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And if true, what are you going to do about it besides complain here?
Think about this:
For years, posters complain on this forum and seem to DO NOTHING ELSE but complain. NO ACTION behind all the words written here!
And for years hypsters continue to PROMOTE this stock, as it continued its spiral downward
What IF, as it is stated in the website guidance for 2008, Revenues become $15M, and let's imagine Net Income being about $1.5M @ 30 Million Shares outstanding = .05/share, wouldn't this mean that we'd be holding an undervalued stock at the current price of under .05/share?
at P/E Ratio 5X = .25/share
at P/E Ratio 10X = .50/share
at P/E Ratio 20X = 1.00/share
(of course, Revenue and other Financial Info. would have to be supported by a certified audit for them to be credible)
Any chance for this stock to spike if an actual audit comes out, which would get us "out of the dark"?
Any suggestions?
Thank you.
Gratzi
Any idea on when we can expect a PR?
Possible Scenario: Major Shareholder(s) were advised to sell-off there losses for tax purposes in order to offset gains from other stocks. Major Shareholder(s) might buy back after time of wash sale passes (some time in mid to late January perhaps - hoping that stock won't rise that much until after repurchase is made of course)
Possible Scenario: Many investors are giving up hope and lost faith in Veltex Corp. after repeated disappointments (Failure of Buyback program, No Audit Report issued, etc...)
Do you think there's any possiblilty of VLXC rebounding back from this low level, or is this the beginning of the end?
What is a more likely possibility, for the stock to go sub-penny or bounce to .15, .20, or higher?
Any forecast for the next 30 days hi-lo range?
Best wishes.
What would be your forecast for the next 30 days for VLXC?
Could it jump back to the .20's range or higher within the next 30 days if some really good news comes out?
How about the 'January Effect', creating a great opportunity for those considering to enter this one in the next couple weeks or so?
Can anyone here explain why the volume was over 600k shares traded on Wednesday Dec. 19th followed by enormously low volume of just over 30k shares on Thursday Dec. 20th?
Who's been selling off? Could it be due to tax loss selling with possibly a combination of selling to acquire cash to jump into other "bargain" stocks due to the overall market slump in recent weeks?
Could it be the outgoing Cheif Operating Officer(Robert St. Amant) of Veltex Apparel selling off shares he was compensated with at an earlier time as some sort of incentive bonus?
Could it be VLXC investors surrendering, giving up any shred of hope in this stock, and feeling that it's going nowhere, or about to hit rock bottom?
Besides the audit report that we never received, is there any other bad news we should be afraid of with the Company?
Does anyone here wish to share thoughts on this?
Best wishes.
Some points to consider:
There were about 18 Million shares or so O/S at the first moment that the Buyback was announced and now there are over 28.6 Million shares Outstanding (which means our percentage of ownership has decreased more than 50 % - YUK!)
Audit is mentioned one time in a February Conference call to be expected to arrive within 90 days - now, over 7-8 months later the verbiage is "present expectation of completion is the end of this month" - sounds a little confusing and there is no verbiage like "definite completion by the end of this month".
The court case is mentioned months ago leading us to believe that there might be a big "pop" in share price - but nothing happens and no follow up for months now.
But who knows? This press release seems to be an improvement from the other irrelevant ones before (i.e. Organic cotton)
It seems that this time something really good is about to happen. Those holding and/or buying are preparing for "happy days!"
Best wishes,
Gratzi
The moral of the story is that we can now understand why VLXC remains a penny stock.
It doesn't seem that it will ever be more than that as long as the Integrity of Management is in question. Many months ago (February 2007) we were told in the conference call that the Audit would be expected within 90 days. So far, no audit. And what is especially frustrating is that it is many months later and not one word about the Audit on any of those trivial press releases. If we had put our money in Google or the Blue Chips, we would have been doing much better.
Veltex seems to have been a waste of time and money for many of us here. However, I could be totally wrong as all we need is some press release(s) showing that originally reported numbers agree with a forthcoming Audit report. This would be a GREAT RELIEF!
Stay Tuned or be a Looney Tune, (is it spelled Looney Toon?)
Gratzi
Will the next PR be yet another one that fails to mention the Audit and/or Court Decision?
So far this stock has been a waste of time and money for a long time. There's always a chance for a nice spike in price, but it's just getting old and tired with all the irrelevant Press Releases (i.e. the Press Release about Organic Cotton doesn't help to clarify if and when the Audit will arrive).
Best wishes,
Gratzi
Easy as A-B-C. Specifically,
we need answers to the following:
A = AUDITED FINANCIALS
B = BOARD of DIRECTORS
C = COURT DECISION
otherwise, VLXC seems to be going nowhere other than short-lived spikes just to keep us tuned in and tease us further.
We can all agree that a lot of weird stuff is goin' on (Examples include: A.)Stating that Audit would be out within 90 days of February Conference Call - where's the Audit?
B.)Why is there No Disclosure of Board of Directors?
C.) Why are we not informed of a final Court Decision?)
Is there any relief in site for us here? Where's the "light at the end of the tunnel"? We're all being "left in the dark"
Will we ever see any good news in a Press Release showing certainty and credibility?
Although I hate to admit it, you might be right. It seems that here is something fishy goin' on at Veltex. They never answer our questions directly, they have not delivered to us the Audit - which we were led to believe would be ready by the end of May, they don't fully disclose litigation, current outstanding share count, they didn't do much of a buyback, Board of Directors (who are they?).
They just issue irrelevant and immaterial Press Releases that never answer our questions. Also, they mention $7 Million Net Income on the 9/14/07 Press Release that doesn't even match the $5.5 Million Net Income figure in the Financial Statements they issued (which one do we accept?)
Best wishes,
Gratzi
Elbrus, I've spoken to Stephen Macklem many times - he's always optimistic, but he doesn't answer the questions (i.e. Audit, Board of Directors, Major Shareholders, etc...) I've had long conversations with Stephen Macklem, but always end up feeling that it was all full of "fluff" and no real "stuff".
Go ahead and try to get the questions above answered then you'll gain more respect here. You most likely will not get any useful answers, just comments like "we're workin' on it" or "I'll get back to you".
I, just like you, would like to see this stock jump high - but it doesn't seem possible without a credible audit and questions must be answered.
Best wishes,
Gratzi
VLXC could fly very high, even with the past failures and disappointments mentioned in the previous posts - all we need is a credible audit backing up the Revenue & Net Income figures stated in the 2006 Financial Statements.
IF Veltex is able to Provide an Objective display of its Financial Reports via Audit Reports showing Positive Net income of about let's say 4 to 5 Million Dollars or more with approximately 20 million shares outstanding... and we end up having an EPS of .25 or more, THEN we'll be holding onto a stock with great potential to EXPLODE!
Hang on tight - this could be a "ride of a lifetime!"
Best wishes.
There has been a history of constant disappointments and let downs. Examples include the following:
Trucking business failure
Proposed Acquisition of Gas Station that never happened
Announced buyback in late 2006 (hardly any shares purchased and much more shares, it's expected, were actually issued by Veltex - the net, therefore, being a major issuance NOT "Buyback" of shares - creating further dilution of shares)
Verbiage implying possibility of being listed on Major Exchange - this seems too far away realistically
Verbiage implying Shanghai Stock Exchange Listing - this also seems to be impossible (More Shareholders needed along with Audited Financials).
NO mention of Audited Financials in press releases, but many Press Releases of immaterial nature with little or no supporting material (Organic Cotton, Golf Charity Benefit, Canadian Chief Operating Officer - none of these have much effect on stock price)
SOLUTION: Veltex needs POSITIVE PUBLICITY of an OBJECTIVE NATURE and NOT Press Releases that are just PUPPETS of MANAGEMENT.
Is there anything we can do to get the "Management" to be more cooperative in providing the information that we really want? (i.e. Audit, Board of Directors' names & ownership percentages, Major Shareholders with there percentages of ownership, Actual Copies of Tax Returns Filed - you can count on us NOT getting any of this information- except maybe the Audit will come out soon).
It's really weird how the Press Releases always feed us "bread crumbs" and never mention the Audit, even though Javeed Matin, the CEO of Veltex mentioned that the Audit would be ready within 90 days from the Conference call on February 28, 2007.
How do we explain the sentence in the PR on 9/14/07 that states "The Company has about 18,000,000 shares outstanding with $70 million gross revenue and $7 million profit."? Is this in reference to the Twelve Months Ended 12/31-2006? If yes, there is an inconsistency existing.
Specifically, as demonstrated in the previous email, the Unaudited Financial Statements for the Full Year 2006 states Net Income as approximately $5.5 Million and the recent Press Release (9/14/07) we see states $7.0 Million for Net Income.
What's goin' on here? Please comment and clarify.
Thank you,
Gratzi
If we view the Financial statements issued for the Twelve Months Ended December 31, 2006 we see that the Net Income is less than what is stated in the 9/14/07 Press Release. Specifically,
Net Income for the Full Year 2006
$5.5 Million per Financial Statements (Unaudited)
vs.
$7.0 Million per Press Release 9/14/07
Which one are we to accept?
The PR Issued on 9/14/07 states the following:
"The Company has about 18,000,000 shares outstanding with $70 million gross revenue and $7 million profit." (Is this for the 12 Months Ended 12/31/2006? If yes, why was that omitted and why did the Financial Statements for the Year ended 12/31/06 have Net Income stated as $5.5 Million?)
Does anyone here find this inconsistent?
Regards,
Gratzi
What part of Florida are you at now? How's the Trade Show in Orlando going? (Veltex is participating in this show,right?)
Everyone, it's that time again: VLXC Forecast
Please post your forecast for the close of the trading day Tuesday Sept. 18th (after the FED interest rate announcement, and hopefully as someone mentioned here, Audited Financials expected by Sept. 17th, right?)
My forecast is the following:
IF the Audited Financials come out by or before 9/17/07, or some kind of announcement hinting at or stating a certain date, THEN I expect the price to be above .35 Who knows? Maybe it will spike much higher - however, IF no announcement comes out AND we have more of the same uncertainty THEN I expect the price to linger around the mid .20's, which is the current price (Approx. .26).
We should also consider that IF the Defendant is forced to buy THEN this should cause a nice spike for us possibly. Is it possible that other good news could come out? Any ideas anyone?
Stay tuned - this could get rather exciting! (Of course, this will only be the case IF those Audited Financials would arrive already!)
Best wishes,
Gratzi
9-11, today is a day of mourning of all the innocent people that perished due to the evil, cowardly acts of terrorism. The terrorists are cowards because they don't show who they are.
Take time to honor the firefighters who gave their lives trying to save others. Bless the American heroes!
Thank you for your eye for detail in your responses. I was wondering if it's possible that Veltex will expand to the other provinces of Canada and what effects this will have for us.
What Percentage of Certainty exists that Audited financials will be ready by Sept. 17th? Who from Veltex stated the Sept. 17th date? Was it Stephen Macklem that stated this?
Any ideas when 2nd Quarter Financials will arrive?
Why was the volume much higher today than yesterday?
Why was volume so high about a week to 2 weeks ago?
Who's buying/selling?
Best wishes,
Gratzi
Veltex is mentioned in the website:
http://www.berwickindustries.com/products/
Is it our Veltex that is being referred to in the website?
Best regards,
Gratzi
Pual, and everyone here - What is your price forecast IF the Audit comes out by Sept 17th? And if it doesn't come out?
What can we expect in the next 6 weeks or so with Veltex (i.e. New contracts/business, Court Decision, Audit, etc...)?
IF audited financials to be released by Sept 17th then why wasn't there any Press Release infoming us of this event?
If this is true - can we expect a spike in price soon?
When will we hear about the Court Decision, if a final decision will come out soon or not?
Will the Defendants be forced to buy within a certain period of time no matter the price or will there be a limit based on price?
When can we expect 2nd Quarter results to arrive?
How credible will the Audit be considered if the Bangladesh operations and North American operations are audited by seperate auditors? (Bangladesh = Bangladeshi Auditors and North America = North American Auditors, are these considered to be seperate entities? We do own Bangladeshi operations, right?)
Return of The VELTEX Cheerleaders:
It'll make your DAY,
to BUY VELTEX TODAY,
You'll be happy and SAY,
YIPEE KI YAY
With smiles in your EYES
when VELTEX Price FLIES,
a pleasant SUPRISE!
GO VELTEX GO VELTEX YAY VELTEX!
Do you drink Vodka like it's Water? There is no "dumping" going on - you make no sense at all.
You'll be so sorry when this stock JUMPS so HIGH!
You make no sense because if you were correct in your accusation of the company being a fraud, misrepresentation, or a scam, as you constantly hint at, you are showing us that the only action you're taking is just corresponding back and forth on this forum.
You doubt the credibility of management yet what do you do besides hangin' around here trying to persuade others to sell out? In aderence to the "Good Samaritan Law" you have the duty "to act" when others need to be "saved". But you do NOTHING of significance to "protect" the "victims" of your so-called "scam".
It seems that you're just BLOWING HOT AIR! You actually don't seem to have credibility by not showing evidence of your accusations AND not "taking action".
GROW UP!
How many shares do you own and what is your average price? What is your target price to sell?
Are you waiting for the Audit and subsequent rise in price anticipated to sell your shares?
Actually, some of us here trade this stock and MAKE MONEY. If you see it doesn't go straight down. There have been some pleasant spikes along the way - these are the money making opportunities.
VLXC can easily go to .50 and much higher levels, as is the case with thinly traded stocks when demand increases at an accelerated pace. Especially, if the feeling that a refreshing Audit will come out that dispells fears and misconceptions. Rapport will be maintained once the Audit arrives. Who would drop this stock now? It would be like pretending to be blind when someone gives you a treasure map.
Knowing the potential for a sharp increase just around the corner creates a "hold on tight to the stock" type of attitude. "Don't let go is the name of the show".
We've seen Positive Indicators in the past week - STOCK OUTLOOK is VERY GOOD.
ANNOUNCEMENT: TIME for VLXC PRICE FORECAST -
My prediction is that VLXC will hit the .40+ level with the next 10 trading days. (If the audit or a press release about it comes out it may be much higher)
YOU are invited to post your forecast for the next 10 trading days - let's see who wins!
Please share your thoughts and predictions.
Thank you.
Gratzi
We received a bullish price indicator on Friday -
Questions:
How High of a Jump in price do you anticipate?
Why do you think the volume was over 441,000 on Friday?
Who was buying/selling?
Do you think the activity was related to the possibility that the Audit Report might come out soon?
If the Audit Report comes out and it's within 20% of the Original Unaudited Reports, will Veltex win your trust?
Regards,
Gratzi
Today, it looks more encouraging because at least we got nice numbers for Q1 and high hopes for Q2.
We have good news so far and we only wish that management would be considerate enough to let us know an approximate time that we can expect the Audit Reports. (Is it possible that the buying this morning is coming from the Defendants? This seems unlikely because it seems that it's more likely buying related to the news)
Cautiously optimistic. Thanks for your input here.
Best Regards,
Gratzi
On the contratry, it's a good sign today that the volume is over 115K with a nice price increase, in just the early hours of trading today. Someone is buying in, we may be about to see "the light at the end of the tunnel". (Who's buying? - this is getting interesting. Is the stock ready to surge or is it just a tease?)
The new looks great. Yes, it would be nice to get the actual EPS. Also, how much of the Revenue is from Bangladesh?
Can the company verify the validity of the Reported revenue OR are we gonna have the same story next year, waiting forever for Audit Reports again?
The runaround is exactly what we've getting from Veltex for years now. They always say that they plan on becoming a fully reporting company. They use words like "plan", "expect", "anticipate" and, of course always have the Safe Harbor Statement to warn us that material that is stated in Press Releases involves the risk of uncertainty.
It "seems" that once they "captured" us, they issue more Press Releases to keep us hooked and to "suck in" more suckers. When we ask for information like "when is the Audit coming out?" they don't give definite answers, or are not there to even answer our questions.
Is there some kind of way that we can get them to behave professionally and give us straight answers? (i.e. When will Audit be ready? Who currently serves on the Board of Directors and what are there percentages of ownership? Any related transactions? When will we be informed of the final court decision? Will they ever continue the Buyback? Does Veltex care about enhancing shareholder value?)
Regards,
Gratzi
I've been trying just as positive as you all this time, but it's getting pretty difficult these days. I'm sure many of us here made concientious efforts to find answers and nothing comes of it (i.e. calling Veltex directly or asking Stephen Macklem).
We've asked numerous times the same questions like "when will the Audit be out?", "when will we have a final court decision?"
What are we to do when we're just being fed bread crumbs?
The answers are always the same, "everything is gonna be fine", "the warehouse in Canada is impressive", "the Audit is delayed due to some inventory discrepancies", blah, blah, blah...
ANY SUGGESTIONS? (Remember, we're on the same side - it's just that the situation looks pretty dark - when will we see the "light at the end of the tunnel?")
Best wishes,
Gratzi
Who's selling and why? AND
What else can we find out about Robert St-Amant besides that he worked for Techno-Sport. What was his Title? What will he bring to VELTEX CANADA? (This could be possibly good news or just nothing at all - it's good he has all those years of experience in textiles - sounds good).
Audit - when?
So what if Robert St-Amant worked 15 years in the textile biz - we don't know where he worked and what his title was. If he worked somewhere reputable then we would have known by now.
We have NO PRACTICAL INFO - because we're being fed bread crumbs.
Examples:
We hear in the February conference call that "Audit will be ready with 90 days" - NO AUDIT
We read about Robert St-Amant being new Canadian COO - he has 15 years experience where?
Court Decision - when?
Who are on the Board of Directors of Veltex?
Best wishes,
Gratzi
Here is a straightforward question with expectation of a straightforward answer:
IF the AUDIT REPORT comes out soon AND the numbers are within 20% of originally reported, what should we expect the market reaction to be? (i.e. how far up will the stock price fly?)
Anyone here have an idea you'd like to share?
ALSO, when do you estimate the COURT DECISION to be announced?
Thanks,
Gratzi