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I realy have fun for my money worth with this bet...
What would it take for this stock to be worth 5 cents?
A credible audited set of financials showing an EPS of $0.0025 or 1 quarter of a penny per share ( multiplied by 200,000,000 shares that is $500,000).
The company becoming more credible, assuming a multiplier of 20 times ACTUAL (not projected) profit would be a reasonnable expectation in today's markets.
Assuming such an optimistic scenario, selling 40% of my shares then (my avg cost is $ 0.02), I would have recuperated my whole BET and still hold 60% of my shares.
To me this is much better a bet than playing lottery (I do that also).
On the otherhand, I may very well loose it all. This is the essence of gambling.
This being said, considering what my source mentionned, we at least know (function of the value of my source)that there is an operation (game) going on out there.
Presumed truck drivers saying they did some work (i.e. handling business from Veltex) for the said company but did not get paid, ends up confirming what my source said relative to this specific operation (trucking) at Veltex.
Till December 10th (6 months after June 10th), my position is to wait and see. I consider the roulette to be still spinning.
For whatever that's worth...
Personally, my portfolio increasing, therefore my "betting-speculating" availability (5%), I did put a bid for 100,000 shares at $ 0.005 and it went thru within 15 minutes.
That did bring ny average cost to $ 0.02... to be lost ... or giving quite a return, one of these days.
However, I would not INVEST a penny in Veltex right now.
If only you knew how to read...
Here is what I wrote (Ask someone to read it to you):
"All those following this message board know that I DO NOT KNOW if Veltex is or not a good "bet" I therefore do not write the following trying to promote or not the company. I just want to share what I got with you."
"Notwithstanding all the "opinions" (pros and cons) expressed in anonymous message boards (???), I admit that I am in total darkness relative to Mr Matin's operation. On one hand the official releases of the company up to June 10th lead me to beleive that Veltex was a real company having, for whatever reasons, difficulties getting their acts (audited financials among other things) together."
"On the otherhand, all but the last commitment (June 10th release mentionned possible additional delay of 3 to 6 months) of the company have not been met and this renders the situation very speculative to say the least."
If you understood this and the answer I got ("The truth is he has little money to play with, but the apparel will, IMHO, pull him out of trouble") to justify a party, I suggest you are as stupid as you sound!
Go back to school kid!
FOR WHATEVER VALUE YOU INDIVIDUALLY WILL GIVE IT
I finally found some information about Veltex. Granted I do not give my reference (as per the request of my contact) but you may be interested in reading what I found.
I understand the following to be something that you will interpret whatever way you want but let's remember that this is a message board and therefore quite a bad way (anonymous) to make any investing (betting, speculating, ...) decision.
All those following this message board know that I DO NOT KNOW if Veltex is or not a good "bet" I therefore do not write the following trying to promote or not the company. I just want to share what I got with you.
For whatever it's worth, here is what I recently did and found.
Thru a contact of mine in US (has absolutely nothing to do with Veltex, he is not even a shareholder of the company) I obtained the e-mail address of someone that my contact knows, someone who for whatever reason dealt with Veltex and Mr Matin in recent past.
I WROTE the following to this referenced contact (abstract):
"... I have invested part of my "gambling" or "speculating" funds (5% of my total portfolio spread over 8 different risky stocks) in Veltex.
Notwithstanding all the "opinions" (pros and cons) expressed in anonymous message boards (???), I admit that I am in total darkness relative to Mr Matin's operation. On one hand the official releases of the company up to June 10th lead me to beleive that Veltex was a real company having, for whatever reasons, difficulties getting their acts (audited financials among other things) together.
On the otherhand, all but the last commitment (June 10th release mentionned possible additional delay of 3 to 6 months) of the company have not been met and this renders the situation very speculative to say the least.
All DD leads to company generated information one way or the other and I all I found (thru our common freind), up to now, is that you have somewhat been involved with Veltex. Mr ... that refered me to you suggests you would not put your reputation at stake by lying about a sub-penny-stock scam.
I therefore would like to ask you two questions:
1- Are you still inform somewhat relative to Veltex? (If you accept to define your involvment it will be appreciated). My understanding is that you are, among other things, holding few shares in Veltex.
2- Do you beleive that Veltex has a future, granted, one presenting risk? (If you were to define your vision it also would be very much appreciated).
Presuming you will accept to respond to these questions, I would like to know if you prefer or not this exchange between us to remain confidencial. I commit to respect your desire. (He did request not to be identified but had no objection having his opinions mentionned).
Thanks beforehand for your attention."
Here is an abstract of WHAT I RECEIVED as an answer:
"...it seems Mr Matin is taking some steps in the right direction. I just meet with Veltex now and then. I know very little about what is going on inside the company except for a little information I personally obtain thru contacts of mine, close to the company and Mr Matin.
Regarding the future of the company, all I can say is that I am not selling my few shares. I believe there is lots of value in the Apparel company because Veltex is one of the few vertically integrated [textile mills/sewing shops/US distribution] companies and that is the Holy Grail of the apparel industry. It is almost impossible to do and takes real foresight, and I credit Mr Matin with putting it all together. Unfortunately, as he was adding the final coup, the trucking, he got 'coup-ed'. The trucking business is full of thieves and it cost him a LOT of money, mostly all the money he raised through his stocks. [I think he has the trucking business under some semblance of control, now, though it was definitely out of control for a while.
The truth is he has little money to play with, but the apparel will, IMHO, pull him out of trouble. Contrary to what many do say, he is very bright If he knew a little more about our business and stock market cultures, he would be King of the Mountain. Unfortunately, he had some lessons to learn.
Therefore, I'd hate to see us selling out when, IMHO, the worst is behind the company now.
I noticed that some post#s are missing. That's nice and I hope few more will be missing in the future.
Let's keep this board as informative as possible, notwithstanding the lack of avalaible and verifyable information (one way or the other)we have to share.
Note:
With the number of truck drivers that claim to have been "screwed" by the company, we could at least deduct that Veltex effectively owns trucks. If these screwed driver have not been paid their due, it's that they did work on these trucks therefore generated revenues for the company.
If you beleive these ex-drivers:
Veltex has assets (trucks)
Veltex generates revenues
This would be more than what I tought I did not know up to now.
Why didn't you stay with the oter 887 crazy's on the other board.
A cleanup of this board may be required soon so it doesn't become the same as the other !!!
I do not know what motivates you to spend so much time trying to convince us that Mati, Veltex,... are a scam.
If you read this board before you joined you know 2 facts:
-Some of us bought in the past (hard to return back in time) and own shares now worth $0.005/share. Therefore, unless we realy are terribly cash hungry, why the heck should we sell our shares NOT KNOWING FOR A FACT what this is all about?
-Some are still buying shares and they are justified either by the fact that, being close to insiders, it is worth doing it at this price or, by the fact that they are gamblers that can afford to bet a few $ 100 on Veltex. In the irst case they are lucky to know what we do not, in the second case their logic is the same as the one of those betting at roulette on number 23 instead of 16.
This being said I am part of those having bought in the past and do not need your constant useless repetition of the same message.
Do I beleive that an audit will effectively be released sooner or later? Do I beleive, audit or not that Veltex is a real operating company? Why should you care?
Even investors know that they take a risk .NT,PCLN,Enron and hundreds more teached them this if need there was.
Why would we even start to think that bying stock of a pink sheet, unaudited penny stock is anything more than a bet? Why do you feel you have a mission (???) to remind us that this is a risky situation?
Do I beleive that you or any other of your aliases know more than I do? I do not even know who you are, where you come from or what your motivation could be.
I know a lot more about Matin who has a quite ugly past and is issuing official and signed messages in places more significant and compromising than an anonymous message board whichever one it is.
In that context you, going back to where you come from would be the best service you could give us.
Thanks beforehand for leaving (I doubt that also).
This may be the thruth but honestly I wonder...
...Me and my associate (sound very important)
...I am busy at work (but had time to write this message totally unsuported as of yet)
...called veltex, ...Also had discussion with number of individuals within the government and businesses who are quite fimiliar with veltex and the reputation of the CEO (No wonder you are now too busy to justify your message)
...need to make two more phone calls (I wonder why you felt fine writng your note before you made these)
...It seems we have lost our investment (After all your investigation, it just "seems"?)
...I shall write in detail soon (That reminds me of someone else I met on another board)
No wonder you feel the way you do.
Come on...You know as much as I i.e. NOTHING.
Sorry for not answering earlier but I have been away from my pc for over two weeks and just saw your message..
"falls on his face" or "fall in place" who knows.
Let us keep our sense of humor, I somehow think we may need it in the future ... who knows?
Read my post carefully...
The only difference between you and I is that I admit that I DO NOT KNOW. You may be 100% right and you may be 100% wrong.
Of two things one:
- It's a scam (no FACTS tosupport it)
- It is not (no FACTS to support it)
Therefore it's a bet and neighter you nor I can say FOR SURE what it will turn out to be.
Considering past history I will agree that the odds are pretty bad but the jackpot potential may or not be worth the risk, depending on your tolerance to loosing half a penny per share.
Future will tell but you run the risk of looking stupid or be able to say "I told you" but I will not have to have regrets, whatever the case, since I honestly say that "I do not know but I am not stupid enough to take my dreams for reality".
If I may analyse my bet as it stands:
-On the table I now have (150,000 X $0.0041 = $ 615.00 book value)
-If it's a scam and I loose $ 530.00 (I could sell right away and pay $ 85 to my broker)
-It's a real company having some kind of EPS potencial (let's say $2,000,000 profit in foresseable future, spread over 200,000,000 outstanding shares = $ 0.01 EPS) Apply a multiplier of 10 and my bet is worth (150,000 X $ 0.10) $15,000 or ($15,000/$530) 28 times what I have on the table as of tonight.
That's close to playing a number on roulette (odds of 1 in 37) in view of getting a return of 35 to 1.
Dont we have fun ??? (and we are not even naked...)
Assuming best case: When do we sell how many shares?
That will be (if it turns right) an interesting basis for many more messages on this board ... if we ever get there.
At the price we paid (whatever that is) we may as well enjoy the ride.
Interesting toread your exchanges. Thanks for keeping this board alive.
As previouly said:
-I own 150,000 shares,
-I consider that to be a bet (know nothing as fact), not an investment (know a lot of facts), not even a speculation (know few facts),
-I wait till the 3 to 6 months after June 10th are gone by to decide to forget it or not (will not sell anyway at 1/2 a penny)
As for complaining to regulators, I personnally beleive that it's not worth the effort since I do not beleive anybody cares about such a small scam (assuming it is) in times were real worth looking at crooks inondate the business community. I however respect those thinking that complaining could be worth the effort.
Veltex is something that has been a joke for years (I unfortunately got sucked in 4 years ago, thinking I was speculating and decided to average down to render it a low-unit-cost BET over the last 12 to 24 months).
As I often said this is either a scam (selling shares effectively worth nothing) or a reverse scam (accumulating shares at very low cost before letting a positive story out).
On one hand, tens of millions of shares have been sold (issued) at less than one penny by the company (if it's a scam it's not worth the effort) and on the other hand, they were bought by someone (based on what information?)
One of these days, we will find out what this was all about. If it was a scam, I (we) will have been had, if it's a reverse scam who will complain when the price finally goes up?
The fact of the matter is I (we) do not know but look forward to see if I lost or not my bet.
Till then, let's enjoy this board. At least we will have that to remember as a good souvenir of this venture if it turns out to be what it may very well be ??????????????????
Once everything falls into place in 3-6 months,... I assume that the audit will be part of whatever it his Matin refers to when he says once everything falls into place.
Answers Luc 100 also.
Remember that Matin said the audit (to my recollection) was to be completed within 3 months (the earliest) and 6 months (the latest) in his June 10th release.
Therefore shareholders can hardly complain since we stil are in the said window for up to 3 more months.
Interesting calculation but, as we all know, it is based on VIRTUAL numbers given by someone having lost all credibility within its shareholders community.
I however also wonder who bought thes 30 to 40 millions shares in the recent months. May be the gambling industry is healthier than many other industries in these difficult days ???
Let me add one virtual exprapolation.
For us to now see an EPS of $ 0.01, Veltex will have to generate a profit of $ 1,200,000.00 on revenues of let's say $ 15,000,000. In this case our shares could be worth between 10 and 20 cents a piece (multiplier of 10 to 20 being reasonnable these days). That would mean a capitalization of $17,500,000 plus or minus.
That would be quite far from Matin's ridiculous previsions of last year but quite an interesting outcome, considering where we now stand.
However, we are in fantesy island having nothing serious to base our analysis (???) on but company supplied unverifyable information.
Still this message board is interesting and give us the opportunity to dream. Let's see what the situation will be whenever we get our wakeup call ???
Thanks to those contributing to this "amusement".
To me a reputable auditing firm is one that fits between:
- those that have previously been involved in mishandling of past mandates and
- those that are just a Joe Blow's street corner operation that you cannot verify wherever you look (burnt once in the past ... remember?).
Unfortunately till we know an audit effectively has been performed (if ever)and we can reseach the auditing firm that was involved (if any), we will have to try to beleive that this has been understood by Matin if he is to recuperate any kind of credibility in the future.
I do not expect the said firm to be one of the big 5 (or is it big 4 now?) but a firm that has a good reputation and give us reasons to beleive that the presumed-to-be-audit has been done honestly. I also look forward to understand why it will have taken almost a year to produce the audit.
Till then, I certainly will not hold my breath because, very honestly, I have very serious doubts that an audit of any kind is being beformed. I realy cannot convince myself that auditing a small company such as Veltex could take that long.
I understand that the company was mishandled for years, I know that there is international consideration (may be?) but I have no understanding of what could justify that long a process to audit a few millions dollars operation.
I certainly hope to be pleasantly surprised but I also hope to win the lottery...
For as much as I am concerned, the only thing Matin could do to value this stock is to release complete audited financials produced by a verifyable, credible auditing firm.
Any other "very favorable events (plural)" he would mention would have no impact whatesover on the value of the shares unless Matin gets Veltex to normally report regularly to appropriate regulating outfits.
Tll then (if ever ???) I agree with you: "all we can do at this point is wait".
Your question leads to my only hope. Someone close to the company is buying at prices that are very low (thanks to the apparent (???) stupid behavior of Matin) before something (the infamous audit???) justifies a better market price for his millions of shares ... and our few ones at the same time???
I call that a "reversed scam".
Quite a long shot !!!
Whoops !!!
I consider that to be bad news and I an getting worried that the wheel may stop on the wrong number.
40,000,000 shares at less than a penny = much less than half a million dollars.
I would have to be quite naive to beleive that this company is realy making profit, has an audit being performed that takes almost a full year and at the same time is dilluting us by 50% over few months.
In any case we shall see the bottom of it one of these days... huuuuuu!...one of these months ...huuuu !!! let's say: may be one of those years...
The least we can say is that this is a llooooonnnngggggg shot!
Current price fluctuations are meaningless IMHO till Matin (and his close ones) do decide that time has come to show whatever it is they have to show... in a credible, verifyable manner.
For the moment, Matin is happy to wait and this is still compatible with his last releases (June 10th) saying nothing of significance will be available before (AT THE EARLIEST) 3 months (September 10th) or (THE LATEST) 6 months (Early Christmas gift) i.e mid-December.
That is "IF PROMISE IS FULFILLED" this time ???
Till then, enjoy the rest of the market...
Been away for a dozen days and as I expected nothing did happen worth mentionning with this stock. Day traders and small players are exchanging shares making or loosing a few hundreds now and then.
This will remain the case till (if ever) a credible audit is released and that, according to June 10th release should not happen before September (the earliest) or December (the latest).
However, based on our past experience with this company, I hold my shares but not my breath.
If I remember well, V.Duff said last June that her recommendation was not to release anything before the company has a serious news to broadcast and I suspect that Matin finally listenned to her.
I personally think that the company is not issuing millions of new shares and below 1 penny but would like that to be confirmed somehow.
For the moment, let's hope the rest of the markets grow some more and let's enjoy the ride (up or down) whenever ride there will be with Veltex (a downhill ride however would be a very short ride).
I do not know if something is or not going on (you never know with this stock) and till the audit comes out (if ever) we should not read to much in price fluctuations, one way or the other.
This being said, today's movement as of 3 PM is interesting considering that 20 of the 29 transactions involved 50,000 shares or less. Average volume per transaction for thes 20 is 26,000 share or + or - $ 275.00 per transactions. This suggest (???) that real shareholders may be buying. Why ? Who knows ?
Not much to feed our already known opinions. I suspect we will have to wait for a couple more months before we find something worth discussing.
Till then, MM's and Daytraders will keep playing with this toy with few selling and buying shares for real.
Personally, I think we will be fixed before year-end, presumably sometime in October.
I know I should not say that but if Matin and his close ones have one penny worth of good sense, after multiple missed commitments, the one they made last June 10th 3 to 6 months) most likely was conservative and giving target dates estimated on the safe side.
On the other hand, who knows ??? We do not even know what Veltex is realy.
I agree with you, if by year-end we are still waiting for the company to make its "coming out", we probably got screwed and even my .003 cents would then become a piss in the win...
Till then let's keep our fingers crossed.
I wonder if the following sentence in last June 10th release meant that we will not hear from the company before mid-September...THE EARLIEST?
"Once everything falls into place in 3-6 months, investors will take notice of Veltex and we can take that big step in becoming a more respectable company."
Will very certainly be extremely happy do it ... as soon as I can figure out, based on facts, that he is doing a good job ???
I certainly hope you are right and I also keep my few shares.
I to am wondering why this situation is so badly handled...to a point where I hardly can imagine they are conducting a scam on a business as usual fashion.
I have no issue with the definition you make of start-ups but to be in such a situation and keep promissing steps that never seem to be finalized are two things. I can easyly forgive the first but have a real hard time with the second.
This being said, I also want to beleive that something is true about all they said and promissed ... granted in an apparently very incompetent manner.
If this ends up being a scam, Matin will have successfully done it in a very original way. If not, he will have proven that he is good at getting a start-up on the way but that he is the worst possible communicator ... assuming he did not do it on purpose???
No problem my freind.
As you know I do not even try to say that Veltex WILL OR WILL NOT end up being an investment giving some kind of return or a total loss, considering I have NO FACTS to support one or the other thesis.
Notwithstanding what the future will reveal, FOR THE MOMENT Veltex is definitely to blame for a lot, considering the overall (volontary or not) mishandling of everything they seem to be touching, them having or not the control ot the situations. FOR THE MOMENT I am not pleased with anything they have done and said and I blame them for it all.
I do not mind trying to empathize with the company but I would find it much more easy if the company did show some respect for their shareholders. This is not a "shooting from the hip" on my part but a well tought comment on the incomprehensible behavior of this outfit.
In the ongoing context, whatever is written on this board or any other one has no impact whatesoever on the price of our presently worthless shares (total capitalization of + or- $ 500,000. I do not care what is being repeated over and over again, positive or negative, it has no bearing on the value of our shares which only reflects the total distrust the company has caused by its numerous misleading comments, not filled promises and releases.The only reason our shares navigate in sub-penny territory is the lack of credibility the company has.
You may consider these comments to fit your "artificial knee-jerk negative thinking about the company" but personally I view them as an accurate description of what the situation IS FOR THE MOMENT.
Not being totally stupid, I certainly HOPE that the FUTURE will change the above and, as we both know the only acceptable initial step toward such a change would be the release of credible audited financials".
To be honest, till then, for as much as I would like to be able to beleive that we are not being manipulated, I cannot intellectually justify being positive about the situation as we now KNOW it.
So I end this message on a positive note, the only reasons I want to stick around are:
-The continuous involvment of V.Duff who has good credencials as per her internet site
-The consitency between what she wrote to me 8 or 9 months ago (see my message of last night) and the content of the company release of last June 10th.
Let's hope that the company having been burnt multiple time in the past has in this released played it very safe when they committed to release audited financials before year-end, in September, the earliest.
I also have my optimistic scenario but am very reluctant to put my faith in it (but I certainly hope for a positive outcome).
Still waiting for the audit (earliest date according to June 10th release could be mid-September) or whatever less interesting outcome we will be able to evaluate thru facts.
Stay cool...
As often mentionned, I intend to keep my shares looking forward to see what this "bet" will or not produce.
As for my comment, it refered to the fact that with this company, I am use to expect something based on what I read and regularly, am finding out that whatever it is I expected to find is not there.
Veltex may be a great thing or the worst scam there is. The fact is that I do not know and do not even try to forecast what the ending will be all about.
Note: I tought others were able to access a site under contruction I was not able to access myself.
No hangover from your outburst,
Sincerely
Stay cool...
As often mentionned, I intend to keep my shares looking forward to see what this "bet" will or not produce.
As for my comment, it refered to the fact that with this company, I am use to expect something based on what I read and regularly, am finding out that whatever it is I expected to find is not there.
Veltex may be a great thing or the worst scam there is. The fact is that I do not know and do not even try to forecast what the ending will be all about.
Note: I tought others were able to access a site under contruction I was not able to access myself.
No hangover from your outburst,
Sincerely
Thanks but then I do not understand what is going on with me sitting in Canada...
I went to http://www.veltexcorp.com/ got to the "welcome" page and clicking on the 4 other sub-sites I kept getting (copy - paste):
The page cannot be found
The page you are looking for might have been removed, had its name changed, or is temporarily unavailable.
Please try the following:
If you typed the page address in the Address bar, make sure that it is spelled correctly.
Open the www.veltexcorp.com home page, and then look for links to the information you want.
Click the Back button to try another link.
Click Search to look for information on the Internet.
HTTP 404 - File not found
Internet Explorer
May be more successful at another time.
Not much to comment on for the moment.
I went to the site and saw the "welcome" page but couldn't get to any of the other pages ("About Veltex", "Management team", ...) getting only a "The page cannot be found message".
Surprised???
No, it's business as usual with this company...
Was away grom my screen for a few days and what a nice set of exchange to read. As usual I want to add my input to these exchanges and share with you my Veltex experience.
NOTE: Just finish dumping my mind and found out I wrote a lloooonnnnggggg nessage!!! You should skip if you are busy.
First I must say I bought my first 4000 shares in Sept 1999 at $0.43 and saw this then presumed investment gradually fade out. For years thereafter, all I had was a capital loss opportunity and a darn line in my portfolios report showing 4000 shares at $0.001 = $4.00.
When I found that Veltex was coming alive again (looking at my report) in October 2002, I started some new DD on this old stock of mine and decided to send an e-mail to the company asking what was going on. To my total surprise, a woman gave me a call at 10 o'clock at night (Western time) and entertained me for over 20 minutes on the pros and cons of the situation, INSISTING THAT THIS HAD TO BE CONSIDERED AS AN HIGHLY SPECULATIVE, HIGH RISK INVESTMENT.
At the time I tought that this was more than reasonnable answer to an e-mail,and suspected that the reason for the verbal answer was not to leave any trace of it. (Finding out I had frustrated the said caller, I later appologized to the her for having written that much on the other board at the time)
I then found out that the said female voice was the one of a certain V.Duff and then read about her impressive credencials on internet. I somehow then decided that averaging down somewhat wasn't that bad a decision (or blind date) after all (11,000 more shares at $0.05).
From there on the history of Veltex has been the closest thing to a joke, but the V.Duff, with who I had multiple additional exchanges thereafter, seemed to always stick around somewhat. In a message I received from her, she outlined a plan that seemed more realistic than those generally offered by the company.
Here is an example of what I refer to (November 5th 2002):
ME: "Once the auditing process is complete and Veltex is a fully reporting company, the company will seek a listing on another exchange. Could you give more precisions?"
V"DUFF: "There isn't really much more to say.
-A U.S. auditor has been retained. Although the auditing firm in Bangladesh is one of the top ones in that country, foreign audits are not accepted by U.S. securities exchanges.
-Once the U.S. firm has completed the audit, Veltex will file reports.
-Once the reports are filed and accepted Veltex will begin negotiations with the appropriate exchanges. In order to trade on NASDAQ or AMEX, the stock price must be trading above a certain level for a period of time.
So, you can see it is a long and involved process, and the stock must be trading at $3/share or above to be listed on AMEX ."
That realistic outline of a plan suggested to me that if this V.Duff effectively was what and who she seems to be, there may very well be something real behind this incredible story.
With this in mind, buying some and selling some multiple times, I ended up having a "bet" worth 150,000 times $0.0296. (I do not intend to add to my bet and shall take whatever card is dealt to me from here on).
However I still have no clue where this is going. I could justify high hope by focussing on numerous peices of information I cannot realy validate or, support a very negative scenario based on similar informations.
The best evidence that I have, that there may be a jewel in the rough with this Veltex, is the apparently still present V.Duff.
However, I cannot say for sure that I KNOW her even if I sincerely want to trust her.
During a previous experience where I did make a similar "bet" or "speculation", we (me and other "investors???") had a "male V.Duff" having quite a credibility, having a reputation of being a success (we even were able to visit his "mansion" on internet) and we still got cleaned out.
As we say in french "chat échaudé craint l'eau froide" ("Cat having been burnt by hot water is suspicious of cold water").
Therefore, notwithstanding V.Duff's (presumed???) contributions, with all due respect, I still consider Veltex to be a HIGH RISK SPECULATIVE BET.
Only a verifyable set of audited financials and normal reporting can convince me that Veltex is more than an interesting dream.
Till then, I enjoy this board (thanks to the contributors) and enjoy giving a look at the activity of this stock in the market, during my dayly following up of stocks I am "invested" in.
As I said before, I think current volumes are meaningless and strictly reflect the activity of people fooling around with lots of 100,000 to 1,000,000 shares to make 1 or 2 tenths of a penny/share ($100 to $2000 profit) now and then (That's what day traders try to make their living out of).
This being said, I certainly hope the company will be able to find something to release soon. After all, they have released nothing for the last 6 weeks (june 10th) when they wrote:
"Veltex Corporation (OTC: VLVT) announces today that business continues to be on target and sales are starting to pick up as the economy seems to be getting stronger and demand is picking up in our industries.
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. Veltex has decided not to set a finishing date
for the audit, but will keep investors informed as the audit is near completion.
Veltex continues to invest as demand grows to better serve our customers.
Javeed Matin, CEO of Veltex Corporation quotes, "We are working hard to improve sales and profits, as well as the financial strength of the company. Once everything falls into place in 3-6 months (That's mid Sept to mid Dec.), investors will take notice of Veltex and we can take that big step in becoming a more respectable company."
END OF ABSTRACT
Therefore we may not see much in term of release till automn or even winter.
However, I must say that this release sounded pretty much like what V.Duff wrote to me last November???
The Veltex story looks like a film that we would be looking at in slow motion.
The final punch will definitely be found, but we will have to wait much longer before we finally can find out if the guy will marry the girl!!!
On that note, it's time to go to bed (For those on the East coast)!!!
Good night and have nice dreams (as an example, dream of what you would do if this stock was to become a $3 or $5 stock (without a reverse split), assuming you would not have sold at $0.10 or $1.00 between now and then. Dream of a Veltex having 100,000,000 O/S and a profit of $20,000,000 (EPS of 20 cents and multiplier of 15 to 25)??????????????????
Sorry I took so much time to get back to you but happy to see you had a safe trip notwithstanding your getting around in my area.
Have a good holiday.
My reading of today's activity (just for fun)
I think the MM (or daytraders) are having a ball with this stock. Here is what I saw happening (???):
9h30 A MM send a message to another one by trading 1000 shares at $0.007 ($7) asking "What do you want to do?"
9h53 He gets an answer: "let's go low" (100 shares at $0.006 = $0.60)
11h39 to 12h40 Over 2,000,000 shares are traded at around $0.005 (low 0f $0.0045).
I do not know how they play their game but $10,000 changed hand till, at 11h52 another message (2900 shares at $0.005 = $14.50) was sent and acknowledged at 12h40 (8000 shares at $0.005 = $40).
Probably meant: "let's continue at that price for a while".
If this is the way it realy goes, we should not assume Matin is dumping shares at half a penny by looking at the board. My thinking is that some people manipulate millions of virtual shares trying to make .001 or .002 penny per share (1,000,000 = $1,000 or 2,000).
Till a credible audit is released (if ever?) this stock will remain the toy of a few.
The audit is the best kept secret in the world(if you forget Hussein, his arms and Ben Laden).
May be we will need 007 to find any of these!!!
Have a safe trip and when you cross the Champlain bridge I shall be 4.5 kilometers (2.8 miles on your right side) on your right side accross the St-Laurence River.
To add to your entertainment (long boring road ahead of you), if you follow road 20 all the way, after you past Quebec city (exit 312 - pont Pierre Laporte), you will get to exit 321 and see (???) a golf course on your left side. That's where I played yesterday.
By the way, if you have a cruise control, whenever you drive thru province of Quebec, set it at 119 km per hour (74 miles per hour) and you should have a speed-ticket-free ride.
As for the price of the shares, I certainly would like to selfishly be able to help but as you know, the ball is in someone else ballpark.
Have a nice holiday and may weather be with you.
Hope you are taken out of this board soon (even before time for you to go back to school comes).