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DITTO!
1 full penny for the first time since July.
Still do not hold my breath but that's better than what we are used to.
Let's hope justification for current "enthousiasm" (???) becomes available soon.
Welcome and I hope Mr Matin, following the last 12 months intends to listen to whatever you recommend.
I know you enjoy it a lot but I suggest you keep your enthousiasm under control. We have been disappointed so often...
Personally I try to understand but also try to keep my joy or reverse for when we will KNOW more.
It's obvious that most herein or anywhere else in the market do the same (wait and see). Notwithstanding recent apparent great developments, PPS remain sub-penny (capitalization or perceived value of the company at $500,000 or so) and very low volume (6 trades, 270,000 shares, less than $1700 worts after 2.5 hours of trading).
A long time since we had reasons to think that may be ... just may be.
The best news recently is that GURU has become nervous again, rehashing his 1999 garbage...
Let's just hope that, whatever the FACTS are, they will soon become known.
Jezus!!! I tought I was back on RB board and that Guru crossed my barriers.
Looking forward to your findings.
Buybacks ??? You know, this situation is so unreal that everything is possible. This being said, if Matin did that, I hope I will be sitting whenever I find out. What a shock it would be to find out that he bought back a couple of 10,000,000 shares with whatever money he would have. He recently could have easyly bought bach 20,000,000 shares for a great $ 60,000 or so.
Following this question, I decided that for tonight, I will have smooth dreams instead of nightmares. Anyhow I shouls wake up again tomorrow closer to whatever outcome we will find sometime in an undefined future.
Whatever happen, one way or the other, Matin will realy have played with us over the last year ... or is it two?
Nothing ever comes out cleanly from this "affair".
I have been in all markets for years but it's a unique situation. It never seem to make sennse whatever hypothesis you try to support.
Very special...
Assuming that by year-end we got 2002 financial results and
unaudited 2003 quarterly results, as mentionned this morning, the question will then be: "How much is this company worth to a buyer" i.e. What capitalization make sense?
Last night, the market answer (assuming 150,000,000 outstanding shares)was $500,000 or so.
Today (at noon) it was $1,000,000
What will it be when (and if) we KNOW:
- Sales
- Profit or loss
- Balance sheet
- Expectations for the next year(s)
If we get that, we should have a lot of fun figuring it out!
What kind of answer would justify a total company value (proce someone would theorically accept to pay to buy it outright)of $2,000,000 (13 cents per share)? $5,000,000 (30 cents per share) or whatever?
For the moment however the only valid question is: "will we effectively get this information, this time? (Please do not feel to answer unless you are Matin and even then ...)
As we say in french "Chat échaudé, craint l'eau froide" (Cat burnt by hot water, is afraid of cold water).
This being said, today's press release is (potenially) by far the best news we had in a very long time. What I like about it is (please...I know we have been disappointed in the past and do not need advice that this could be ... even less "IS" ... another empty promisse)
- First, and to be honest I did not beleive (do not know if I now do) an audit (whatever kind) would be delivered in the time frame committed on June 10th. This time Matin does not extend the period of time required and sticks with what he wrote 5 months ago, more precisely: "the audit of its 2002 financial results should (would have like to read: "will" but o.k....) be completed within the month, and the company expects to release its unaudited 2003 quarterly results in conjunction with the annual financials.
- Second no expectations are beeing raised regarding what the audit will or will not show. Knowing that the company operates, generates some kind of revenues and generates a defined bottom line (profit or loss) would be an enormous progress and finally establish a starting point to consider
-Third, as I suspected and still do, the grand vision of a very diversified synergetic strategy seems to have failed and more realistic view of the future seems to be now envisionned. In ather words, Matin tried, did not succeed, did not go bancrupt in the process and now becomes more realistic.
-Fourth, Matin outline a strategy that could succeed by writing: "we are focusing on building Veltex Apparel" and "Veltex Apparel has an advantage of being a vertical producer of apparel, from manufacturing the textiles to sewing the garments to distributing the apparel -- all within one company. This structure provides lower overall costs and allows
us to price our garments very competitively with larger target margins than if we were simply importing the garments for distribution as many of our competitors do."
All in all, I DO NOT YET KNOW what lies ahead but I certainly feel better than I did 24 hours ago.
One week ago I wrote to Matin, gave him my view of what I tought was his position and did ask him "to come clean with us, say it as it is, shoot strait relative to what he went thru and give us the exact picture of where Veltex stands, forgetting about "unbeleivable, great future".
I have no clue if my note influenced it at all but this last press release is a step toward answering my request. Hopefully he will drop the next shoe within the next 30 days.
As I always say: "future will tell".
I just wonder??? When will we be fixed on what that is???
My portefolio is behaving extremely well this year and Veltex remains a small gamble that I find entertaining and whoknows? May be one that can bring return ...
However, the only source of information is this board and as such, great prudence is required and no one should have in this stock what he can afford to loose just for having shared the fun here in.
Affirmative negative advice from some (Recently some created new aliases for themselves), probably false Pr or not???, not a word from Matin for 5 months today, we realy know nothing about the next card to show up. This is gamble, those in here realy wanting to sit at the table have whatever number of shares they wanted or got stock with and most probably, as I, do not realy need to sell at 1/3 of a penny.
I just have fun reading many messages from people selling whatever they want to have others beleive (buy, sell or hold) but honestly, does anyone in here realy beleive what is written in here.
Personally I sit on my shares and either wait for the company to fold or become credible. To become credible, not very many means are available.
This is the pink stock game...You never know for sure what you have ... if anything.
I do not know if you speack french or not but if appropriate I can help with french.
I am very cool, only have $625 left on the table, I do not know whar hero you refer to and have very small expectations regarding 12-10-03.
I will also stop loosing my time with you (including all used ID's) and stick with my shares till a final (or more interesting outcome is KNOWN.
Till then continue writing to yourself and may be you can even call youself on the phone and be impressed by the person at the other end of the line... unless he knows who he is talking to ...
Get lost (i.e. go back to RB)
He! you now write to yourself???
Whatever turns you on...
Personally I have not look at the stupid RB (VLVT) board for a long time and have no intent to go back in this ridiculous site in future.
October 27, 2003
I sincerely hope you will finally be stopped from posting on this otherwise useful board and sent back to the more appropriate environment for a person (I try to be polite) like you.
That would be nice but very unlikely at the present time. He very probably can better use his cash (whatever he has) to restructure what ever Veltex had become.
A better plan would be to get to a not loosing situation, set the record straith with the shareholders, start duly reporting then reverse split at 10 of 25 to 1... If real future there is.
Remember, any time Matin issued a wire, he did put his foot in his mouth and he probably doesn't realy know how to follow thru with his June 10th release.
As I said he will have "to make his comingout" sooner or later and this hidden article (the darn guy must know we somehow would get it in here) may just be a step toward getting himself out of his trap.
May be someone is helping him and may be he starts to listen a little.
Future will tell.
Interesting!
That (" we are pleased to NOW FOCUS (capital letters from me) on building Veltex Apparel," said Javeed Matin) fits very well with what I said I thought in message number 2011.
I do not know if two great outcomes, back to back, are in my cards but I recently got involved in a company, buying shares at 14 cents CDN (then total capitalisation was $5,600,000).
I heard about them, went to meet the management early April (Quebec city is only 165 miles away from home)and saw someone very tired, having nice gadgets but close to no revenue and telling me he got the company in trouble by shooting all over the place and trying to spread himself to thin. He then was out of cash but had a brand new business plan, GETTING HIM BACK TO THE BUSINESS HE REALY KNEW and dropping less familiar lines of business. He added that, without being certain he had attracted new people and that a potential investor seemed attracted by the NEW PLAN. I decided to bet on the guy who seemed to have learned from past experiences.
Then:
- ... Announces The Appointment Of A New CFO And Member Of Its Board Of Directors (CCNM, May 9, 2003 08:30 AM)
- ...: Conversion of Debt and Update on Restructuring Plan
(CCNM, July 25, 2003 05:34 PM)
- ... Announces the Appointment of Key People to its Board of Directors (CCNM, September 15, 2003 03:55 PM)
- ... Signs a Letter of Engagement With xyz Securities For a Five Million Dollars Financing (CCNM, September 15, 2003 03:55 PM)
- ...: Conversion of Debt Through the Issuance of Shares of its Authorized Capital (CCNM, September 16, 2003 07:47 PM)
- ... Closes a Four Million Dollars Private Placement
(CCNM, October 21, 2003 11:27 AM)
Beleive me, I think the person I met last April probably was in a "Matin type situation" and what he then said sounded like what you just gave us to read about Veltex.
Following that, the stock went up to $1.04CDN on November 3rd and I sold 15% of my shares at $1.00 and still have 85% of them at a zero cost.
May be a second great outcome could be in the works.
Any kind of real business (we do not realy know yet if VLVT is, but ...) having a capitalization of less than $ 400,000 and a business plan accounting for past errors could have a future.
I do not know and none of us realy does. If we knew we either would be out or the stock would be worth more than 1/4 of a penny.
Do not ask me why, but I think Veltex COULD turn out to have been a good bet.
Only future will tell.
This being said, the total capitalization is less than $ 400,000.
I wonder if this is alot or not?
Truth,
As you see expressing a negative opinion is totally acceptable herein and you may be right. My view however is that Matin was victim of beleiving in an inaccessible dream and is now trying to reassemble the leftover pieces together to see if it can have a life of its own.
Whatever our views, the bottom line is that we own shares worth 3/10 of a penny, we do not know what is realy going on and we have no clue if future there is or not.
You beleive that it was acheived by a crook, I think it was arrived at by incompetence ant irrealism.
One day, the "truth" will be known but till then, for whatever it means, I prefer to remain with my hypothesis.
Mine din't ask for an answer but suggested that coming out with the real story, notwithstanding past promisses and what the thruth is, would be better that hiding.
I know it will not provoque much if anything but I enjoyed doing it.
Just for the fun of it, in the last 5.5 days, this board received as many messages (83 from 12 different writers) as it did in the previous 42 days.
It's the first time I send one to them directly. We shall see but I do not hold my breath.
I just wrote to Matin and ask him to come straith to us with whatever the thru story is. Short of saying that the company is folding for good, anything is better than leaving the market wait for an audit that is probably not in the works anymore.
I still do not hold my breath but sending an e-mail did not cost me anything.
Look forward to hear from your visit and thank "the woman" for me.
Just to see you and your boddy have your nose deep into ..it (and for more intelligent reasons, to be honest) I would love to see something positive coming out of that. It would be so nice just to see your comments then ... assuming you do not go away for good.
I have a lot of respect for those having any opinion, negative or positive, but I hate people knowing nothing and calling woolf just for the fun (???) of it.
What a name you picked ... TRUTH ???
You know what, after having said multiple time that "the only wortwhile release would be a credible audited set of financials", I am getting much less picky. Now I would be satisfied to get any verifyable information to the effect that the company is operating.
What the heck even 1/2 a penny PPS would be an improvement of 67%, even if I have no plan to sell for a llooonnnnggggg time.
Gee!!! You certainly got a kick out of that call. Hope your ankle get rapidly back in shape and that "the woman" accepts to drive you next weekend. Looking forward to your report, coming back.
As I said earlier, I assume the company went thru problems and that, if it doesn't fail, it may be worth the wait. In any case the downside is not that important anymore. If there is any return (???) to life from this (dead) silent outfit, upsides could be interesting, coming from 3/10 of a penny.
Just to fiil time...
To me a scam is something that profits to one by taking money away from many.
with a PPS in the sub-penny for months and no action whatsoever to change that, I do not see where you can see a scam?
On the other hand, you so blinded by your hatred that you cannot see even the obvious... Veltex may very well be a failure but a scam, no way.
Here is what I think (or am I victim of wishfull thinking).
A year ago an inexperience Matin had great ambitions and went at putting back his company in shape. He went wilde, took his dreams for realities and started shootong all over the place (condos, textile, trucking, ...) assuming everything would turn out to be successfull.
Surprise !!! He found crooks on his road, listenned to the wrong people and got himself in trouble in many areas.
The inexperience Matin probably learned something out of it (not everything however) and did try to clean the house as well as he could keeping his mouth shut (giving himself up to 6 months) till he has something certain to talk about... good or bad.
I think that since then, he tries hard to save the house and finds out that it is (again) much more difficult than he tought.
I think that Matin is neigther a crook or a lyar but an inexperienced naive man that suffered multiple setbacks taking us all in his fall (hope he is doing Bungee and will bounce back at some point in time, before he hits the concrete).
The gambling I got into is (my opinion) function of Matin's capacity to learn (listenning) and save whatever can be saved, and definitely not a scam.
Any crook trying to conduct a scam would have the guts to say whatever is needed to at least support his project. What we went thru during the last year doesn't fit such a scenario in my mind.
If I loose everything left (very possible) I think I will have been the victim of trusting someone that did not have the means of his ambitions more than of some dishonest tactics voluntarely planned to screw us all.
The only surprise is that the company (whatever it is) seem to still be alive, its stock is still trading and no one has said the doors were shut.
I unfortunately met lyars, crooks and scammers in the past but the Veltex situation and what it as been during the last year makes no sense to me unless the above scenario is what realy happenned.
Heck only have a few $100 left on the table anyhow. May as well wait and see ...
What I think this is, is that people have some money to play with amd gamble on long shots.
The markets are very good since the beginning of the year, many have made important gains up to now and they can afford to chip in a few dollars on long shots, just in case.
Till the company dares telling us what is going on (or not) VLVT shares will remain toys for day traders and gamblers.
As you know I do not know about VLVT but I know for sure about you and I do not think that what I could say on that topic would pass the censure herein.
Try to get yourself a life ... if that is possible ...
Nice to see that something is going on out there (phones, move, internet site) but would be much nicer if Matin had the decency to tell his shareholders what he is up to.
Very hard to beleive that an audit is and/or was in the works (over 1 year to hold one is impossible) but telling us that times are tough, many things went wrong and something is going on would be better than promissing again things he cannot deliver.
Right now, we are gambling in the blind and any light would be good.
A precise description of what is going on (however bad it may be) would help the PPS, therefore whatever it is the company does that requires infusion of additionnal cash.
I realy wonder what is going thru the mind of these people ???
I have no clue what is going on (if anything) at this company. However I am almost sure Matin (as incompetent we can presume him to be) is not stupid enough to throw away stocks at 2 tenths of a penny not even showing sign of life to help himself.
I do not know who is selling or dumping but not even releasing the fact (if it is) that the company is moving (in all senses of the word) seems totally illogical ... unless the logic calls for securing as low a price of the stock as possible ... for whatever reason.
Two reasons for me to keep the stock:
-It is actually worthless
-May be (long shot) someone (close to or insider) is accumulating in view of making a killing if reliable news of anyking do come within the next months.
Illegal for them to do that. So what? For once I may get something out of a crime!!!
This being said, I certainly do not plan to hold my breath...
"this company sure moves alot....."
As we say her: "If it moves, it's alive"...
If only Matin had the decency to confirm it.
No one seriously beleive that VLVT is a healthy, profitable, growing company but having the exact picture of what it realy is would be much better than this total silence that leads everyone to beleive there is not even life out there.
I would love reading that the company is in trouble, trying hard, has a plan, is not yet conducting an audit but has enough revenues to cover most of its expenses, ...
I have a dream... Matin will shoot straight ... for once.
Then people will know why they go away or stick around...and who know? May be the shares would go up 50% (3.5 cents) to help those wanting to quit do it.
On June 10th (last company release) Matin said he would give us update (whatever the words were) at the earliest within 3 months and the latest "6 months"... at least that's what I recollect.
May be someone can pull the release and post it.
"how could u promote the company?" is a question YOU raised and I quoted.
May be by lying some more ??? is the answer I gave refering to what Matin could try to get more for his shares.
I never said YOU are lying.
Of 3 things one:
-We've been had (high probability)... next
-Matin tried and failed (possibility)
-It will survive and become something justifying a capitalization > $300,000 (who the heck knows?)
"how could u promote the company?"
May be by lying some more ???
Whatever the case, my 250,000 shares are actually worth $550.00 les the commission I would have to pay to get rid of them. Why bother?
December 10th (latest date for Matin to release something (note I didn't use my usual "credible audited financials" expression) and it leaves 20 days to generate an offset if needed.
Not being a trader myself but an investor, I also play the high risk, high potential game with 5% of my portefolio and have fun doing it. I sometime loose (company folding), sometime suffer set backs (companies going away for years and then coming back months or years later) and sometime hit good ones (Companies having great difficulties, running the risk of going under and coming back).
I lost a lot on Consygen, made a lot on NT (Bought 10,000 at 98 cents when people tought it was going under) and have a few good (???) prospects (LYT in Canada or UVCL on OTCCBB as examples).
Buying them is has easy as getting at the blackjack table and selling them (or leaving the table) is the tough part. The advantage of black jack however is that if you (sell) leave the table, you most likely will never know what would have happened had you continued playing. With the stock market, if you sell, you then easyly find out what it would have been staying in.
However, as I think you say in english: "Better a bird in the hand than in the bish"... or something like that.
For the moment, VLVT is not an issue not being worth much more than the commission it would take to get rid of it. But if (God permitting) it goes to 2, 5 , 10 or more cents, selling will become quite a problematic decision for most of us (Gee I would like to have the problem). On the other hand, only Matin and God seem to know if such a problem will ever confront us...
Why would I call you dumb?
Gambling $300 on a llooonnnngggg shot has never ruined anyone that I know.
After all we have a thousand reasons to "beleive" that this is a failure (a scam would be managed very differently)but, to be honest, none of us in here "knows" for sure.
Dumb were those keeping stocks in Yahoo, NT, AOL and thousand others in the $100 levels when they were loosing money.
Riding the bubble was dumb...
Best of luck ... very selfishly!!!