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Thanks for your R&D profitting us all. Hope you have easier time than when you were looking for the trucks.
If I can have time I will get involve in the search and keep you informed.
I agree with most of what you said earlier even admit that refering to the absence of comments relative to getting listed on another market was let's say not in tune with the other question I raised (see my post 1084...copied hereafter).
As for the timing of the release, I never was critical about its schduling and accepted all along that it was to come out at the end of the quarter as originally committed by Matin (having it earlier as he said later would have been nice but "before end of quarter" was still fine for me to get "some" reassurance that this company was for real (have been burned before with PS stocks). When Matin came back to us saying there was to be a delay of 10 days, I felt he was very likely serious and more than doubled my position (see a previous post of mine at the time).
Regarding TextileDrunk's I am not tired of him consideringI haven't seen his (and many others) garbage since few days after his arrival on the other board. What I do not understand however is the continuous motivation he gets from those reading and answering his garbage. As a matter of fact I stayed away from the other board for 2.5 months and came back to it last week (this board was pretty quiet) to very probably leave it again after I go at it in few minutes considering what I saw within the last days.
This being said, like it or not, it's your absolute right, VLVT having its history, innuendos relative to Matin and numerous instances where we (many of us trying to sincerely beleive) expressed our frustration about news releases generally missing references to credible potential sources, I certainly did not expect the last extremely important release (for sake of establishing credibility)to not address the issue of credibility by showing up the name of an unreachable unfindable audit firm.
Without spending $200,000 (may be in the context it would have been very much justified)using a firm that can afford a website or being in the yellow pages (may be they are but nobody yet seems to be able to find them) would have been very smart. Short of it, giving shareholders information about that firm helping shareholders to find out about them would have been better than nothing (what we got).
O.K. they made an error (who doesn't?). Fine. Then correct it by either updating your release (frequently done by many) or issue a new release addressing the valid concern of the market.
The alternative: 24 hours after the release of an otherwise great one, your stock trades (bid) at current EPS, never mind the forecasted EPS.
In all due respect.
Here is what I posted yesterday (1084) morning at around 9h14 (45 minutes after the release came out):
Posted by: pual
In reply to: None Date:4/15/2003 9:14:14 AM
Post #of 1095
Interesting
Revenue increase 2001-2002 = 38%
projected increase 2003 = 150%
35,000,000 or 42,000,000 shares outstanding (???)
EPS = $0.03
BV/share = $0.23
Share repurchase program coming
Looking for
Who is Aaron Sherman & Associates, Inc?
No comment about getting listed on another stock market???
I feel much better about this "bet" but look forward to obtain credencials of the auditing firm to declare it a speculative investment.
Will be real happy that being done and the stock being taken on a real stock market.
Great, I hope you get that soon.
And if I may add, Saying that they plan to buyback shares wasn't to impressive either. You either shut up or announce you will buyback let's say X% of the current O/S within the next x months (which would be very smart considering the market to be at a "1" or so claimed multiplier ???
Sorry to get you mad but with that an awaited release I would have expected them to yes repeat critical information. They certainly felt important to talk about projections they also had mentionned multiple times before.
Second, The only way our stocks will go up seriously is when this pink sheet company will have obtained some credibility and that you do not get only by claiming things released by people who do not have a past leading to it (Matin admitted that earlier). In this context how did they decide to have the awaited audit done by a firm that nobody seems to have aver heard from and cannot be traced on internet.
Do not take me wrong, I hope this to become a serious stock but realy, do you expect investors to jump in because Matin says everything is great and have close to anonymous an audit firm NAMED in his release.
From what I read today (and I was enthousiastic enough to post it herein, very rapidly this morning)this release confirms and updates the one issued last September (stand to be corrected)and add the name of an unknown unfindable audit firm.
Hope someone will be able to help finding some kind of credible source(s) of information so we (more importantly others) can have some educated (vs blind) faith in this outfit.
If what we read this morning is what it looks to be, the management of this outfit seems to be great at letting the market totally insecure by keeping out of the releases they issue, critical details so they obtain credibility.
This time, they left out any usefull information related to Aaron Sherman & Associates, Inc (Who the heck are they?)
No comments made about when they intend to report to SEC.
Notwithstanding past releases they did not make any comment about getting listed on another market?
Apart from mentionning the name of an impossible to check auditing firm, what more do we know today from what we knew some time last year when Matin came out with similar numbers?
Beleiving these people to not be stupid, I wonder why they always just enough to leave us wondering if what they say should or not be beleived.
I think the market reflects this situation by keeping the share value close to = the EPS and less than 20% the presumed BV of the company.
May be we will find more if they soon issue results for the first quarter 2003 and use this opportunity to inform us all appropriately.
For the moment, it LOOKS LIKE one step has been made in the right direction, but regularizing the legal status of the company is required for me (at least) to congratulate them for a (apparently) great acheivement.
We shall se...
Interesting
Revenue increase 2001-2002 = 38%
projected increase 2003 = 150%
35,000,000 or 42,000,000 shares outstanding (???)
EPS = $0.03
BV/share = $0.23
Share repurchase program coming
Looking for
Who is Aaron Sherman & Associates, Inc?
No comment about getting listed on another stock market???
I feel much better about this "bet" but look forward to obtain credencials of the auditing firm to declare it a speculative investment.
Will be real happy that being done and the stock being taken on a real stock market.
Anyone found a site for : Aaron Sherman & Associates, Inc. yet?
Veltex Corporation Publishes Audited Financials for 2001 & 2002, Veltex Earns 3 Cents EPS for 2002
DIAMOND BAR, Calif., Apr 15, 2003 /PRNewswire-FirstCall via COMTEX/ -- Veltex
Corporation (OTC: VLVT) has announced its results for the Year 2002. Total
revenues for the Year 2002 were $13,770,987, up $3,816,105 from 2001, or up over
38%. Earnings per share were .03 based on roughly 35 million shares issued and
outstanding. Veltex ended 2002 with a book value of approximately 23 cents per
share. These financials represent results from all divisions of Veltex
Corporation and have been audited by Aaron Sherman & Associates, Inc.
"The audit has produced no surprises and we expect our shareholders will be
pleased with the results," commented Javeed Matin, Chairman and CEO of Veltex
Corporation. "We are having a good experience reorganizing Veltex Transportation
and future results should be in line with our projections. We expect 2003
revenue of $35 million, comprised of $5 million from apparel, $15 million from
trucking, and $15 million from textiles. This revenue increase will be more than
100% from last year."
Asked about plans for 2003, Matin said, "We expect to continue good earnings in
both trucking and apparel. Veltex Transportation will add 60 more trucks over
the year to the current line of 40 in operation. Our experience has been profits
of approximately 10% of revenue, or $2,000 a month per truck. Veltex Apparel is
pursuing some excellent projects that will likely add significant revenues over
the year. We are looking to hire experienced managers in all our divisions."
"We have made a few mistakes and have learned from those mistakes," continued
Matin, "but we are also proud of the fact that we moved quickly to correct any
problems. Most of all, we are grateful for our patient shareholders who have
supported our every effort to grow our company. In the coming months we expect
to start a share repurchase program which will demonstrate our gratitude."
Fixed Assets at December 31, 2002 consisted of the following:
Land and Improvements $1,516,355
Buildings 1,053,783
Plant and Equipment 8,218,217
Trucks 263,248
Less accumulated depreciation (1,490,470)
$9,561,133
Depreciation expense for the years ended December 31, 2002 and 2001 was $816,967
and $673,503, respectively.
VELTEX CORPORATION
Statements of Cash Flows
For the Years Ended
December 31,
2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $1,138,713 $1,565,920
Adjustments to reconcile net loss
to net cash used by operating
activities:
Common stock issued for services
and contributions 78,400 --
Depreciation expense 816,967 673,503
Changes in operating assets and
liabilities:
(Increase) decrease - in accounts
receivable (380,513) (658,176)
(Increase) decrease - inventory (826,808) (446,621)
(Increase) decrease - prepaid expenses 47,359 59,198
Increase (decrease) - in accounts
payable and accrued expenses 990,508 788,332
Net Cash Provided by
Operating Activities 1,864,626 1,982,156
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of other assets (13,070) 2,353
Purchase of fixed assets (1,710,744) (1,407,658)
Net Cash Used by Investing Activities (1,723,814) (1,405,305)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable 360,766 --
Payments on notes payable (12,520) --
Proceeds from notes payable -
related parties 611,436 66,719
Common stock issued for cash 397,760 --
Net Cash Provided by
Financing Activities 1,357,442 66,719
NET CHANGE IN CASH 1,511,324 643,570
CASH AT BEGINNING OF YEAR 541,696 867,764
CASH AT END OF YEAR 2,053,020 1,511,324
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Interest paid $6,397 $--
Income taxes paid $-- $--
SCHEDULE OF NON-CASH FINANCING ACTIVITIES
Common stock issued for services $78,400 $--
VELTEX CORPORATION
Statements of Operations
For the Years Ended
December 31,
2002 2001
REVENUE
Sales, net $13,770,987 $9,954,882
Cost of sales 9,705,986 7,024,418
Gross Margin 4,065,001 2,930,464
EXPENSES
General and administrative expenses 2,088,481 693,435
Total Expenses 2,088,481 693,435
INCOME FROM OPERATIONS 1,976,520 2,237,029
OTHER INCOME (EXPENSE)
Interest expense 6,397 --
NET INCOME BEFORE INCOME TAXES 1,970,123 2,237,029
INCOME TAX EXPENSE 831,410 671,109
NET INCOME $1,138,713 $1,565,920
BASIC EARNINGS PER SHARE
Earnings per share $ 0.032 $0.06
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 34,786,110 27,393,808
VELTEX CORPORATION
Statements of Stockholders' Equity
Additional
Common Stock Paid-In Retained
Shares Amount Capital Earnings
Balance
December 31, 2000 27,393,808 $27,394 $5,016,084 $1,414,470
Net income for the
year ended
December 31, 2001 -- -- -- 1,565,920
Balance
December 31, 2001 27,393,808 27,394 5,016,084 2,980,390
Common stock
issued for cash
at an average price
of $0.032 per share 12,334,604 12,334 385,426 --
Common stock
issued for services
at an average price
of $0.032 per share 2,450,000 2,450 75,950 --
Net income for the
year ended
December 31, 2002 -- -- -- 1,138,713
Balance,
December 31, 2002 42,178,412 $42,178 $5,477,460 $4,119,103
VELTEX CORPORATION
BALANCE SHEET
ASSETS
December 31,
2002
CURRENT ASSETS
Cash $2,053,020
Accounts receivable - trade, net 1,488,835
Inventory 2,815,145
Prepaid expenses 189,436
Total Current Assets 6,546,436
FIXED ASSETS, NET 9,561,133
OTHER ASSETS
Other assets 30,683
Total Other Assets 30,683
TOTAL ASSETS $16,138,252
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $2,594,949
Current portion of long-term debt 97,518
LONG-TERM DEBT 2,692,467
Notes payable 250,728
Related party payable 3,556,316
Total Long-term Debt 3,807,044
Total Liabilities 6,499,511
Commitments and Contingencies --
STOCKHOLDERS' EQUITY
Common stock: $0.001 par value
70,000,000 shares authorized;
42,178,412 shares issued and
outstanding 42,178
Additional paid-in capital 5,477,460
Retained earnings 4,119,103
Total Stockholders' Equity 9,638,741
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $16,138,252
Veltex Corporation is a diversified holding company composed of four divisions:
Trucking; Distribution, specializing in caps, apparel and apparel accessories
for the Promotional Products Industry; Manufacturing, specializing in the
manufacture of high quality fabrics including velvets, 100% cotton twill, denim,
sheeting for consumer and industrial products; and Marketing specializing in
online marketing and promotions for the vacation ownership industry.
Safe Harbor forward-looking statements: Except for historical information
contained herein, the statements in this Press Release are forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reforms Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties which may cause the company's actual
results in future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, volatility of market
prices, product demand, market competition, risks inherent in the Company's
international operations, and the Company's ability to replace and expand.
For further information, please contact: Brad Morris of BJM and Assoc,
+1-810-923-0455, for Veltex Corporation.
SOURCE Veltex Corporation
CONTACT: Brad Morris of BJM and Assoc, +1-810-923-0455, for Veltex
Corporation
(VLVT)
Thanks. Looking forward to read it.
Having some time to spare (I still work full time out of town) I went to visit the other board after an absence of almost 3 months (If possible it's even worse than it was then).
However out of this garbage I read that someone talked to the company and was told to expect audited results by tomorrow.
FWIW!!!
I do not see much action recently and I do not expect to see much till the audit is out. Then people will have reasons to move one way or the other.
Till then, few will keep taking back or throwing in their few hundred dollars bets.
My observation over the last days is that, the price staying at 2 cents or so after the last PR and previous promissing releases, the credibility of the management is very low (not to say non-existent). Even those close to the action do not seem to get agressive in adding to their positions (unless they can do it at 2 cents or less).
That does put a stop to my desire to beleive that great news are ahead ???
I would be happy if we get news by sometime during the month (not even sure of that) and if the news is not to bad.
The general behavior and communication skill demonstrated by the VLVT management team, certainly do not help me trying to beleive that they acheived great successes over the last year or so.
I however do not mind being proven wrong !!!
I just realised that if Veltex issues audited reports in 10 days, this will be on April 12, therefore on my birthday... Just in case, feeling good today, I decided to run the risk of getting a nice birthday present and chipped in $1,000 bet to get 50,000 more shares...
Who knows, this may go sky high rapidly (let's say 4 cents). Assuming 70,000,000 O/S, and a multiplier of 6, this would require a $2,800,000 profit requirement. I wonder???
On the other hand ...
This morning release shows that bitching hard enough can sometime produce results. Let's see what comes out in 10 days? At least we know they are there and claim that future is not necessarely a write off.
I agree that we have nothing yet (but company unsupported claims) to be optimistic or pessimistic but "wasting time" speculating seems to be the only way we have to show that some of us are still around waiting for an outcome.
An observation I make is that the last time I (we) got screwed in such a gamble, great forecasts and projections were made by company's officials on message boards with disclaimer (CYA's) advising of the rik involved. Then capput...
This time (even if it's frustrating), the company shows much more restraints in coming out public (1 month between the last 2 releases). I wonder why ??? This could be motivated by conservatism or by other less honorable strategies.
Anyhow, I am very pleased by this release...whatever we can read out of it ???
We are very justified in being unhappy and they realy owe us an apology.
The question is (assuming they effectively are attempting to operate a profitable company): Why don't they say anything?
Behaviors (good or bad) are generally motivated by logical reasons and desired objectives in people that are not totally crazy. I have no doubt that these people are anything but crazy.
Then what "motivates" their "behavior"?
Thanks for the info.
True or not, this approach is incredibly unprofessional. But, who knows, may be it was not accidental?
Matin went in front of presumably important audiences and committed to deliver great audited reports BEFORE the end of the quarter (he even said before the end of February at one point).
The company included this commitment in multiple public releases over the last 6 to 9 months.
Now they are not even polite enough to issue a short release acknowledging to their shareholders a short delay in delivering on their promisses (May be they still try to scare away some shareholders).
I repeat it, we either face small incompetent crooks (then they failled miserably considering the price they got for the shares over the last months) or we are being manipulated by smart hypocrit crooks setting themselves up for great profits, having issued 50,000,000 shares at very low prices, indirectly getting control of them by having them bought in the open market, then delivering audited reasonnably good results, doubling or trippling the value of their shares to between 5 and 10 cents (a very low ball estimate).
In the first case we will have been had by crooks not worth going after, in the second case we will never realy know and we will even be happy to get whatever we can after we tought it was lost anyhow.
One thing still bothers me... Who bought millions of shares over the last month at 1.5 cents + or - and why did they feel it was worth doing it?
10 days ??? let's see...It may very well be after all???
The last day of March is over with and they do not even have the guts to issue a release updating us.
The reason I am long on a small 25,000 shares is that selling them would not leave much after I have paid my broker. May as well let it unfold.
The one that disappoint me is V.Duff. Her credencials sounded good, she had an objective pitch when I talked to her and was responsive initially. Then she became to busy to answer specific questions I ask but had time to write long excuses explaining in details why she was to busy to answer ???
I wonder if Howard is her brother??? (This is an inside joke for one of us).
PS stocks are high risk gambles. You can very well get screwed. Then you get mad if you want but the only one to get mad at is walking in your shoes!!!
As said Yogi Berra: "it's not over till it's over!"
Shootker,
I took it as humoristic also.
Talking about humour, 1 working day left before the company miss on its commitment???
I wonder what excuse they could use? However they would stay away from saying anything and I would not be surprised.
Have a nice weekend and let's all have a tought in our prayers for all those stuck in Irak...whatever their origins and nationalities. This should help us put things in perspective.
Shrotker,
If my heart was that fragile, I would be dead for a long time considering the state of the stock markets in general. (At least I escaped early moving to oil and gold and do not need to sell short term. Therefore my losses are for the moment book losses. Not fun but hurt less keeping hope alive.
VLVT is (was...may be) a gamble and these do not make me loose any sleep. However, it's very tough to beleive that Veltex (Capitalization of + or - $1,000,000) could be what it is suppose to be and having millions of shares still being traded below 2 penneis???
This being said, one of these days, one of these "to nice to be true" bets may be a winner...who knows. A freind of mine just won $107,000 (CDN) at the lottery...
Why is it that I expected a delay??????
Based on the volumes of the last few days (almost 4,000,000 shares today), some are leaving the boats and others are getting on board. Very few trades (14 or so) suggests that very few people are involved.
The question to be answered is "who knows what?"
The price staying very low (an understatement) I am not very much reassured !!!
Whatever this turns out to be, there most likely will have been manipulation somehow. May be it's a scam as some claimed for months or may be some (insiders) are accumulating shares somewhere (hiding their illegal behavior) till the results come out and make the stock go right up.
If I am to be fooled, I prefer the second way !!!!!!!!!!!!!
To bad that this is the wrong forum to exchange anymore on that topic but if I can have my own two words to finish...
Stubberness, Sharon...
No bad feelings, I like to trade opinions. May the war be what GWB expect it to be...
I still remain hopeful about Veltex even if I am not very confident...but who knows???
On the rest of your message (I respect your opinion)I must say the following: (note that I, as most around the world, refer to GWB and not to Americans. One may very well respect your great nation having a stupid... or should I say dishonest? leader, elected by less than a majority vote).
As for the "world unity", if it means following the Bush-Cheney team (I did not say Americans but Bush) in whatever stupid path they want to follow, no wonder you have to conclude that there is none. It will get even worst if they next try to save us all from North Corea, then Iran, then ...(after all don't they...Bush & Cheney have God on their side...as some other maniacs in the world).
As for the "Frenchs" they may end up having been right or wrong but my point of view is that if they firmly disagree with Bush (and they certainly do) and see no way to convince him (could anybody change the mind of this guy), what choice did they have?
Now since you also refer to us, with whatever means we can afford, we Canadians have been in almost all peace missions around the world for decades and fought right by your side in all your wars, including Korea in 52 and Afghanistan recently. (a well worldwide supported war). I therefore am surprised by your comment.
Finally, having your freinds presumably insulted by French Canadians just demonstrate that US doesn't have a monopoly of the stupid people...we have some also.
Respectfully,
Quite difficult to beleive that within 10 working days, this company will release audited financials confirming anything close to what has repeatedly been said by them over the last months???
I wonder what excuse the management will use to "justify" that circumstances made it impossible to ... (fill in the blanks for yourself).
Almost 2,000,000 shares today and very small loss potential left at $0.013 ... Still it went down 3.7%.
If this thing turns out positive I will be more surprised than if Bush was to unilaterally bring back his army home ???
Two weeks almost since I came in here.
Not much to read (not much to write about anyhow)
The price is at 1.5 cents (cannot go much lower)
Last significant release leads us to wait for audited report within the next 2 weeks
Based on what the company said repeatedly, numbers should be just great???
From what they say, they make money and from what we may be seeing, they generate cash selling stocks for a couple of pennies per share???
Tough to beleive that this outfit is anything close to what they claim it to be...but why sell now??? Miracles do happen !!!
My name being roger (note the small "r" it's so common a name) I often use REGOR as a nickname.
My second (we do not use it in french) name being paul (small "p" again) I use PUAL in other cases.
Easy isn't it... Pual, Paul, Regor, Roger ... As long as I remember who I am, where and when !!!
Quite an upbeat board this week
Lot of positive posts this week but the price of the shares still amazingly low.
March 31st is getting closer, therefore the wheel slowing down ...
Still leave my bet on the table, waiting to see it thru.
Have another nice week!
Initially Matin had committed to issue audited financials before the end of the quarter. Therefore he is still in line with his original commitment.
I personally beleive that this thing is a manipulation of some kind.
If the original plan was to release lies with an objective to issue 50,000,000 shares then run, this is quite a flop. That much work and that many people sharing in the pot of $1,500,000 is certainly not what they would have planned for originally.
On the other hand issuing that many shares and somehow (???) taking part in the ownership of most of them (getting around the insiders rulings), before they can realy demonstrate, thru normalisation of the company, that Veltex is what they claimed it to be all along would be quite a coup!!! Just try to imagine they somehow got control of 30 or 40 millions of these shares and they can get them to be worth just $1.00 (15 times an EPS of 7 cents)... I wonder who among us would complain???
As you say, another month or so before we find out!!!
Thanks for the reference. I hope he gets the message.
Thanks for you patience and I do not intend as I said earlier to have a political debate in here, for obvious reasons. Suffice to say that I judge people for what they do and cannot care less about the color of thair political parties. I sincerely admired the leadership of Bush during the months following 9-11 and am tuned off by his handling of international affairs since he let Sharon loose some time later then proceeded with his machiavelic plan against the evils of this world. Amen
As for the cold weather, not much I can say about the cold air going down but for the snow, may be you should talk to Buffalo...we almost have none up here, to the despair of my skying wife!!! Beleive it or not, I still see the grass on the green of the golf course right in front of my office.
Honestly respectful and let's hope veltex behave during the rest of the week. I will be back friday.
Enjoy.
That (the Irak affair) is what filled my glass in the first place but it was not "Directly" (Oh ya!) related to the economy field and the stock market in genera;l. Therefore I refrained from blowing up openly. However, starting a war against the "republican" Greenspan, was to much for me to just shut up anymore. Throwing Greenspan away right now would have a terrible negative impact on all world stockmarkets and that for months to come.
I am realy pissed!!! Sorry to express my frustration in here, knowing very well it's not the right place but I had to write it somewhere.
Not related to Veltex...This is a gamble and of two things one:
-Those promoting the stock may be right even if most of their justifications are based on company controlled or paid for sources. I certainly hope they are right...
-Those bashing the stock may be right even if most cannot support whatever accusations they put up. Some do ask appropriate questions but they and we all know that answers are not available.
In my case, I hope for the best and let the wheel spin to its final stop to figure out if I won or lost.
As a stock holder in general, what (I didn't say who) pissed me off is your darn president and his stupid behavior (The drop that made my glass spill (it was already full for a long time) is his "new war" against Greenspan. If I could choose, I would probably replace him by Matin and I am certain it would still be an improvement. What an irresponsible a..hole he is !!!
Sorry again... I will not do it again...but !!!
What a chock???
"I will not dont trust Mr. Matin "
I would never have guessed you trusted him ???
Just came back to the board after a week out of town and read over 80 messages. Here is the best post I read (abstract from message # 839 by :nightstocker):
"The stock still remains a ... specualtion with odds that are somewhere between roulette and blackjack. It is definitely a gamble, and I as a shareholder can do nothing but wait for the dice to hit the table and accept the results."
Let's just hope we soon see audited financials.
Personally I sit on my few shares and wait for the "drama" to unfold...
Just try to think that the scenario invented in message #824 is real (who knows what is or not?):
"3- They have someone filling message boards with messages justifying doubt.
4- They thereby justify issuing remaining shares at a price maintained low by doubts.
5- They have somehow buy back these shares (brothers in law, cousins, close freinds acting in their name)
6- Suddenly the thruth comes out at audited financials time."
Wouldn't Freadvise and Textileguru be thereby better understood???
Have a nice week. I will read you all next Friday!
Food for tought
I have been called out of town for a full time contract and can only come to this board during the weekend. However I was wondering what this "affair" could be all about.
Some suggest that Matin and his freinds were pulling a scam on us. I keep thingking that he failed miserably if that was his plan throwing away 25,000,000 shares at 3 to 4 cents???
On the other hand, I could not beleive he, and those around him, were that stupid???
IS IT POSSIBLE THAT ...
1- They are building up something very worthwhile.
2- They cover their scheme by issuing great PR releases but leaving great doubts by only going half way and leaving critical details out.
3- They have someone filling message boards with messages justifying doubt.
4- They thereby justify issuing remaining shares at a price maintained low by doubts.
5- They somehow buy back these shares (brothers in law, cousins, close freinds acting in their name)
6- Suddenly the thruth comes out at audited financials time (nobody will be able to say they did not say it in advance) and the price of the shares goes right up (Guess who profits from it?).
I may be totally in the left field but you have to agree that:
1- This would be a great "scam"
2- Shareholders could hardly complain
3- Nobody could say that the company did not do "everything possible" to tell the market in advance.
The only potential legal issue would be related to "an insider job" but who would want to investigate such a small "scam" nowadays?
If you are to profit from a "scam" this seems much less risky than leaving the country with few hundred thousands dollars, don't you think.
This is a nice gamble to follow...To bad I do not have time to do it more regularly for the moment...
FWIW, Here is my CURRENT view regarding the VLVT speculation
-I think the company effectively exists and is in operation
-I think that current management works very hard at reviving an abandon company, trying to resurect it
-I suspect the current management not to be very competent
-I donot beleive in the numbers presented by Matin: EPS of 6 then 35 cents???)
-I am afraid that the audited financials will be prepared by a firm lacking credibility (The OTC Live precedent worries me)
-I realy cannot correlate the level of revenues and margins Martin presented and his enthousiasm at dumping 25,000,000 shares at 3 or 4 pennies per???
Facing this:
-I do not expect to losse whatever spare money I speculated
-I do not expect a rapid growth of prices within days, even weeks, after audited financials are released
-I however expect a temporary (few days) burst in the price at that time, then return to + or - 5 cents/share
Post audited financials (whatever they show) I hope that a level of professionalism will be added thru organising VELTEX as a real company (normal reporting, establisment of a real BOD, ...)
Following that shares should be available at normal pricing based on forecasted FY2003 EPS ... If listed out of pink sheet market.
Then an "investor" wiil be able to "invest"
Timewise,
-I expect audited financials within 30-45 days
-I expect normal reporting within 30 days thereafter
-I expect VLVT to be listed on another market in the May-July time frame
Whatever the value of our current bet will therefore very hard to predict before next summer.
VLVT will probably not be a complete loss and it will take time for it to become an profitable investment. The $2-$3 expectation should not be met before 1 to 3 years ... If everything goes well.
This being said, who know? Some people do win the lottery!!!
Roger
Notwithstanding the previous post (Shrotker) all I know is whatever Veltex is, at least there now seems to be a trace that they are operating.
That's enough to pull another card (remember...this is still a gamble/bet/speculation...whatever you want to call it).
Now between that and beleiving that an EPS of 6 cents going to 35 are in the cards, there is a step I am far from being ready o think.
Seeing a little smoke coming from the house does't mean the house is on fire but it's work checking.
Up to the confirmation that Veltex has registered trucks, I did not even saw the house (even if som were saying it existed). Now I see that there is one but haven't yet visited it.
Roger
This is interesting.
Verified: Veltex has trucks and they are registered.
I add 15,000 at $0.032 to my bet. Give me another card!
Would be nice if ALLCoast was to confirm that they effectively lease trucks from Veltex (May I dream to know how many?)
Roger
O.T. Ditto for the Montreal Canadians.
Roger
Yes I had read that.
I think that this would be smart. With the actual context, the stock markets may very well in deep trouble fo months (hope not years) to come. Keeping smaller public enterprises on the radar for the duration of the crisis would be very usefull to investors.
Not to throw them out since they have justified being there in the first place, is fine. However, criterias required to get listed should remain the same so Nasdaq doesn't become a melting pot including companies up to now only qualified to be on OTCBB or PS markets.
Roger