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That's what II was afraid of:
This Status Date: 09/15/2004
Thanks anyhow for the reference.
May I suggest you do not hold your breath?
Thaks, very nice information. I just hope the site has been updated considering the R/S only took effect yesterday.
Javeed Matin, Chairman and CEO said that "we believe this is a critical step in gaining investor confidence as well as helping with further expansion of our Company."
Could it be that he finally listenned to those shouting that goinf back to the V.Duff days?
Or is it another of these apparent lies he seems to be throwing around carelessly (ownership of Veltex Mills, audits being done, ...)
Time (again) will be the only way to know.
I wonder how long it would take to produce audited results for FY2003.
I also hope that the report will be something else than the production of a copy of a document handed to the auditors by the company (Matin) claiming it was generated by an unnamed auditing firm (see Anne Tahim covering letter of the continuously referred to audit of 2001 and 2002).
As some Floridians would say: "Are we in the eye of the storm or is it over" ... till the next one?
I assume we will have to wait and see. Opinions are conflicting.
Gee! surprizing, we now have a new question regarding this stock...
BAU I suppose...
I think that the spread of the PPS we saw yesterday made MM's and traders very active and many shares were traded in and out a few times. Therefore we have no way to know how many shares effectvely had changed hands at the end of the day.
As for the number of A/S, I am being told by my broker that it may very well still be 200,000,000 but it all depends on the specific wording of the BOD resolution implementing the R/S. He estimates that it would not have been smart on the part of the BOD not to protect this flexibility (200,000,000 A/S) for rainy days(he has his ways with words !!!).
One of the very significant information we should get soon is the number of O/S that will be out there, let's say 1 month from now. I for one expect to see it much higher than $2,000,000, even higher if Matin finds the financing he is looking for (giving shares in return). I already can see his justification turning around his already set argument of financing his rapid growth to sales of $100,000,000 ... not even giving us access to confirmation of the financials already claimed but unaudited.
The most important statement of yours is: "If this Javeed character can get his act together, ...". I however do not hold my breath.
"Most r/s issues I know fall back fairly rapidly."
I prefer to wait a few days before I conclude that the R/S hurt us or not.
Imagine a new comer finding out about Veltex this morning. He read:
"announced the completion of a 1 for 100 stock split ... major step in its ultimate goal of becoming a fully reporting security on the NASDAQ exchange"
"2 million shares outstanding"
"second quarter net income of $2.0 million, or $1.00 per share"
"net sales increased more than 180% to $21.0 million for the six months ended June 30, 2004 from $7.4 million for the same period last year."
"Earnings for the six months ended June 30, 2004 were $1.43 per share based on the current shares outstanding."
"Veltex raised its sales guidance for
2004 by 60% from its previously announced estimate of $25 million to $40 million. Net income for the full year 2004 is projected to be $6 million or $3.00 per share."
"Audited financial statements for ... are available at the investor relations section of the Company's website."
"goal of raising sales over $100 million annually"
Then he went to see the market and saw that from a close friday at $1.01, it opened at $1.25 today and became $1.50 the $ 2.00 within less than 30 minutes.
WOW! did he say, I found a great one here.
As many he will figure out what this realy is (potentially incredibly good but also quite high risk considering how it's being managed.
Then we shall see.
Let's see what close will be friday next week before we get reassured somewhat.
This being said, we went thru the first day with no apparent damage.
Effectively it was on the other board and it read, looking at the other side of the day:
Interesting trades around 11.27 this morning (between the 2 trades at $ 1.05):
11:31:44 AM Trade 1.05 100
11:27:56 AM Trade 0.7 2500
11:27:10 AM Trade 0.68 4000
11:27:06 AM Trade 0.65 15700
11:27:04 AM Trade 0.7 1000
11:27:04 AM Trade 0.7 1500
11:26:58 AM Trade 0.65 2000
11:26:48 AM Trade 0.7 500
11:26:38 AM Trade 0.65 510
11:26:26 AM Trade 0.7 510
11:26:12 AM Trade 0.65 2500
11:25:50 AM Trade 0.65 1000
11:25:40 AM Trade 0.7 1000
11:24:56 AM Trade 1.05 4500
14 trades = 32,720 shares = $ 21,739 (all within 2 minutes 16 seconds at an average PPS of $ 0.6644/share))
Someone was in luck or
Someone did loan $ 20,000 to Matin in return for shares at 50% of $ 1.30 or so (First transaction of the day was at $ 1.25)
I wonder how many O/S we now have out there as of 11.45 ???
Interesting transactions today (since I did not succeed getting my position reduced somewhat I hope they know something I do not but ...
10:27:56 AM Trade 2 5680 ( $ 11,360)
10:36:20 AM Trade 1.3 7500
10:36:20 AM Trade 1.29 7500 (If 1 buyer: it's $ 19,425)
10:59:42 AM Trade 1.15 5000
10:59:42 AM Trade 1.13 5000 (If 1 buyer: it's $ 11,400)
11:21:56 AM Trade 1 10000 ( $ 10,000)
11:23:40 AM Trade 1.01 20000 ($ 20,200)
11:27:06 AM Trade 0.65 15700 ( Already mentionned this one in a prvious post ... or was it on the other board)
2:35:10 PM Trade 1.05 10000 ( $ 10,500)
As you probably already notuced, the link doesn't work anymore. Someone has just change the name of this board from VLVT to VLXC.
Thanks to him.
I tried to sell 1500 (ex 150,000) of mine and 750 of my daughter (all her shares) at $ 1,80.
No luck up to now.
BS if I ever read some
1- "the Company believes is a major step in its ultimate goal of becoming a fully reporting security on the NASDAQ exchange." ... How do you say it in english: "putting the bull in front of the wagon"?
2- "we believe the stock will appeal to a broader universe of investors.". Why would they now beleive what they did not before. Since when is $100 worth more than one hundred $ 1 bills?
3- "We believe the split will help the Company achieve its goal of raising sales over $100 million annually by assisting in
achieving more favorable financing terms for growth of our current business and strategic acquisitions." A stock split contributes to raising sales ????? assist in obtaining more favorable financing???? Give me a breack. At the closing friday, the market estimated the value of the company to be (capitalization) $ 2,020,000 (including the impact of speculators and traders fooling aroung with penny stocks). Why would a R/S change this perception ???
4- "Audited financial statements for the Company's 2001 and 2002 results are available at the investor relations section of the Company's website." Anyone looking at it will notice that nobody knows who did this audit (see the Anne Tahim's disclaimer) and wonder why 2003 still has not been "audited", 9 months later?
... and that does not even explain why Matin did try to dilute his shareholders to buy something he always claimed we own ???
Let's get serious...
"The only thing I can think of is that he has a basket full of options and is allowed to vote them."
Up to recently I would have tought this illegal even if possible. However, following the Molson's plan to merge with Coor's, I found out that it can be done on a simple majority vote of the BOD.
Obviously shareholders are pissssed but up to now in this case the BOD did not change it.
Matin may be able to control with options, whatever number of real shares he has.
The question then becomes: "If he doesn't have enough shares to exercise control, how did he get to pass a BOD resolution allowing options to vote?"
Questions, Questions, Questions ... Except for hypothesis based on informations that cannot be verified, that seems to be trhe only constant in this situation.
Fear, Uncertainty and doubts (FUD) not being compatible with finance and investment, I doubt that the new PR will generate the enthousiasm we would like to see. Matin can do whatever he wants, till his story is validated in a normal way (audit and reporting), our stock will remain an highly speculative affair that no serious investor will even get close to ...
CREDIBILITY, whatever the market we get listed on, was, is and will remain THE ISSUE.
Till Matin figures this out, all his "incredibly" outstanding PR's are money thrown in the river.
Since we can assume he is not stupid, the question remains: "Why doesn't he do what has to be done"... and the cost argument, not to have his finances audited (considering the claimed financial health of the company) is pure BS.
Finally, behaving as he does and having to search for financing backed by throwing away additional shares are totally incompatible with the financial situation Matin keep advertizing.
This is by far the most ridiculous situation I ever saw playing the stock markets. However it's a speculation (may be even a long shot bet) that I intend to let go and see.
O/S will become 2,000,000 A/S will remain 200,000,000.
Having 500,000 shares of my own (however looking to reduce that somewhat) I certainly hope we could get reliable source (credible audits) confirming statement from the company. Then we could discuss FACTS more than opinion.
Right now the facts are that the market doesn't beleive what the company says and this stock is becomming a toy for traders... unless someone having access to facts uses this knowledge to accumulate ... or dump shares.
Who knows?
"Besides, 200 million A/S is still nothing for a PINKIE"
If these however were to become O/S after the R/S, it would be the equivalent of 20,000,000,000 curent shares.
However 1,000,000 or 100,000,000 shares only matters in relation with the capitalization (value the market gives to the company).
Right now, the market says that Veltex, notwithstanding the finacials reported, is only worth less than $ 2,000,000.
"Show me where it states WHAT corporate information they were waiting for that they did not get??????"
"Veltex Exhibiting at Atlantic City's Promotions East
Jun 10, 2004 (financialwire.net via COMTEX) -- (FinancialWire) Investrend Research analyst David G. Tildesley, CFA, is preparing a Focus report on the company, but has been awaiting corporate information for its completion.
Sep 24, 2004 (financialwire.net via COMTEX) -- (FinancialWire)
Investrend Research analyst David G. Tildesley, CFA, had been preparing a Focus report on the company, but after awaiting corporate information for its completion, it was decided that the company would instead be enrolled into an Investrend Broadcast webcast.
Now if you want to beleive that the "WHAT" is anything but credible legal/financial facts (AUDIT) ... it's up to you.
"Matin said that to become a reporting company would cost $700,000 when I asked him about it."
However he told the following to a poster (Joelawyer) mid-July:
POST 4471: " As far as the "audit" issue, he said that has been frustrating because the large firms want 200,000 dollars to do it and he views that as a huge waste at this point in time since the company is not required to do one as an OTC company. He believes the auditors currently being used are, in fact, credible and very adequate for this stage. "
I personally beleive than $ 200,000 is largely enough for Veltex to have a credible audit oerformed at this point.
I cannot say what for but Matin doesn't want do have his books audited and this is THE ISSUE we all directly or indirectly discuss herein.
CREDIBILITY IS THE ISSUE and it will remain so till Matin decides to stop behaving as if he had something to hide behind his seemingly to nice to be true story.
"Unfortunately there is no independent analysis available..."
Confirmed by this mornung NR: "Investrend Research analyst David G. Tildesley, CFA, had been preparing a Focus report on the company, but after awaiting corporate information for its completion, it was decided that the company would instead be enrolled into an Investrend Broadcast webcast."
"Tell me where I went wrong here."
No where.
To come back to your question about the biggest day, going back to Jan 03,2004, last August 8 was the biggest day ever with 18,404,500 shares traded ... up to today (we went over that number at 11.40)
I have no doubt that the business now exist (quite an improvement over a year ago) however I would like to know how much of it we own.
As for the USA opportunity, why now (even in an unaudited way) not support the argument by showing current results?
I, owning 500,000 shares, obviously want to see it succeed but why does Matin behave in such a ridiculous way? What is he realy trying to do? What is he hiding?
Even worse: Could it be that he is just incredibly incompetent?
What's been our highest volume day?
Only went back 12 months and the highest day was:
09-08-2004: 18,404,500 shares (low of 0.006, high of 0.010) down 0.003 for the day.
Then, may be even more interesting is that 50,000,000 shares were traded within 5 days (12 to 19-02-2004) with a low 0f 0.011 and a high of 0.035 (those were the good days).
Best 2 days then were:
02-17-2004: 16,017,900 shares (low of 0.017, high of 0.025) up 0.008 for the day)
02-18-2004: 11,595,500 shares (low of 0.024, high of 0.035) up 0.007 for the day)
Today (45 first miinutes) we already saw 8,959,308 shares traded at a low of 0.0065 and a high of 0.0088 (last transaction 0.0085 = up 0.002)
I respect your disagreement and certainly do not pretend I know.
However IF (capital letters):
- Sales are that great,
- Profit is that great
- We own the Bingladish facility
Why does Matin plan to dilute the shareholders' value to get funds from anybody, using shares presumably undervalued by a factor of 10 more likely a factor of 20?
Why not spend whatever it cost (low estimate of $200,000 and high of $ 700,000) to get the darn thing audited, then have shares representing the claimed value of the company, then use them to finance normally (institutions, banks, ...) a "startup in USA. After all IF the audit was to confirm this morning PR, these institution would fight to finance Matin at a very low interest rate.
The whole thing (and I do not even mention the aborted plan of issuing the equivalent of 1,800,000,000 new current shares) is to say the least abnormal (I do not say it was a scam all I say is it's something that doesn't make sense ... BASED ON WHAT WE KNOW).
Who is buying big blocks from those selling small ones? Anyone on this board?
9.30 (5 trades) = 765,000 shares
9.31 (5) = 600,000
9.32 (6) = 431,000
9.34 (3) = 310,000
Or do these represent sellers of large blocks to buyers of small ones?
Rec. Time Action Price Volume
9:34:26 AM Trade 0.0088 60000
9:34:22 AM Trade 0.007 150000
9:34:16 AM Trade 0.0085 100000
9:33:20 AM Trade 0.0085 10000
9:32:54 AM Trade 0.0085 101000
9:32:50 AM Trade 0.008 160000
9:32:30 AM Trade 0.008 10000
9:32:22 AM Trade 0.008 10000
9:32:20 AM Trade 0.007 100000
9:32:12 AM Trade 0.008 50000
9:31:38 AM Trade 0.008 50000
9:31:36 AM Trade 0.007 150000
9:31:36 AM Trade 0.007 100000
9:31:22 AM Trade 0.008 100000
9:31:22 AM Trade 0.006 200000
9:30:34 AM Trade 0.0066 500000
9:30:26 AM Trade 0.0075 5000
9:30:20 AM Trade 0.0065 150000
9:30:20 AM Trade 0.0065 100000
9:30:08 AM Trade 0.0075 10000
If that is true (and it may very well be) and Matin is still looking for private fundings diluting current ownership, it means that:
- All of this reports results of Veltex Mills's results
- Veltex USA operation is up to now unsuccessful
- Matin operates both entities as if they were totally independant one from the other.
If so, what do we realy hold as shareholders? What control does Veltex USA realy have on Veltex Bingladesh?
Bottom line, what is that PR realy all about.
Such a financial report, if it was credible (audited/reported)) would absolutely propulse the value of our shares to + or - 15 cents (pre-useless split) overnight.
It will not.
Why?
Only Matin knows (the truth ... whatever it is).
There was one also yesterday to the best of my recolection.
Also, the number of trades (37 today) doesn't seem to represent the number of buyers but the number of sellers. Looking at the timing of the transactions you will noticed that they come in groups:
10.58/9 (2 transactions) = 200,000 shares
11.03 (2) = 210,000
12.01 (2) = 400,000
12.51/52 (8) = 305,000
1.36/37/38 (12) = 1,330,000
3.25/26 (2) = 350,000
These groupings may or not be right but it looks as if someone or few is/are accumulating ... for whatever reasons he"they may have ???
3:48:14 PM Trade 0.0065 1000000
3:47:58 PM Trade 0.006 50000
3:42:42 PM Trade 0.006 150000
3:36:46 PM Trade 0.006 125000
3:34:48 PM Trade 0.006 100000
3:28:36 PM Trade 0.006 100000
3:26:02 PM Trade 0.006 250000
3:25:52 PM Trade 0.006 100000
1:58:22 PM Trade 0.0065 20000
1:55:06 PM Trade 0.0055 50000
1:38:32 PM Trade 0.0052 30000
1:38:28 PM Trade 0.0051 100000
1:38:28 PM Trade 0.0051 100000
1:38:28 PM Trade 0.0051 100000
1:38:18 PM Trade 0.0051 50000
1:38:12 PM Trade 0.0051 50000
1:37:50 PM Trade 0.0055 330000
1:37:02 PM Trade 0.0051 100000
1:37:00 PM Trade 0.0051 100000
1:36:56 PM Trade 0.0055 250000
1:36:48 PM Trade 0.0053 100000
1:36:10 PM Trade 0.0055 20000
12:52:12 PM Trade 0.006 125000
12:52:10 PM Trade 0.006 50000
12:51:40 PM Trade 0.006 50000
12:51:20 PM Trade 0.006 10000
12:51:10 PM Trade 0.006 40000
12:51:04 PM Trade 0.006 10000
12:51:02 PM Trade 0.006 10000
12:51:00 PM Trade 0.006 10000
12:01:12 PM Trade 0.006 300000
12:01:08 PM Trade 0.006 100000
11:13:52 AM Trade 0.006 150000
11:03:36 AM Trade 0.0063 100000
11:03:32 AM Trade 0.006 110000
10:59:06 AM Trade 0.0063 100000
10:58:56 AM Trade 0.006 100000
Hopefully putting a smile on your otherwise worying face:
http://www.chezmaya.com/txt/04/sonnawabicth.htm
It being the worry about the announced plan to R/S or something else that leaked (if it's the case) it seems to make some shareholders get rid of their shares.
At the same time, their seem to be some(one) ready to buy at current PPS of + or - 0.006.
The question then is: "who will be happy and who will regret?"
Depending on what foot I get out of the bed in the morning, I can imagine the worst or the best whatever the worst and or the best means.
To help Bush's speech writers in preparing Irak related speeches.
"After devoting most of this year to ..., we are focusing on building ..."
" ... expects that ... results should be completed within ..."
"announced today that ... has agreed to spearhead the ... efforts..."
"his outstanding ability to build programs will speed the development of ... as a leader ... and will also benefit our.... "
"Through this, ... expects to substantially reduce the cost of ... "
"..., announced today that its ... have completed the ... expected to make ... will mee requirements of these ..., and its advantage is expected to prove exceptionally ...."
"The ... is expected to increase beyond the ... of what they have been ...."
"This is a very significant ... for ..., in our strategy to expand our capabilities and scope throughout ..." said ..."
"... should put us on track to reach our goal of ... because it allows us to ... adding the final touch ..."
" ..., today announced that it has retained ... to assist its ... relations programs."
"The ... will prove valuable ... with these ... leaders"
"These are ... accomplishments for.... We are very pleased with our accomplishments."
"These ... are vital to introducing our excellent ... to America and to reaching our goal of being ... to the ... leaders."
"We are very encouraged by the continued... and the positive .... Our projection for ... had been ... and we are pleased that we exceeded ...."
"... will prove useful in the continued ..."
"will assist ... as it builds ... that are effective and that will have positive impact on our ..."
"announced today that it has completed a new ..."
"We will be sending 30,000 ... to ... we have great expectations for ... This continues our efforts to meet ... and this strategy has proven to be very effective."
"... is seeking to ... with a potential for significant, sustained, long term ... We believe the new ... we are establishing in ... has the potential to ..."
"The ... are vital for our success,"
(source: PR's from Veltex)
I am out of words. 1 week after the BOD meeting was held, we do not even know if we've beer R/S or not ... never mind what else was decided or not.
In any case, I sit on these darn shares and wait.
Weshall see ???
Not being very tall I have easy access to my shoes (LOL)
Seriously, this definitely qualify him as a probable crook. However he did not do it and I think this guy is so incompetent regarding the management of a public company, that he could very well not even realy understand what he was doing.
In any case, crook and/or stupid, we are stuck with a real dog here (worth half a penny per share or so).
Talking about dogs, litterally translating from french, we say up here: "Bitten by a male dog or bitten by a female dog, bottom line, you've been bitten".
My view:
1- Matin has a dream
2- Matin has no clue how to materialize it
3- Matin hates being stuck with a publicly own company
4- Matin doesn't have a clue of the factors that attrack or take away investors
5- Matin baddly needs help
6- Matin doesn't yet understand he needs help
7- Matin beleives he can make it using millions of shares he assumes undervalued to get money to play with.
Summary: Even as an honest person (I give him the benefit of the doubt but cannot forget his recent attempt to issue himself 18,000,000 new shares), Matin is not at all qualified to see his dream come true. Matin is not qualified to lead this company.
Matin = Veltex + failure.
Tough to take, understanding the opportunity he is blowing up thru his stubborness.
Having been in Marketing myself (different industry however) and having managed our involvment in business shows, without answering you specific request, I can say that of the leads obtained in such an environment, the large majority are useless (I read up to 80%+) but you have to identify them throu a detailled follow up on the the obtained leads (that means a rapid phone call to get to the significant ones AND a more personal contact with the good ones, contact that must be done with decision makers.
To say that the others 20% will be productive is to say the least presumptuous ("20 percent of the leads generated at these important shows do business") but as I said, I operated in a different industry.
The said followup will only be valuable if done within 2 weeks of the show (degrading value by the day). After 2 weeks, the author of a valid lead will conclude that the potential supplier is not reliable (seeded negative image).
I suspect Matin to be an incompetent dreamer ... I may however be wrong. I wonder how he can stay there and keep the control of the company?
This press release clearly demonstrate that one of Matin's major shortcomings is "understanding of what Marketing is all about". I spent 35 years in the ART of Marketing and this PR would make me laugh if it wasn't that pathetic.
Sincerely, I do not realy think that Matin is a crook. I only beleive that he is an incompetent setting himself (and us) up to a nice failure.
I had a 35 years successful career and was grat in my domains of expertise. I however wasn't expert in enough disciplines, arts or sciences to be president ALL BY MYSELF of any company worth being call a company.
Obviously (if lots of what Matin says is true) Matin has qualities that allowed him to set up something but I think he now demonstrates that he is not smart enough to understand that he now must get required expertise to go from where he is to where he wants to go.
Unless Matin steps down and put in place someone able to manage a company, we are dead under the water.
Tough week ahead guys.
The R/S has very likely been approved.
Matin can issue as many shares as he wants to potential investors.
Other decisions were probably approved, such as shares given to the CEO and the BOD for past successes (???)
A BS news release will put out a great but unbeleivable story painting a great future. Matin may even mention plans for an audit, most likely by an unnamed firm.
Shares (new ones) will drop from $0.60 to + or - $0.25.
We will be even more p.ssed than we already are and all we will be able to do will be to bitch some more.
Gee I love this darn Pinksheet-unaudited-unreporting stocks presumably offering great potential.
By the way, it's sunny out there, I had a good night, My wife is great as every saturday mornung (!!!) and I feel just great.
Can you imagine if I had a bad day ???
From what I found out, Matin is reviewing the situation with his lawyer and shall inform the market early next week.
Why is it I assume we will not like what we read ... assuming Matin effectively issues a NR.
Following it (I have a TV set in my office and it's set on CNN most of the time) I came up to the conclusion that after all winter, snow and cold weather may not be that bad after all.
Very happy you went thru it with minimal inconvenient.
By the way, for those interested, the following site is great to see the status of storms and explain what they are all about:
http://www.usatoday.com/weather/hurricane/whur0.htm
Question?
Without minimizing the phenomena, for a guy living up north, could you tell me why in the world there are so many houses built the way they are (not talking about mobile homes), times and times after the win did destroy them (and everything within them)?
I do not know but if my house was gone in the win and I had to rebuilt, you better beleive it would be as solid as possible.
How come the construction acceptable standards in such exposed areas do allow putting up very fragile houses.
Considering it costs you (governments) billions every year, a "stranger" living far away has problem understanding that.