trading in and out are irrelevant but I respect their game and wish them the best.
Personally I have been and intend to remain long till the full story comes out, keeping the option to "escape" if the stock goes under $1 (by the way, $1 or 4 quarters to me is the same (referring to the ridiculous debate of pre vs post R/S ???)
Within the next 6 months, of two things one:
1- The story will come to an abrupt end, leaving those with shares on hand in the emptyness, having no recourses whatsoever (SEC, in cirrent days has much more interesting fishes to fry and in such a scenario that's what Matin and few other bet on).
2- More likely however (JMHO), Veltex will become a much more normal, audited, reporting company and will stop being a ONE MAN SHOW. IF what seems to be going on now (claimed audit, number of shares getting issued, ...) ends up being true, Matin will become a large shareholder (will not have full control) of a restructure company, following repair of past errors and hidden facts (some could call them lies).
Fortunately, my next mandate will get me on the road for these next 6 months. This will allow me to be much less involved on a dayly basis trying to debate opinions (some will certainly appreciate) and trying to figure out logical explanations for apparent illogical behaviors.
I assume that next August (at the end of my mandate) I will have figured out if this ended up being a great or bad SPECULATION.
In the first case I will enjoy a portion of a large profit, riding the other portion as I do for my other INVESTMENTS.
In the second case, I will take whatever loss I have to and have had my money worth of fun following this story and debating on this board.
Again, May 2005 keep all of you and your close ones healthy (the only realy important thing in life) and bring you financial success, with or without a contribution from Veltex.
Let us pray !
I do not say i'm right and you're wrong ... Who the heck knows.
However, the profit and accumulated cash is all in bengladesh (see 2001-2002 audits for whatever it,s worth) and putting up the USA based operation (offices, personnel, shows, travels, ...) took a lot of cash.
My hypothesis is that, instead of "importing" cash from Veltex Mills (assuming he could have) and pay taxes, Matin borrowed from Veltex Mills.
In my last job (a multinational) Canada made a lot of profit and other countries had it much more difficult. We endedup loaning other country based companies, us showing a great balance sheet (accumulated profits and loans to collect) and them showing quite an ugly one (accumulated losses and debts).
Overall, the international head office (there was no issues related to ownership in there) look at it differently but the ountries that owed felt the pressure anyhow.
In our case, we do not realy know what the ownership sitiation was or is between Veltex corp, Veltex Mills and even KCA. This (If the above hypothesis is reality ???) makes it quite a different story ... may be.
FWIW ... any scenario being possible.
"It is possible he is trying to build a real business"
I was told by at least 2 sources that this is the case.
"dishonest, unethical and deceiptful means"
At least one person who was very close to him and had reasons to be real negative toward Matin, qualified him to be an honest hard worker who didn't listen to professional, experienced advice. This person added that Matin did not understant the Americanculture and even less the implications of managing a publicly owned business.
You may very well be right but another possibility is also that Matin realy digged himself into a financial hole, did hide about his problems (it took him a long time to finally admit publicly that he lost "his underware" (LOL) with his transportation business). Unduly optimistic he kept hoping (dreaming ???) that he could recover rapidly but failed at doing so (Like a kid trying to clean up a mess before getting caught).
Incompetent more than outright dishonest, I suggest he recently have hit the wall and had to either go under or restructure into a real business (audit, report, resolve ownership issues,...).
Thru this process (with the help of few financiers beleiving that this is worth pulling him out of his miseries) he will accept to loose control of the business and will share it with few other large shareholders (better than going BC).
IF Matin is not a crook, I think his dream (building an empire and keeping full control of it) is over and reality finally got to him.
Let's hope this scenario or hypothesis to be THE one, otherwise ???
I do not dispute whatever OPINION anyone can have relative to Matin.
Is he a crook? May be.
Is he a shitty business manager? Probably.
Did he get in trouble,thereafter lying trying to hide problems and being optimistic that he could resolve them rapidly?. That wouldn't surprise me.
What is the thruth about this apparent mess? Who knows.
Based on what we realy know, anything is possible.
This is just a speculation, may be even a bet and nothing yet close to an investment.
I often outline positive scenarios (50% probability) but I do not thereby discount much more negative ones.
You may be right...Who knows?
IF (as usual) claimed numbers are proven and audits (both) perform, getting listed on Amex should not be thay great of an issue. $3.00 a share is more than likely IF all this IF's turn out to be facts.
As for Dan, he probably got mad having issued PR's that were not followed thru and even worst if (as some before him) he did not get paid or received cheques that later bounced.
Sitting on my shares, waiting for the outcome ... whatever it will be.
Looking at what this compant will have acheived in 2004, it will be interesting to find out what they can do in 2004, from a healthier financial position.
Unfortunately the number of O/S's does greatly limit the attractiveness of this stock for newcomers to buy in.
Looking at it differently however, considering current PPS and the number of O/S's, capitalization is only $ 3,500,000.
It doesn't take much to justify a capitalization of $10,000,000 or so (PPS of 0.005 + or -).
Just wanted to remind what the PERCEPTION of the situation was last year at the same time and share it with those that weren't around then.
Itlooks to me as if not much has changed over the year.
Here is a last ont which doesn't sound totally out of date ... one full year later:
Posted by: veltexisprofitable
In reply to: None Date:12/29/2003 8:08:08 PM
Post #of 6456
more veltex info...re the audit
javeed said (he wants to get the audit out before the end of the year if possible....it depends on the bank.....they are waiting for 1 last piece of paperwork/info)
he said (THE AUDIT IS REAL AND IT IS COMING, "IT HAS ALREADY BEEN PAID FOR") and he's doing it because audits are needed for any company financing.
I CAN"T BE ANY MORE CLEAR FOR THE BASHERS.......HE ALREADY PAID THE ACCOUNTANTS!!!
obviously he can't give me #'s or details(nor would i ask...lol)....info has to be public n not given to one investor, but he tried to be very helpful
THIS IS AN AMBITIOUS MAN imo.....n i aint pumpin', u all know me....i've been negative as much as positive in my past posts....lol
but at least now i can say i've met the man n make my decisions with a bit more confidence
i 'm not tellin u to buy, sell or hold....i'm just giving u what i've seen. make ur own decisions. if u don't like what i post, drive there urself.
seems 11:30 - 12:00 is a good time that javeed might be in.
ohhhh.....their business cards nice also.....
Posted by: veltexisprofitable
This also was 1 year ago today (history for newcomers)
In reply to: None Date:12/29/2003 7:42:57 PM
Post #of 6454
well, i'm back from visiting veltex today and........
a few things for u all.....
1)i learned years ago to never critisize a man til i walked a day in his shoes. sadly i did that with javeed. i've said things before meeting this man. After meeting kelly, a driver, mr. mazhar u. haque(accounts controller), and mr matin today i must admit i had few facts correct abot them in my mind......ok , i was wrong....lol
mr. haque was an incredibly nice man. tried to give me coffee, showed me around the office and warehouse and spoke w/me about the company while trying to answer any questions he could. u couldn't find a nicer, more gentle man. i was a bit early so he chatted w/me until mr. matin arrived.
kelly was quite nice also, she came in from a short break as i arrived to say hello to mr matin. she has lite colored hair that is to around her shoulders. we joked about a few calls i had made to the office asking if it was real....IT IS.....lol
the driver seemed nice, just a bit more quiet n to himself than the others.
mr matin......GRACIOUS with a capital G.........invited me upstairs to his office(which is modern and homey)he has a large desk w/a comfortable looking chair n in front were 2 chairs(sorry for the details, just tryin to give u all i have)
behind those many feet back were more chairs/seeting(couch), looked like someones home. his office is HUGE. i'm sure clients are impressed.
ohhhhh......kelly, mazhar, etc are downstairs, street level...the office is in a VERY NEW LOOKING industrial park near a shopping center in a neat little town. they are near the end of a dead end street and the office is in the rear of the building(corner office with lots of glass so u can see right inside as u walk up)
i think there are 3 desks(if i recall correctly)downstairs and there is a door that leads from the office to the connected warehouse which had loads of packaged boxes inside(alot of warehouse space) and very high ceilings in case they needed to stack.
the trucks, i was told were on the road.....(but as i stated, i did get to meet 1 of the drivers)
there is alot of room for trucks and there were many there loading for other businesses in the park.
the office is "decent" size but the warehouse n javeeds office are "big".
there is large colorful lettering on the building spelling out "veltex" with the same graphics as on the website.
by the way,
black leather office chairs and flat monitors(computer)....quite modern
oh, back to mr. matin......
he talked n listened n never once tried to rush me out the door...lol
i finally decided to leave so i'd miss l.a. traffic.
i saw what dougieie meant when he said he can see it in his eyes.....he's AMBITIOUS AS HECK!!!
he pulled up in a dark mercedes, but it didn't look like brand new, nice but not new. kinda square shaped unlike the newer more rounded ones......so bashers, no sportcars u idiots!!!!
in stature he's not so tall, and he wears gold colored rimmed glasses(but i am colorblind....lol)
he carries himself well and has a very likeable way about him
more to come....tired of typing...lol
scott
Does that one seem 1 year old?
Posted by: veltexisprofitable
In reply to: None Date:12/19/2003 12:52:47 PM
Post #of 6453
so all...any new info on the audit? last we heard was it was waiting on approval, any day..........
He! After all I would have had a great 2004 with this stock if I sold right now (333% gain wouldn't be bad) !!!
Abstract from a post I wrote 12/29/2003 (Seem still up to date).
"after all the missed commitments made within official releases by the company during the year, none can yet say for sure that he knows for a fact that this is a scam, a reverse scam, a company having trouble getting its act together or anything else."
"Very honestly, if I was not already in, I certainly would not take that bad a risk throwing in $1,500 right now, but since I am already in, I certainly will not take the risk of saving $ 1,500 or so, to later find out that I left $15,000 ($ 0.06/share) on the table." In today"s term read $0.60/share).
"Assuming that there is something behind this stock, what would it take for the PPS to be worth that much?"
"Let's assume that there are 175,000,000 shares out there. A $ 0.06 PPS would mean a total capitalisation of about $ 10,000,000."
"It wouldn't take much for such a capitalisation to be acceptable by the market. The company would not even have to be able to show a profit to justify that. As long as some optimism can be justified re: long term potential of the company, such a PPS would become very acceptable."
"What I keep asking myself is:
1 - Who bought most of the last 150,000,000 shares issued by the company within the last 18 months?
2 - Why did they beleive it was worth doing it?
3 - How many shares does Matin control directly (or indirectly)"
"If I was him, would I work that hard to net few hundred thousans dollars or would I set myself up to make millions some time later?"
"Assuming the later, wouldn't my behavior justify a very small PPS so I can accumulate (directly or indirectly) as many shares as I can (percentage wise)?"
"Is that what we see?"
"Contrary to the MOUSE, the FISH and the other such animals herein, I do not pretend to know."
"But even assuming Matin to be the crook some claim him to be, I can imagine a scenario justifying him to be an even bigger one."
"That does bother me and I intend to see the bottom of it."
"In summary we face 3 potential outcomes:
1 - Matin is a small crook working hard and running great risks so he can make few $100,000. Many pizzed off shareholders would try to get him in trouble causing him to at least incur legal fees.
2- Matin is a big crook having a strategic plan to cash in millions longer term. No one could have a viable legal case against him, assuming they even would care having made money themselves.
3- Matin is an honest hard worker, having seen to large a future, having met crooks on his way, having difficult time getting his company back on track, not being as smart as desirable but still smart and honest enough to try to pull out of trouble. Then we face two possibilities:
3a) - He succeed.
3b) - He fails."
"Whatever scenario you want to pick, you can only doubt."
"ROLL THE DICES... and GLTA in 2004!"
I beleive the PPS will slowly go down, as low as $0.75 if times permit, till serious information becomes available.
If FY2003 audit comes out soon and it does confirm company generated past claims, we may see a spike back up in the $3 - $4 range.
But this will be just that, a spike, and FY2004 audit will be required for us to know what our shares are realy worth ???
As I said earlier, there may very well be a simultaneous release of both audits.
All of that if an audit is effectively being performed.
"I wonder how Matin is about paying his bills to these people?"
From what I found out in the past two main reasons why people cannot stay around Matin:
1- He doesn't listen
2- He doesn't pay his bills (or cheques do bounce)
V.Duff (both reasons), Paul (number 2 mainly), Investrend (number 2). Do not yet know about the others.
Another thing I found was that Matin effectively operates with large "cashflow" shortage notwithstanding loans (garantied by assets) growing all the time.
I effectively beleive that Matin is only interested in large shareholders and that is probably why he finally understood that cleaning his financial mess, having an audit performed, reporting to SEC and getting listed on a real stock market was the only way for him to get ahead with his plans (most likely not having total control anymore).
If this HYPOTHESIS is right, I suspect performing a real audit will involve cleaning the house (loans, ownership, ...) before audited financials of significance can be produced.
I even beleive that audits of both FY2003 and FY2004 could be issued simultaneously sometime in first half 2005.
Just putting out FY2003 would probably look quite bad (if done honestly since it very well could show that the claimed numbers were including those of outfits we did not even realy own (Veltex Mills, KCA) at the time.
Current major growth of issued shares (MY OPINION) are reflecting the house cleaning operation I describe in here.
On the other hand, what do I (we) realy know?
Got the same answer to a question of mine yesterday.
The least we can say is that people move in and out quite fast around Matin.
Wonder why?
This time you realy talk without knowing.
I called twice (once after your private message) to no avail.
Oh by the way you do not have to beleive me.
Almost answered you but what's the use.
You only take out what fits what you want to support.
Enjoy yourself and have a good year.
One of us is probably right but who ?
May be future will tell ?
This is effectively what did happen according to a source that was close to Matin at the time.
He has been taken thru quite a ride and hate his socks.
He also got f... by the owner of Go Vacation
Did the same before I did ask.
I also ask the company but had no answer as of now.
Thanks
Nice recap for newcomers.
If I may:
"Three days for the audit"
I wouldn't bet, whatever the odds considering the last PR:
"Veltex is currently undergoing its 2003 audit, which the company expects to be completed in the near future."
I very much doubt he meant this year (as he did before).
I do not know but for someone to dump $60,000 buying the stock of a non-audited, non-reporting pinkshett company he either is extremely rich, a sick gambler or someone who knows more than most.
Very much doubt the first 2 ones but assume that he probably knows more than we do.
As most messages herein, this is an opinion and no one can verify it ... in this case, not even in the future.
What side ? Buying or selling ?
2:19:36 PM
Trade $2.0354 X 28,700 shares
???
We all knew for 3 months that Matin wanted to issue new shares (up to 18,000,000) to acquire or recuperate Veltex Mills.
As for daylu trading it certainly did not demonstrate that new shares had or not been issued. As a matter of fact, even today, we only heard (read) of a float of 1.3 or 1.5 million shares.
Finally related to the behavior of the company, up to now, it's always been very deceptive and only serious audits (hopefully revealing the arrival of new directing shareholders) and normal reporting could change this fact.
Personally, till something credible and verifyable comes out, I see the odds to be 50% that the PPS will drop and 50% it will go up because we have no clue what's going on behind the doors.
These supported possibility number 3 ("3- He found something no one else could. I even offered hypothesis which could have explain his quoted 6,000,000 number, assuming it was right.")
Many other reasons could justify both possibilities 1 and 2.
Hopefully, putting in doubt whatever is read an an anonymous message board and not verified, is not only a characteristic of mine.
If telling someone that repeating the same unsupported information, time and time again is "wagering a losing battle". I effectively did.
However, all I said was that the unverifyable affirmation of RAW was of 3 thing one:
1- He was lying
2- He had been lyed to
3- He found something no one else could. I even offered hypothesis which could have explain his quoted 6,000,000 number, assuming it was right.
Now we know it was but still have no clue what these additional shares were used for.
If I did beleive everything I read because it's repeated time and time again, I would bet the house on Veltex, based on Matin's UNVERIFYABLE claims.
Melissa Barras, General Manager, has many years of experience in management and administration.
Anyone knows when this person came on board?
To keep on going on assumption, I prefer looking at it as follows:
1 "So you are assuming that the 4+ million shares went to KCA Garment"
I am assuming these were used to reimburse loans made from Veltex Mills over the last 2 years, putting our ownership as garanties.
"completing" the KCA purchase, may only have involved the most recent 500,000 shares we just found out about.
2- "That part of Veltex Mills that we do not own is worth 18 million shares according Matin's proposal"
That was true in October when the shares were worth less $1.00 ($0.01 X 100). More recently, shares were worth close to 4 times the then current market price.
3-"What about the financing that Matin was looking for at a 50% discount?"
To my recollection, he did stop the process quite abruptly. I suggest that thru this effort to get short term financing against discounted shares, he met someone who made him understand that time had come to normalize the company and stop operating as an amateur hoping for the best and running short of time and ressources.
I suggest lots of answers but realy have as many as most in here (assuming some do know more that I).
By building Veltex Corporation in this fashion, he gave the company these unusual advantages: "A credit line supported by revenues from Velvet Textile Mills." (source: http://www.otcgrowth.com/showcompany.cgi?companyid=00000008 )
My thinking (Hypothesis as usual) is that trying to create an empire made of multiple synergetic components (see Dec.2002 business plan) he created a hole into which consumed a lot of money (he already admitted the transportation disater) forcing him to extensively use the said credit line.
I suggest that may be the recent instateneous growth of 4,000,000 shares (worth more or less $10,000,000) was used to re-imburse his loans from Veltex Mills, before he can have acceptable audits produced.
As for the most recent 500,000 shares, they may have been issued to complete the one year old purchase of KCA.
The next few months should be quite interesting ... ONE WAY OR THE OTHER.
An optimistic scenario or hypothesis about what could be going on behind the doors:
First hypothesis is the whole Veltx corporation effectively produces the claimed financials.
1- After a couple of years trying to survive, building a U.S. based distribution set up and many errors and bad decisions, consequences of lack of realism and understanding of the environment,
2- Matin got to the point where he has a valid operation and continuous cashflow problems are getting him in an increasing difficult situation.
3- In urgent need for new fundings, he finally realize, from discussing with someone having the needed funds, that the only way out is to normalize the company. This also happen to be the timeframe when the new commerce agreement between Bingladesh and USA was announced.
4- Sometime in last October he gives in to his potential investor and accept to do whatever is needed to normalize his situation (get the ownership question resolved, clean the books, have a serious audit performed (FY2003 initially, the FY2004, report to SEC)
5- Then get required fundings in return for shares (yes even more shares).
IF SO (What do I know?):
1- some time in first or second quarter next year the real picture of what this is all about will be known (I assume that we then will find out that 3 to 4 million new shares will have been issued (total of 10 to 12,000,000 and Matin doesn't have control anymore).
2- Profit/share is more or less $0.50, justifying a shor term PPS of about $5.00 (mid 2005) growing normally with the business results.
If this is not what is going on behind the scene, then quite soon we will again see PPS of $1.00 or less.
Downward potential as of today $1.00 to $2.00.
Upward potential as of today $3.00 +
That's called a speculation.
Best wishes for 2005 ...
For those interested, Comilla (where the plant is) is about 50 miles from the sea, right on the border of India and the waves did absolutely were not a factor.
See MAP at : http://www.lib.utexas.edu/maps/bangladesh.html
Great check point. Nothing to add.
Since we are in guessing mode:
MAYBE 4,000,000 shares were used to buy Veltex Mills (or whatever portion of it we didn't own as of last August 25th)
and MAYBE 500,000 more were used to "complete the purchase of KCA.
Whatever the case, we have no clue where these shares went.
It may end up being a pure theft by Matin and his close ones, it may be a step toward normalizing a less than honorable string of hidden facts and events or anything we want to IMAGINE.
Personally, I tend to beleive that:
1- Matin dreamt in 2002 and embarked himself on a grand synergy scheme
2- He had tremendous financial dificulties (at least with his transportation adventure) and had to borrow against assets he had (Veltex Mills ?)
3- Badly needed cashflow to keep going
4- Finally understood he needed clean books, audited and reported if serious funds were to be accessible
5- Got his auditors and lawyer at work trying to clean the mess before anything could be done in view of becoming a normal company.
And that's where we stand, waiting for them to finalize the cleaning.
This being said: What do I know?
"Gee, what do you know"
Read my lips:
"I (WE) know fuckall, not having ALL THE NUMBERS"