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Best of luck.
If you trade in (0.011) 1,000,000 shares and can sell them at 0.015 (probable) you shall net $ 4,000 less commissions.
Getting them may be the tough part however ...
Breack a leg!
It looks to me that some have decided to use their Veltex money playing with some other stocks, waiting for Matin to do whatever is needed to render this stock somewhat more attractive. They seem to be selling intending to buy back later. Paul's comment about the audit and new listing being remote in time probably convinced them that such a strategy was OK.
That may endup having been smart but personally I certainly would not sell at current PPS which very well may explode suddenly if Matin ends up doing the right thing.
Also, currently dumped shares may very well not come back into the market at these low PPS before such moves are made by the company if, as I think, they are mostly bought by people beleiving in the future of this stock.
I feel that in general, some are accumulating for long term gains.
Future (long term probably) will tell.
Just feeling on my pat FWIW.
THE AVERAGE TRADE TODAY (34,112 X 0.013) was worth less than $ 450 and we only got 42 trades altogether, for a total of 1,398,576 share (less than 1% of O/S).
Obviously, whatever the story put out by the company, this stock seems to be currently traded only by small shareholders exchanging shares and, contrary to what we saw some weeks ago, no one seem to be doing significant buying at the present time... unless there are very few buyers getting all available shares from soft hands out there ... very doubtful.
Confident in the future (???) value of this stock (if Matin ends up behaving as the leader of a real PUBLIC company) I however do not have any short term expectations. I now beleive that, with luck, we only will be threated as wiorthwhile shareholders in here, after full current FY financials will be released ... may be ... and audited ... hopefully ???
Till then, buying in at 0.01 or so and selling at 0.015 or so is a GAME some will enjoy. However, considering availability of shares, brokers (commissions) seem to be those that will realy make money short term.
This Matin is one of a kind !!!
He obviously is happy with his salary and bonus and is in no rush whatsoever to see his personnel capital become what it is presumably worth.
They realy seem to be doing everything right... as long as it doesn't cost $ 200,000 (Matin's estimate of having an audit produced).
Somehow Matin seems to only be interested in building up "HIS" company as if it was a private one. He obviously cannot care less if his (and our) shares are worth something or not ... for the moment.
I was away from my pc for 2 weeks (10 trading days) and came back today to find out that only 5,000,000 shares were traded over this period and PPS remained almost stable. Considering that there are 188,000,000 shares outstanding now, this tell me that shareholders do stick to their shares and wait for whatever is needed for this stock to have a PPS reflecting what it apparently is worth.
If this company is anything close to what it is claimed to be (I beleive it to be), a capitalisation of less than $2,500,000 is just ridiculous.
Your note from Paul is interesting in saying "I spoke recently to their attorney, who said that process (to become fully reporting and (at least) list on the OTC BB) has begun". It says that these mandatory developments are upcoming, even if our expectation as to when that will be has to remain low ("it would be long and difficult to accomplish").
As for shares issued, I wonder what kind of "transactions" they were used within ??? To my knowledge, Veltex has not recently acquired anything justifying a news release ???
My opinion is that these shares are going to insiders or close ones and the remaining 12,000,000 will endup in the same hands (at current rate - 7.5MM/month - this should be completed by next October. I beleive that's when the "attorney" will deliver whatever Paul refers to. I wonder if this time frame does reflect the "it will be long" statement by Paul.
Whatever the case I (as most) sit on my shares and wait. If the owners of 180 MM shares or so keeps them, I certainly want to be part of this group to share in whatever the final outcome will be... whenever that will be.
For the moment, this stock is a great game for those interested in trading up and down 100,000 on a high of 2 pennies and a low of 1 (potential of $ 1,000 profit on the swing. Have fun and enjoy it.
On my part, I sit on my 500,000 shares and wait.
For as much as I am concerned, releasing unaudited very summary finamncials and announcing that you will participate in a business show is great but it no way will justify a PPS that I assume to be representative of the real value of Veltex. I am almost sure (you hardly can be at 100%) that Veltex is worth much more than a capitalisation of 2 to 4 millions dollars and do not mind waiting the required time to see that materialize.
I may very well purchase some more shares in the future but for the moment I sit I look forward to drive to NC (Cap Hatteras) wednesday morning for a week of camping with my wife.
Till I come back, enjoy the markets and the summer.
Looking back in history, I estimate that about 50,000,000 shares have been bought at between 2 and 3 cents since mid-February. I would assume that these shares are probably not being offered these days.
On the otherhand, many more shares were bought in the 1 penny range and I assume that some holders are happy to sell them in the 1.5 to 2 penny range, most of them hoping to buy them back at lower prices in the future (current bid is at 1.5)... if they become available.
I conclude that supply is less important than it was some months ago (those having recently bought at 2 and 3 cents should keep them at least till they can cash in a profit). Therefore I suspect volume will be created again whenever the demand comes from buyers prepared to offer a better PPS (current ask is at 1.9.
All of that, assuming that O/S is stable and company keeps releasing only good news. At some point in time we will also have to go thru manipulations enginneered by MM's...
Looking back in history, I estimate that about 50,000,000 shares have been bought at between 2 and 3 cents since mid-February. I would assume that these shares are probably not being offered these days.
On the otherhand, many more shares were bought in the 1 penny range and I assume that many are happy to sell them in the 1.5 to 2 penny range, most of them hoping to buy them back at lower prices in the future.
"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..."
"he views that as a huge waste at this point in time"
"the company is not required to do one as an OTC company"
"He believes the auditors currently being used are ... credible and very adequate for this stage..."
I have no doubts that an audit will be made in due time (obviously not "at this point in time")
Nor "required" for the moment, I assume that for whatever reason an audit will be made when "required" (listing) or suitable (acquisitions).
Whoever "the auditors currently being used" are, to my knowledge, they have not audited "credible" reports as of yet and we do not know anymore who they are for sure(The departure of Anne Tahim has not been negated nor confirmed up to now).
Not withstanding these remarks, I wrote:
"More and more we (I) have multiple sources signing the same song and that is very reassuring. I also think about increasing my holding ???"
I do not know what your problem is in life but you obviously have a real one !!!
As of now, consider yourself as another "Hoofdaddy" i.e. someone not worth responding to.
I however read everything (positive, negative or neutral) I can find related to this speculation of mine.
Do not loose your time with this idiot. He now and then escape from the other board to insult people to get attention otherwise unavailable to him.
Thank you very much. Great report and I am now convinced that we do own something very worthwhile. More and more we (I) have multiple sources signing the same song and that is very reassuring. I also think about increasing my holding ???
One very interesting coment in your report is the one related to the audit. This (Matin sees no use spending a lot to get one at the present time) I had heard from other sources in the past few months but you clarify whay "a lot" realy is (25% of last quarter earning is no peanuts).
If you send me an e-mail, I may be able to feed you something you may be interested in also.
My e-mail address is showned in my profile.
Yes,
Veltex Corporation Moves to Larger Facilities
11/11/2003 9:14:26 AM
"Matin said the company expects that the audit of its 2002 financial results should be completed within the month ..."
Then we got (January 6, 2004) the Anne Tahim's Report (2001 and 2002), saying:
- 100% of 2001 revenues and 98% of 2002's coming from Bengladesh
- The covering letter said: "We did not audit the statements of Veltex textile mills (99% of quoted revenues). They were compiled by other auditors whose report has been furnished to us, an our opinion, insofar as it relates to the amounts included for Veltex textile mills, is based SOLELY on the report of other auditors."
Still, that was better than nothing but, not knowing who did the audit of 99% of the revenues, that wasn't very useful.
Sorry I lost my time answering your previous message.
FWIW ...
Very simply put, a CREDIBLE audit (for as much as this does exist) is one that is performed by an IDENTIFIED auditing firm that has a reputation that can be verified.
I think I iniitiated the use of term CREDIBLE following a presumed audit that would have been done over a year ago by a named firm no one was able to ever find. I kept using the term after Anne Tahim put a disclaimer on her report saying that she didn't even know (or at least did not name) who audited the numbers from Bingladesh (over 95% of the claimed revenues) which were just handed to her.
Note: I ended up finding out who presumably audited the Bingladesh numbers and found that the said auditor wasn't reliable. I however gave my word that I would not divulge this information and I did not, nor to I plan to. This however is water under the bridge but that's also what I refer to, using the term credible.
I certaily respect your opinion but if I may:
1- The Anne Tahim audit was disclaimed in such a way (we haven't seen numbers, they were given to us) that the "audit" became useless.
2- Anne tahim report (audit ?) said that for the "audited period, more than 95% of revenues came from Bingladesh) and about $260,000 was generated in U.S. It would be nice to have a breackdown of Q1 revenues.
3- As for enemies, this doesn't stop Matin to participate in numerous business shows. I have a tough time with this opinion (no audit because of enemies) personally.
Do not take me wrong, your opinion is as good as mine or any other one but owning 500,000 shares, I certainly look for more complete financials (O/S shares, breackdown of revenues, accumulated profits by territories, ...) ... preferably audited whenever time comes.
I often wrote that I do not understand WHY in the world Matin refuses (many recommended him to do it) to do whatever is needed (audit, reporting, ...) to get credibility in the market. Therefore I can discuss point of views but that all I (we) can do.
I meant having previous years audited (as Matin promissed months ago) those coming out today would be more credible...
"there is nothing we know now that we did not know before. Right?"
Not sure about that.
Everything being equal,up to today we knew a forecast and now know a result.
Considering the context to remain the same (credibility) I prefer results to forecasts.
Tough to beleive that Matin doesn't care about and/or undertand the value of an audit ???
I realy wonder why he resists all those around him having pressured him in producing one ??? What reason could he have ???
Effectively, realy fun hanging around ...
Strictly on fundamentals your 10 to 20 (I beleive 15) seems o.k.
However, imagine if audited reports were to be filed and show what the company did release.
Look at the trend ($8.7MM, $13.9M, $19.99M, Between 25 and 40 millions in 2004) and the accumulated profit... I would be surprised if all of that is real, to see a PPS in the 50 + cents range pretty rapidly (To bad Shrotker would have sold at $ 0.40 (Hi!, Hi!, Hi!).
This being said, till credibility comes, this will remain a dream.
1 quarter sales = $ 10,900,000 (Would be nice to know how much of these came fron U.S.)
Net income = $ 857,306
Why in the world doesn't Matin have these audited and reported ???
If fully accurate and projectable on full year, these would mean a profit/share of over $ 0.015 justifying a PPS of over 15 cents, just on fundamentals.
Never saw anyting like that before. Why doesn't Matin care about the PPS ???
At least we hold shares now worth 2 instead of 1 penny.
I sit on mine, whatever the game realy is ...
We may have to wait a little more (see further down this note)
I do not know what kind of organisation Investrend is but, having dealt with customers (enterprises) for over 30 years, I do not, notwithstanding the Matin's character, their behavior of seemingly publicly fight a customer of them.
They announce that Veltex is a customer of them
They then announce that it is not because of defaulting in paying their subscription ( $ 2,500 or so ???)
They then release that it was an error and Veltex did pay.
They then name an analyst responsible to produce a neutral report on Veltex.
Few weeks later they announce change of analyst.
A couple of month later, they say that no report will be produced for lack of information being available (I assume they should have known right at the beginning that no audited financials existed and the company wasn't reporting ???).
Then a broadcast is announced yesterday and the day after (today) the following comes out (" I particularly like: "The Investrend Research program is the largest in the world and includes a number of safeguards to reduce or eliminate conflict.").
Overall this sound like quite a Mickey Mouse outfit ...
Veltex 'Webcast Alert' By VCall Gives Inaccurate Time and URL
Jul 13, 2004 (financialwire.net via COMTEX) -- (FinancialWire) An "Webcast Alert" that Veltex Corp. (OTC: VLVT) would be featured on an Investrend Broadcast webcast today at 4 p.m., was not authorized by Investrend Broadcast, and the times were inaccurate.
It was apparently mistakenly distributed by VCall.
A corrected version of the release, and time, expected for early Wednesday, will be announced overnight tonite.
Veltex Corp. had enrolled in Investrend Research's unique and pioneering professional analyst program, which facilitates independent analysts to provide financial coverage for shareholders and investors in companies that otherwise
would have little or no analyst following.
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.
The Investrend Research program is the largest in the world and includes a number of safeguards to reduce or eliminate conflict.
TO BE HONEST, i THINK IT'S A CALM AFTER THE STORM ...6,329,000 SHARES TRADED LAST FRIDAY, CHNGE WAS + 0.002 (11% FOLLOWING A 25% INCREASE ON WEDNESDAY).
lET'S HOPE THAT WE ARE BOTH RIGHT AND ANOTHER STORM (HOPEFULLY JUSTIFIED THIS TYME) LIES AHEAD ???
Great!
Enjoy your visit and I hope you will report herein.
My opinion (feeling): Someone (or few) knows something and is accumulating. Nothing wrong with that.
However, unless news are issued soon, we realy have no way to know what this is all about.
I prefer doubting why the PPS goes up than doing it in a PPS going thru the floor.
Buyers (some very serious based on values of their buys), for whatever reasons, are getting to offered PPS emptying soft hands.
2:59:28 PM Trade 0.02 115000
2:59:26 PM Trade 0.02 85000
2:59:26 PM Trade 0.02 300000 (500,000 = $10,000)
1:41:04 PM Trade 0.0152 2000000 ($30,400)
1:38:26 PM Trade 0.015 750000 ($11,500)
All of this with no news whatsoever for 17 days ???
Finally: A question.
"6/21/2004 1:23:00 PM
CITY OF INDUSTRY, Calif. and CHICAGO, Jun 21, 2004 /PRNewswire-FirstCall via COMTEX/ -- Veltex Corporation (VLVT),..., said today it will attend the upcoming, premier ASI Show for promotional product suppliers and distributors in Chicago on July 14-15, 2004."
This is next wednesday and thursday.
Anyone close by intending to visit?
Another observation:
In March we had 5 news released
In April we had 2
In May 4 and
In June 4, the last one being released on June 21st.
All during that time the PPS remained stable at + or - $0.01.
Since June 21st we heard nothing from the company but from from June 28th to now the PPS remained in the $0.015 range (almost 20,000,000 shares traded at this "high" (???) PPS level ???).
I wonder what justified this (many significant trades in term of value) activity out of any "obvious" reasons ???
My current interpretation of current PPS (50% higher than what we saw for a long time) is that there is a "seeds of confidence" out there, just big enough to have current shareholders in a waiting mode. After all, for 6 months or so, those current shareholders following the stock closely only saw encouraging releases issued by the company.
On the other hand, "doubt" is still the plague that keeps new buyers to jump in (except maybe for some having closer access to facts) and this could only be changed by Matin finally having his (our) books audited by a credible auditing firm.
The following step will be acheive when these audited financials are reported to SEC. That should be done rapidly after audited numbers become available.
Finally, after a somewhat longer delay, this speculation will become an investment when the company does whatever is needed to become listed on another stock market (presumably AMEX.
Optimistically, I expect all of the above to happen during the remaining of current fiscal year, except for getting listed on another market which may take few months thereafter.
This being said, I DO NOT KNOW but herein describe a scenario I thing probable. We shall see.
As I said earlier (message no:4359) someone (may be more than one) has (have) been accumulating recently throwing in important amounts in the $0.015/share range.
I wonder why now and where these shares come from?
If they come from the company it's most likely in a not to ethical context.
If they come from the company, it could also mean that the company is not what IR/PR's say it is. I doubt that somewhat ???
If however they come from desillusionned individual investors it's less of an issue. In this context I wonder if these could not be shares being bought back by the company before it becomes a reporting company (whenever that will be ...)?
If the company is effectively as per the recent releases affirmations, that could realy be possible (as many other scenarios).
Whatever the case, I also feel good about this speculation ... slightly better than I also did one year ago ???
Most of the following (written herein one year ago) is still applicable today, assuming "an optimistic scenario". I sure would like it to now be different...
Posted by: pual
Date:7/7/2003
Post # 1466 of 4397
Personally, I would not use the word "investment" to refer to the money I have in Veltex, I prefer to say "speculation" or even "Gamble", considering the total lack of visibility we have on what this is all about, in real FACTS.
This being said, we can look at it very negatively and justify a disastrous scenario by exploiting the behavior of Matin, the lack of follow thru on the releases issued by the company and many other factors justifying negative views.
For the moment, I would like to foresee a rosier picture that would look as follows:
-Inexperienced Matin got caught making promisses he was not able to fill in expected timing
-To optimistic Matin greatly underestimated the task involved in auditing a company that had been abandonned for years and had multi-national operations
-Assuming a good base to start with (December 2002 presentation) and expecting a rapid economic turnaround in US (was thereby part of a crowd) he launched an expansion program that wasn't based on serious analysis of the markets he was looking at.
-In so doing he got involved with some people he trusted (blindly) and got screwed by many
-Having been burned by them he stopped listenning to others that could be better guides (V.Duff's claim)
He now has an unaudited company, still making relatively well but not at all as well as expected therefore having more difficult access to needed fundings.
Following thru with my "rosy scenario" here is what could happen:
-We effectively will endup having 100,000,000 shares out there
-A credible audit will come out allowing to forecast a realistic profit (12 months down the road) of a penny per share ($ 1,000,000)
-Applying a multiplier of 20, the shares would rapidly become worth 20 cents.
-A reverse split of 20 to one would make them worth $ 4.00 and allow the company to get listed on another stock market.
From there on, we would have a "speculation" become an "investment" and have to manage it as any investment.
Since I decided this post to only look at an optimistic scenario I will not follow up with an "however" statement but, based on what we think we know, this analysis is as good as any, or as bad as any, whatever you want to beleive.
Only future will tell...
Roger
I cannot disagree with that but short of having the ideal (listing) short term, I would be very happy to get an easier target (second priority if you so assume), i.e. audited financials.
In any case, priority 2 seems to me to be a pre-requisite to the acheivement of the first one.
In any case, both steps will have to be made at one time or another and, IF the company is what it is claimed to be, the reward for our waiting should be quite interesting.
Two questions do remain:
1- Is the company effectively as great as claimed?
2- When will that be confirmed by audits and normal reporting?
The answer to the first question will be obtained thru the answer to the second one.
The answer to the second one depends on the objectives/needs/interests of Matin and those close to him sharing in them.
Very simply put: Matin has the key to the dilemna.
I have no objection to the plan you have in mind (listing justifying an audit) because it is logical.
However, having credibly audited financials (even if all listing criterias are not met) could definitly influence positively the PPS. This may be of critical importance if additional acquisitions were to be considered in future and those would involve use of shares in doing the deal.
There may be many different justifications to producing an audit, one being to get listed.
IF the company is as per what is being said by the company the cost of an audit is a darn poor excuse not to produce one. Therefore, IF the company is as per it claims it to be, Matin must have other reasons not to get one right now.
The only reason I see is that he (and his close ones) are planning to buy shares or are curently doing it.
The other one is that Matin ("isn't familiar with the culture" as someone told me) is stupid. If the company is effectively what it is claimed to be, Matin may be many things (stubborn, ...) but stupid? I do not think so.
I still wonder who made buying transactions worth 10, 15 and even 25 thousand dollars per transactions a week or two ago and WHY??????????
Something doesn't add up in this situation.
I personally do not beleive that it is the story put out by the company. A Veltex there is and revenues of significance there are. Why not confirm it thru an audit?
The bets are openned!!!
To all...
COPY/PASTE the following address:
http://roadrunner.pacprod.com/cgi-bin/GRCard.exe?claim_id=r51857022025114r&ACTION=VIEW&x=66&...
"Enter"
(hope it works !!!)
I read your message just before I went to bed last night.
Before I went to sleep I laughted, visualizing your "fellow at the office" having this message broadcasted all over the office...
My wife tought I had become crazy (or an IDIOT)...
What a pitty.
Get a life and this is the last time I write to you. You are not worth any more time.
Unbeleivable ...........
Not having any way to know for sure, I cannot be affirmative on any hyppothesis, your observation being as good as mine.
All I know is that, for whatever reasons, there is a pattern change as per the FRT reporting of trades since some days and it happens right AFTER the PPS became higher than it's been for some time.
Whatever the case, we should enjoy the phenomena but also remember that WE know as much as we knew for some months now, i.e. whatever the company says that we have no real way to validate.
All I know is I feel better than I felt on 12/31/2003:
Posted by: pual
In reply to: Sky-King who wrote msg# 2749 Date:12/31/2003 1:50:44 PM
Post #of 4372
I suspect you will only get most of these questions answered if and when credibly audited financials are released and normal filings are made to SEC.
Till then, we only have two choices:
-Dump our shares at $0.006 if possible (No thanks)
-Wait (and hopefully see)
We still have the same questions but our PPS is 2.7 times what it was then !!!
To bad we did not the chip in a few thousands as trading stuff:
$ 1,000 then would have gotten us 150,000 shares
selling them today would get us % 2,400
A contact of mine recently sold 1,000,000 shares at great profit (he still owns many millions).
Even more than the PPS all by itself, what I consider very interesting is the value of some trades...in recent days...
10:31:40 AM Trade 0.016 1000000 (value: $ 16,000.00).
What's the difference between a racist and a bucket of sludge?
The bucket.
How many racists does it take to change a light bulb?
None - racists hate being enlightened.
Have you heard about the racist who choked on his youghurt?
Someone told him it grew out of a foreign culture.
Why do racists compete with others on the basis of colour?
Because if they competed on brains, they'd lose.
I do not do who they are and why they do it now but some people are getting serious...
3:39:36 PM Trade 0.015 500000 ( $ 7,500 )
3:34:44 PM Trade 0.016 500000 ( $ 8,000 )
3:29:06 PM Trade 0.0158 1800000 ( $ 28,440)
I have been around for a long time but to my recollection, I do not remember seeing that significant buys of this stock anytime before.
We should not forget this accumulation whenever the PPS starts getting up significantly... whenever that will be ...
We have no way to know but, assume you are close to Matin (liberal definition of an insider = partners, suppliers, executives, staff ...) and also assume that the IR/PR we saw are almost accurate.It seems logic to beleive that you would have a pretty much better understanding of what the company realy is, than someone sitting in his office 3000 miles away from Matin.
I do not know about you but personally I certainly will try to accumulate a few 100,000 shares for my old days ...
However, who knows?
May very well be the case as I often mentionned recently, looking at volumes.
If so, at some point in time (whenever they are done) these "loading-up-insiders" will want to see their personnal balance sheet reflect their value. Then they should be able to convince Matin that time has come to invest a few thousands in an audit.
... At least, I hope so ...