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You mentioned that the company Robert St-Amant worked for was posted here on the board. What company did Robert St-Amant work for? What post # was it that mentions the company Robert St-Amant worked for?
It seems that we're not getting answers (Audit, Court Decision, Buyback, 1st & 2nd Qtr Financial Statements, China Distributor)
(Off topic: By the way check this out - http://www.veltex.acqdoc.com/)
Sorry about the repeated requests for information - it's just that I've been a loyal Veltex Shareholder for years now (traded in and out) and it's frustrating to see none of our questions being answered.
We've been loyal Veltex shareholders for years and have learned that the Audit Reports have never come when expected. Doesn't this make you wonder about the Integrity of Management. Mr. Matin said 90 days from February, which means the Audit should have been ready by the end of May. Why is the Audit late? (Supposedly inventory discrepancies - well, then fix it already!)
By the way, you mentioned that you believe that the new COO is good news. What company did the new COO work for in the past (we know about the 15 years experience, but from where?)
Try to get answers on the following questions (you probably won't):
Who currently serves on the Board of Directors for Veltex?
(We know that Javeed Matin serves on the Board of Directors of America's Baby Cancer Foundation - why not let us know who serves on the Board of Veltex?) What are the Percentages of Ownership of Board of Directors?
Audit - when?
Buyback - will it continue?
Court Decision - final answer?
Distributor in China - any news?
Wishing success and ANSWERS for VELTEX SHAREHOLDERS.
Be honest here, do you own some VLXC shares?
If you don't own any VLXC shares, then why do you spend so much time trying to discourage us, supposedly providing a "public service"?
We are all frustrated here with the Audit News and Court Decision News not coming out and all those impractical Press Releases (i.e. Organic Cotton, Veltex Canada New Chief Operating Officer appointment, Veltex being a Sponsor for a local Charity, etc...)
But our wish is for you to communicate more decently and effectively. Are you able to show us what attempts you are currently making and will make to find out practical information?
Wishing success for all Veltex shareholders.
We agree with you completely about what frustrates us Real Shareholders - No Audit and whole lot of unnecessary Press Releases making us wonder if Narcisstic Personality Disorder should be diagnosed (Constant pats on the back).
We only need ONE PRESS RELEASE - and that should be about the AUDIT REPORT (the other Press Releases don't have any significance in relation to Stock Performance or Net Income)
Best wishes,
Gratzi
However, Veltex might have been late in producing the Audit Reports in the past, but they eventually came through albeit late - "better late than never" as they say.
So far, they've reported Assets at $53 Million and Net Income at $5.5 Million for 2006 - if the Audit Reports are within even 20% it'll be good news.
Also, with expectation that Dafcan, One Equity, et al having to buy the remainder of the 2 Million shares owed to Javeed Matin pursuant to the Court Order, it seems this will be good news also.
In summary, there are mainly TWO ITEMS of GOOD NEWS Expected:
AUDIT and COURT DECISION
OT: VLXC, anyone interested? read this:
It seems like a stock that's ready to explode.
Audited Financials are expected soon on this stock that's considered to be highly undervalued. (Revenues = $70 Million, Net Income = $5.45 Million, Outstanding Shares= 25 Million Estimated). Current price per share = .23/.25
The CEO pledged 2 million shares as collateral in order to obtain funds for VELTEX to buyback about 2 Million shares. The Finance company sold the collateral unexpectedly and is therefore ordered by the Court (Southern District of Ohio) to buy 2 Million shares on the Open Market.
The potential sharp rise in price due to the Expected Audit Reports AND Court Hearing makes this a great opportunity.
If you are interesteed in learning more about Veltex Corporation, please feel free to visit www.veltexcorp.com or www.veltexapparel.com
Does anyone have an idea when the Court Decision will be out? (this could take months or even a year or longer, right?)
BUYBACK - seems like its no longer gonna happen
AUDIT - this could take weeks or months
This whole thing is frustrating as we were told in the conference call in late February 2007 (Feb. 28th I believe) that the Audit would come out within 90 days (Which would be about the end of May 2007).
All we've been getting is irrelevant Press releases with NO INFORMATION ABOUT the AUDIT or COURT HEARING of July 31, 2007. The BUYBACK seems to hardly have happened (only 1/2 million or so bought and who knows how many shares were issued simultaneously - what kind of BUYBACK is that? IT SOUNDS BOGUS!)
Attention everyone: Special Request
We have some here promoting and some discouraging investment in Veltex. We've all taken our sides and and constantly tried to persuade the one on the opposing side to change.
We can all agree that it is more constructive if we all take greater actions in finding the answers to our questions:
(In Alphabetical order)
Audit - When will it be ready?
Buyback - Will it ever continue?
Court Hearing - What was the final decision?
Distributor in China - Any recent developments?
Entry into Designer Clothing Industry - Is this happening?
Financial Statements - 1st & 2nd Qtr - When?
Growth in Revenues - Is this happening?
Therefore, the SPECIAL REQUEST is:
Let's all make an effort to get the answers and NOT waste our time bickering at each other.
Thanks,
Gratzi
RE: VLXC, when will we ever get answers?
All we've been getting so far is meaningless Press Releases that don't provide any clarity as to the following:
When will Audit Reports arrive?
What was the Final decision of the Hearing July 31st?
Will the Buyback ever continue?
(Other issues are, China Distributor, Chicago Trade Show, Who serves on Board of Directors, 1st & 2nd Qtr 2007 Financial Info, etc...)
Any suggestions? We've already tried asking Stephen and contacting Veltex directly. Noone says anything to provide clarity.
Best wishes,
Gratzi
You mentioned that you've spoken to "a few knowledgeable people" Who are these "people"?
What is your target sell price?
How soon do you expect the audit report to be issued given your communication with the "knowledgeable people"?
When can we expect to be updated about a court decision?
Thank you,
Gratzi
You gotta admit that it's really weird that we've been waiting for about 5 months for a decent Press Release (March 8th was the last one we believe). Finally, a Press Release comes out blabbing about some kind of Organic Cotton crap!
The PR is very disappointing and makes you wonder if there is some kind of silly game going on. I've been in and out of this stock for years and have been loyal all the time, trying to highlight all the potential success we can enjoy from this stock, but what is going on here these days?
We need answers, not insignificant Press Releases that don't help clear the thick fog that we're in here.
Here are Issues we need Answers about:
Audit
Ownership of Veltex Textile Mills (Bangladesh Operations)
Who are Board of Directors?
Trade show results
China Distributor (Any progress so far?)
WHO REALLY CARES ABOUT EXCLUSIVE RIGHTS TO ORGANICALLY GROWN COTTON? How is this gonna affect the stock performance? How many think there is a lot of ORGANIC CRAP GROWING?
Questions:
When can we expect the Audit Reports?
What happened with the hearing last Tuesday July 31st?
Who currently serves on the Board of Directors and what are there percentages of ownership in the Company?
Which accounting firm is providing the audit for the North American operation? for the Bangladesh operations?
Why was there a delay in issuing the Audit Reports?
Two lessons from the movies:
NEVER SAY NEVER
and
NEVER SAY DIE!
How do you get the info from www.uscourts.gov or wherever else without having to give the credit card #? where exactly did you go to get the info? (It says something about pacer and asks for credit card - how do we get info without giving any of our info?)
Thanks,
Gratzi
hapslap = flying pig, or hamslap, out of the frying pan and into the fire once he finds out that VELTEX is a real company producing REAL REVENUES
hapslap=hamslap=hagslap=hapspam=hamspam = NOT KOSHER!
hapslap you're driving us m'shugana here!
Here are ITEMS FOR CONSIDERATION:
(10 items to consider)
VELTEX has impressive TRADE SHOW ATTENDANCE (Phil., Chicago)
VELTEX has impressive ACQUISITIONS
VELTEX has impressive CATALOGUE
VELTEX has impressive WAREHOUSES (California & Canada)
VELTEX has impressive DISTRIBUTORS(i.e. China connection)
VELTEX has impressive LICENSE AGREEMENTS(i.e. John Daly)
VELTEX has impressive COMPETITIVE ADVANTAGES (low labor rates)
VELTEX has impressive GLOBAL CONNECTIONS
VELTEX has impressive MANUFACTURING FACILITIES
VELTEX has impressive REVENUE GROWTH
You've written many times in regard to your forewarning of failure for the company and hinting that its a fraud - so what have you done about it besides whine and complain here every day pretty much?
We've requested that you "get a life" but you just continue to waste your time trying to persuade us and call us names like "pumpers" in the meantime, and so YOU ACHIEVE NOTHING!
Have you made a personal visit to the Veltex Headquarters in Walnut, CA? (near City of Industry) NO YOU OBVIOUSLY HAVE NOT
Have you visited Veltex at any of the Trade shows?
NO YOU OBVIOUSLY HAVE NOT
Have you perused the Veltex Catalogue? Maybe but you don't have an open mind enough to recognize its potential.
Have you spoke at great length with Steve Macklem? Maybe but you dismiss the conversation(s) due to your impatience
Have you been to China and seen the Veltex Distributor? NO you obviously have not.
Do you have any idea who are the Major Clients of Veltex?
Do you have any idea who, besides Mr. Matin, are the Major Shareholders? Probably NOT.
IN SUMMARY, YOU'VE GOT A LOT OF HOMEWORK TO DO! (and don't ask us to help you with this info - it's up to you)
Either later this week or sometime next week will be very interesting to see the results of the court case, and if any audit news comes out. We'll just have to wait and see.
Here is a Brief Review of Items to Consider:
Audited Financial Results
Court Decision
News about Trade Show in Chicago
China Distributor
Any upcoming Trade Show or other News
It all seems like nice news to look forward to. We just have to be patient right now. It's the uncertainty of not knowing when that frustrates us.
We agree with the idea that the lawsuit seems like a positive event for Veltex shareholders.
However, there is the possibility that the Judge(s) will create a situation where the average price of the shares bought will not incur cruel and unusual punishment upon the defendant (such as giving an extended period of time to buy in order to prevent any major price spikes - after all, the spirit of justice involves just compensation and NOT a settlement that would cost many times more than what was initially borrowed from the defendant).
We reveal this to you in order to maintain a more realistic outlook in regard to stock performance. Depending on this lawsuit alone is not a prudent investment decision in our opinion.
There are other more significant matters that are more likely to have a greater impact on share price (i.e. Audited Financials, Trade Show News, New Contracts/Revenue Generators, News from Distributor in China, Potential Successes from the Subsidiaries, Government Contract(s) potential).
Gratzi
In Hicksville, NY there is a "Veltex Industries"
Here is the info on it:
Veltex Industries
76 N Broadway
Hicksville, NY 11801
(516) 827-1990
Is there any possible legal threat towards Veltex Corp. with any other company using the name Veltex?
(for example please visit the website: http://www.clarkdevelopment.com/CDveltex.htm and you will see quite a bit of info about the five story "VELTEX" building in Boise, Idaho - a 60,000 sq. ft commercial/residential building. It specifically mentions the following:
A patio anchors the building’s southern corner facing 5th and Main Streets highlighted with the historic and refurbished “VELTEX” sign.)
CLARK DEVELOPMENT
THE VELTEX BUILDING
The Veltex Building is a new, 60,000 square foot, five story commercial and residential building located in the historic Old Boise District at 5th and Main Streets. The building consists of an underground parking garage, one floor of ground level retail, two floors of office space and two floors containing five residential condominiums topping out the project. The commercial portions of the building are “condominiumized”, with some of these units having been sold and others leased.
The building is steel framed and wrapped in a brick and Boise sandstone exterior. Windows wrap the first three floors to the north, west and south. A patio anchors the building’s southern corner facing 5th and Main Streets highlighted with the historic and refurbished “VELTEX” sign. High-speed telecommunications and security systems are incorporated into the building and made available to all tenants in the building.
Completed in 2004, the building is fully occupied. It has received the Orchid Award from Preservation Idaho for its graceful combination of historic and contemporary elements as well as its compatibility with the Historic District in which it is located. The Veltex Building also received the “Grow Smart” award from Idaho Smart Growth, particularly noting its mix of uses and quality of design and materials.
(oh, and while I have your attention feel welcome to look up Veltex Industries also - pretty interesting!
Veltex Industries - (Same address info & phone as VELTEX CORP.)
19977 Harrison Ave
Walnut, CA , 91789-2848
Phone: 909-595-1977
Products Description:
Wholesales piece goods, notions & dry goods)
WE agree, it seems like the daytraders stepped in anticipating a nice spike and when they realized that there was not too much impact they sold. The only ones making money on the news it seems were the brokers, making commissions on the trades.
We need Audit news for this to go anywhere. The forcing of buying shares will only provide temporary movement and once that is over we need something significant in the way of REVENUE GENERATION from TRADE SHOWS, NEW CONTRACTS, and finally AUDIT NEWS, etc...
It would be nice if we all knew if and when those Audited Financials were coming out and why the delay.
Does anybody have any idea if the lawsuit was a factor in the delay of the Audited Financials and, if yes, why?
Who was buying/selling on Monday (July 23rd) with the volume over 500,000 immediately following the News?
Why such relatively low volume today? (Is it because we're all waiting for the news to follow the July 31st hearing date? Maybe we'll be informed about it a few days after July 31st?)
Was it possible that the Defendants started buying and who was selling so much and keeping the price down? (was it Veltex selling and thereby increasing O/S?) Is it possible that Veltex arranged to sell simultaneously as the Defendants were buying to assure a low enough purchase price?
We seem to all be in agreement here that it's not much of a buyback if millions are sold by Veltex while they are buying at the same time. What's the point?
Ever since the announcement of the buyback last November or so, the price has been dropping and we are wondering if and how much the Outstanding shares have increased since then.
What's next after the lawsuit is finally settled and the shares are bought? ... any other incentives for holding on? (i.e. Audit, China distributor, Results of ASI Trade Show in Chicago, Quarterly results for 1st Qtr 2007, 2nd Qtr 2007)
Best wishes,
Gratzi
Questions:
Is the buying and high volume due to the recent court order?
If not due to the court case, who's buying today and why?
It's written in the Press Release the following: "The defendants contend that the shares were transacted pursuant to the term and conditions of loan agreement and that Mr. Matin is in breach of his obligations under the agreement to repay his loan" - However, the defendants bought 116,000 shares, is this an admission of fault that they shouldn't have sold the 2 million shares?
Within what time period will the defendants be required to buy the remaining of the 2 million shares owed to Mr. Matin?
Will there be a price cap?
I agree with you completely. It's amazing how they know close to nothing significant about the lawsuit but constantly pat themselves on there backs as they (the bashers) feed us "bread crumbs" about the lawsuit.
Any comments here about the low volume today?
When do you think the Audit Reports will come out?
Keep selling so WE'll keep buying. In this time of uncertainty, it provides a great buying opportunity for those that desire to increase ownership in what is believed to be a "sleeping giant".
Items to consider:
Uncertainty to clear up (all we need is a Press Release)
Possible BUYOUT of the Company and Management changes.
Possible Dividend to be distributed to shareholders (stock dividend distributed in the past)
Revenue opportunities from China
Possible Revenue generation from Trade Shows (i.e. Chicago)
Possibility of continuation of BUYBACK
First of all, you stated something about the Company "hating" stockholders. You ignore certain possible facts such as Javeed seems to be the largest stockholder - why would he "shoot himself in the foot" by purposely bringing down the price of shares? The answer seems to be that he wouldn't be purposely trying to bring the price down. Javeed has focused on acquisitions and expanding the company through "equity financing", using shares as currency to pay for all these ventures. As a result, the recipients of these shares, in need of cash, thereby sold and didn't care about price as long as they received "quick cash". If they sold at a slower pace then the price would not have fallen to this level from the higher level months ago.
Remember, the Resume of Veltex has improved greatly from a year ago due to Acquisitions and Expansion. Just think about where we were in assets a year ago vs. where we are in assets currently. This improvement says a lot for Revenue potential and eventually shareholder value.
Gratzi
There are many questions we all have and it seems none of us here are getting them answered. It's all just exchanges of banter, verbiage, gibberish, and a lot of shmoozing going on here.
Questions:
When will the Audited Financials arrive?
What percentage ownership does Matin currently possess?
Who are the Board of Directors of Veltex and do they own common shares of Veltex? If yes, how many shares each?
When will 1st Qtr Financial Statements arrive?
Any recent news out of China?
How did the Chicago Trade Show (ASI) go?
Will Veltex ever advance to a Major exchange?
What ever happen with the possibility of being listed on the Shanghai exchange?
Will the Buyback continue?
Why did the Outstanding shares increase from about 18 Million or so from the beginning of the Buyback Anouncement to an estimated 25 Million?
Can anyone here get these questions answered?
C'mon back at you. You're doing a lousy job bashing actually because the price went down to .15-.20 for too short of a time and then rebounded back to the .30's with minor flirtations below .30 to .25 or so.
C'mon KEEP ON BASHING BOY! BRING DOWN THE PRICE SO WE CAN BUY MORE AT CHEAP PRICES !
WE want the price lower to increase our ownership percentage! WE want MAJORITY OWNERSHIP eventually.
Pursuant to our guidelines we have certain dollar limits on how many shares we can purchase (i.e. $20K in one day, $100K/week - this is an example and may be close to actual - we wish not to disclose the actual figures at this time). Our goal is to BUY as many possible at the cheapest price and become possibly majority owners. BUY CHEAP and STOCK DEEP purchase strategy).
WE thank you and only wish to ask of you to continue your BASHING, and be more agressive at BASHING, and MUDSLINGING if you are able to do so and get away with it - this will help to keep down the price.
THANK YOU AGAIN.
GRATZI
Excellent, you are providing a valuable service to US that want to BUYOUT the company. Continue to encourage selling so WE can continue BUYING at these cheap prices or even lower (the lower the price the better for our percentage ownership will increase that much faster). Hopefully, the price will stay this low or lower for an extended period of time. WE are seeking a controlling interest and eventually a majority ownership to change management.
Thank you.
Gratzi
Shy-Queen, Omega-orgasm, and PaintPinkBalls are all clowns here.
They do not provide enough supporting material to back up there claims and therefore have lost all credibility on this board.
You misunderstood, Yes I also heard that the Audit is complete.
The cause for the delay (why it wasn't completed by end of May) was because of Audit of 2 years. I'm not saying that it's continuing to be delayed. I heard the same about signatures.
Has anyone here actually talked to Javeed Mating in the last couple weeks? Last I heard that he's in Chicago for the ASI Show and meeting with Steve as well.
Actually Painted-pink-balls, it seems that the delay, as explained by Steve is most possibly due to the Audit being for 2 years as opposed to only 1 year Audited Financials (2005 & 2006 vs. only 2005).
This is GOOD NEWS, because once the Audit comes out, the fog will be cleared and those already holding the bag will soon realize that it's a "bag of gold" while you'll probably be "PAINTING YOUR BALLS" all day long - PAINTBALL - HA HA!
AND maybe you'll be holding a Painted Bag of SH--
aving cream, shave everyday and you'll always be clean. LOL!
Specifically, you stated verbiage relating to Audited Financials being delayed due to trouble connected with the litigation. You do not notice the obvious fact that VELTEX is not listed in the case. On the contrary, Javeed Matin is listed as the PLAINTIFF vs. numerous DEFENDANTS. This could only be good news or no effect on 2005/2006 Financial Statements.
Remember, WE need to know IF VELTEX is invoved at all (If yes, then it would be as a PLAINTIFF most likely). WE also need to know if the case involves 2005 or 2006 activity.
IF the case involves 2007 activity AND if it's of a personal nature relating to Mr. Matin, THEN Audited Financials are not being delayed due to this case because the case would be IRRELEVANT to the 2005/2006 AUDITED FINANCIAL STATEMENTS.
(keep in mind that the PLAINTIFF is listed as Javeed Matin NOT Veltex Corporation)
To confirm, call Veltex Corporation at 909-595-1977 and ask Sasha specifically if the case relates to Veltex and/or its shareholders.
The ASI Show Chicago
Where: McCormick Place, Chicago (always the same)
When: July 10–12 (annual)
Show owner: The ASI Show
Service contractor: GES Exposition Services
Who exhibits: Manufacturers and suppliers in the advertising specialty industry, including those who provide imprinting services, advertising buyers and print and electronic resources such as catalogs, information directories, newsletters, magazines, Web sites, tradeshows and databases
Who attends: Promotions and advertising buyers
2006 show statistics: 112,400 net sq. ft.; 808 exhibiting companies; 4,404 professional attendees
First year of show: 1999
New this year: Not much. ASI is keeping its tried-and-true format with free keynotes, educational sessions and networking events, along with two days of exhibits.
The bottom line: With new products debuting every year, you never know what you might see on the showfloor. Last year, there was a walking king action toy from Burger King, based on the popular commercials. What will this year hold?
Source: 2007 TSW Data Book; The ASI Show Chicago
VELTEX at Chicago Trade Show Next Week - any comments here about this?
Javeed will meet with Steve Macklem in Chicago.
Per Sasha at Veltex "The lawsuit is a personal matter between Mr. Javeed Matin and the defendant(s), it has NO CONNECTION to Veltex."