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As I have said before, I have met Matin and have even had lunch with him. I was introduced to him by one of my clients and at the time chose not to work with him. I am not employed by Matin or by any of his associates & etc. I am not a 'paid pumper' and would not be one as I make much more money as a consultant. Most importantly, I am not anyone but myself and have no other screen names. Unlike you, Mouse.
Now, go annoy someone else.
"If you have any dignity than you will sue me or atleast file a complaint with the authority."
I have filed a complaint about you with the SEC some months ago and have included several of your posts from the RB board including:
By: textileguru16 Dec 2002, 12:29 AM EST Msg. 7869 of 8131
BLOCKING VELTEX BANK ACCOUNT In the next day or two a request will be made to the Justice Departments, Crime prevention division to block all bank accounts of Veltex Corporation. So that Fraud Matin does not cash in the money and flee. Those interested to see a copy of that application must request that documents from me directly by email or fax. Requesting party must contact me directly or via their respective attorney. TG
and just in case you used the name 'renia':
By: renia17 Dec 2002, 09:59 AM EST Msg. 7988 of 8132(This msg. is a reply to 7987 by earthlingfl.)
Trading of VLVT has been halted - SEC investigation- - - - -
VLVT is #10 in quote requests!
Other than http://www.pinksheets.com I don't know where to send you for that information.
Still haven't bought any shares at .0074
I have been trying to get filled at .0074 and it hasn't happened.
Well, I hate to reveal this . . . but Monday I tried all day to buy 100,000 at .0098 and only got a half fill late in the day and another after the close. [Now, I wish I hadn't been filled!]
I just don't think there is a lot of stock available and the MMs don't want to get short.
I was shocked to see the bid drop so fast on so little volume. Then some 100,000+ trades. Looked to me like they were 'knocking it down' which, right after good news the day before and what looked to me like panic short covering, sure seems like an effort to scare up some sellers.
I would think buying of any size would result in another run up.
Since there was no selling follow-through today, it looks likely that the blocks sold yesterday were an attmept to scare up some sellers. That didn't happen. It will be interesting to see what happens tomorrow.
Perhaps this fellow has a lot of contacts in the promotional products industry or even big companies like Burger King or Safeway where the employees wear uniforms.
Perhaps he is going to help Matin hire a sales force. According to the PR he has done sales training and built sales programs. It seems to me that someone who can set up a good sales force would be a valuable addition.
I'd rather see it drive him away.
2004 is where the company will prove itself. If 2003 shows less than thrilling performance I would not be worried. I imagine there is a lot of re-organizing going on now and that takes a lot of CEO time and effort. The apparel division should be strong so perhaps it will bring in money in 2004. I doubt we will see much from it in the last Quarter 2003.
Hopefully, difficulties are behind the company now.
King, I am pleased we agree - at last! Let peace reign! ;o)
Here's another way to look at it:
Matin [dials phone, auditor answers]: "How long does an audit take if I have the audit book already prepared by a former auditor?"
Auditor: "Oh...usually no more than a month."
I don't think Matin had the foggiest idea it would take this long. Part of the reason why I say this is that usually leases on big-ticket items require a copy of audited financials. I got to thinking about this, and I'll bet he got the truck leases with the promise of the audited financials following in a month. Perhaps the truck companies got on his case for this.
I think the trucking started out a big problem and only got worse. Not fulfilling the lease documentation requirements would certainly add fuel to the fire.
Now, wait just a minute MiceTextileDrunk! I thought I was John Paul! I rather enjoyed being mistaken for a Pope! I thought you were complementing me on my diety-like brilliance!
Now you go and claim I am Trademaster, though I am still flattered by the mistake, I am a little annoyed to have been demoted!
I can only deduce that you must be on the cheap stuff again. Better watch that. You'll end up a drooling wet-brain ...er...you'll remain a drooling wet-brain.
I have been expecting resistance at the .018 to .02 level, also. HOWEVER, given the momentum this week and the buzz that is probably circulating this weekend, I would not be surprised to see a blast right through that level to .04 or higher.
There are a lot of people watching this stock now and I happen to be one who believes there will be an announcement soon containing the audited financials. I also believe that the auditor will be quite respectable.
Take another look at that chart! A case could be made for a run to .04 with little or no stop at .02 - and how many times have you kicked yourself for selling at what you 'thought' was the next resistance point only to find out that the 'correction' was too small to pay for your trade commissions?
I was having dinner tonight with a very experienced person retired from Ernst & Young. I asked about how long it would take a company with a subsidiary in Bangladesh and subsidiaries here in the US to do its first SEC-appropriate audit, covering 2001 and 2002. Now, I don't know if this audit is for filing with the SEC, but Matin certainly wants to see VLVT trading on a higher exchange ... so I also asked if it was advisable to have that thorough an audit.
My friend said that it would not be unusual at all for such an audit to take a year because of the difficulty in verifying information from Asian countries ... not so much verifying the information's truth as just the time it takes to get the government agencies to respond with the requested documents. EY has many branches in Asia and I believe has a branch in or serving Bangladesh. My friend also said that it was his opinion that it would be a waste of money not to do this magnatude of audit in the most thorough manner, acceptable to the SEC.
I don't know what his relationship is with Veltex and I don't know why his email is not working - but I have a guess that he doesn't know that email is not working. He is not a very technical kind of guy. Is still learning to use his fax machine. ;o) Notice his website is one of those template things offered by some other company. Lots of non-tech type people think this is all you have to do to have a web site.
You might try to reach him through SCIA.
Newport Capital is not an IR firm. They are an investment banking consultancy and are involved in the Southern California Investment Association (SCIA). Gary Bryant is extremely well known and works with quality deals.
http://www.sciaonline.org
Ameritrade question: I am trying to call up VLVT on Level II. I just subscribed to that service so I am not sure how it works. On other Level II services I see the quotes from several MMs right away. On the Ameritrade service I see nothing, from NASDAQ, Arco or Island.
What am I doing wrong?
1-million shs @ $0.25 = $250,000
However, I am not too concerned by the thought of future share sales. In relation to other Penny Stocks, 100-million outstanding is really not a lot. So many have 500+million out.
BTW, if nobody sells then there will be a lot of shorts trying to cover. ;o) . . . and you KNOW what that means! (
Have another drink, MiamiTextileMiceGuru!
WOW! VLVT is on the move! I'll have to watch this board more closely. Sorry I didn't reply with the news service name, but I was away having a life. ;o)
We all knew the trucking company was having problems. I guess Matin has been busy getting that back on track. I don't think it is a very important part of the business - just MHO - I always thought it was supposed to be a basic source of funds to support development of the apparel business. The apparel business has big potential and I am glad to see it moving forward now.
I wouldn't be surprised to see some disappointing numbers in the 2003 release because of the trucking. I would imagine Matin sunk a lot of money into it and expected revenues to pay the bills but discovered that there were circling sharks taking big bites out of those expected revenues. The trucking business is known to be full of sharks.
My guess is that a lot of what we have seen that has looked flakey about this company has been because of the amount of time, money and effort it has taken to reorganize the trucking company.
BTW, this is the email for that news service: Torpedo Management [info@torpedo.biz] I do a lot of online research and get a lot of odd spam as a result.
Shrotker, the only problem with this board is the mice. ;o)
For those of you who have asked, the news service is something I keep getting out of Germany. I don't know anything about it and am not sure how I got on their list. I get things from them in German, French and English. I was surprised to see this about VLVT. Other than that, no clue.
Did anyone see this? I got it from an obscure news service but can't seem to find it on the majors:
DIAMOND BAR, California, November 5, 2003, 2003 – Veltex Corporation (OTC Pink Sheets – VLVT) announced today the moving to new location with 5 times larger square feet of office and warehouse space in City of Industry, California, to accommodate growth in its Veltex Apparel subsidiary.
"After devoting most of this year to reorganizing Veltex Transportation, our trucking business, we are pleased to now focus on building Veltex Apparel," said Javeed Matin, Chairman and CEO of Veltex Corporation.
"Veltex Apparel has an unusual advantage of being a vertical producer of apparel, from manufacturing the textiles to sewing the garments to distributing the apparel - all within one company. Because of this, our costs are so low we can under-price our competition by from $0.50 to $2.00 per garment and still make more money than if we were simply importing the garments for distribution as many of our competitors do. By moving to this new larger facility, we are bringing our inventory under one roof, saving money and improving our inventory control," he continued.
The new office and warehouse is located at 19977 Harrison Avenue, City of Industry, CA. The move has been taken place at the first week of November. Companies new phone number is 909-595-1977 and Fax 909-595-1969.
Veltex Corporation is a diversified holding company composed of three divisions: Veltex Transportation, a trucking company; Veltex Apparel, specializing in caps, apparel and apparel accessories for the Promotional Products Industry; Velvet Textile Mills, specializing in the manufacture of high quality fabrics including velvets, 100% cotton twill, denim, sheeting for consumer and industrial products.
http://www.veltexcorp.com http://www.veltexapparel.com http://www.veltextransportation.com
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.
SOURCE Veltex Corporation
http://www.sec.gov/rules/proposed/34-48709.htm
Proposed Rule:
Short Sales
Securities and Exchange Commission
17 CFR PARTS 240 and 242
[Release No. 34-48709; File No. S7-23-03]
RIN 3235-AJ00
Agency: Securities and Exchange Commission.
Action: Proposed rule.
Summary: The Securities and Exchange Commission (Commission) is publishing for public comment new Regulation SHO, under the Securities Exchange Act of 1934 (Exchange Act), which would replace Rules 3b-3, 10a-1, and 10a-2. The Commission is also proposing amendments to Rule 105 of Regulation M. Proposed Regulation SHO would, among other things, require short sellers in all equity securities to locate securities to borrow before selling, and would also impose strict delivery requirements on securities where many sellers have failed to deliver the securities. In part, this action is designed to address the problem of "naked" short selling. Proposed Regulation SHO would also institute a new uniform bid test allowing short sales to be effected at a price one cent above the consolidated best bid. This test would apply to all exchange-listed securities and Nasdaq National Market System Securities (NMS Securities), wherever traded.
We are also seeking comment on a temporary rule that would suspend the operation of the proposed bid test for specified liquid securities during a two-year pilot period. The temporary suspension would allow the Commission to study the effects of relatively unrestricted short selling on market volatility, price efficiency, and liquidity.
Dates: Comments must be received on or before January 5, 2004.
Addresses: To help us process and review your comments more efficiently, comments should be sent by hard copy or e-mail, but not by both methods. Comments sent by hard copy should be submitted in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. Comments also may be submitted electronically at the following E-mail address: rule-comments@sec.gov. All comment letters should refer to File No. S7-23-03. Comments submitted by E-mail should include this file number in the subject line. Comment letters received will be available for public inspection and copying in the Commission's Public Reference Room, 450 Fifth Street, NW, Washington, DC 20549. Electronically submitted comment letters will be posted on the Commission's Internet web site (http://www.sec.gov).1
For Further Information Contact: Any of the following attorneys in the Office of Trading Practices, Division of Market Regulation, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-1001, at (202) 942-0772: James Brigagliano, Assistant Director, or Gregory Dumark, Kevin Campion, Lillian Hagen, Elizabeth Sandoe and Marla Chidsey, Special Counsels.
Supplementary Information: The Commission is publishing for comment proposed Regulation SHO and a proposed temporary rule, Rule 2022, and proposed amendments to Regulation M, Rule 1053 under the Exchange Act.
The professional bashers have really come out swinging, haven't they? Makes me think 'someone' knows 'something'.
I rarely visit either this board or the 'other' board as I have been out having a life, again. ;o) But today and yesterday I caught up on my reading and there seems to be a pattern that looks like a new onslaught.
Anyone have any ideas?
It is amusing to watch the RB board. There is a little life in VLVT and suddenly the troop of bashers that haven't been seen for a while show up.
I have plunked my money down, and whether the stock goes up or down, I figure I have certainly been entertained. When I stop to think of how much it would have cost to have front-row seats at the Opera, Wrestling, the Gerry Springer Show, Roller Derby, and Finnochio's all this year, I figure I got a pretty good bargain. ;o)
And now I am filled with curiosity for surely something is going on. I wonder what?
Anyone have any ideas?
If you think the Web site corrections in its first few hours of existence is so unusual and unprofessional, why don't you complain to the Web developer?
I have seen a few scams over the years, and they are so derned perfect in their execution - perfect professional PRs, perfect on time financials, perfect well advertised meetings in rooms with chandeliers ;o) that I sit and wonder which I would rather have ........ perfect everything? Or the craziness we see with Veltex?
I have worked with a LOT of start-ups and I have yet to see one where everyone is in their places with bright shiny faces. Most are understaffed, overworked, just barely getting it together to make quarterly tax reports and NASD reports. And those are the successful ones! (LOL!) The rest are sitting around having meetings and agonizing about how to get more business and because they are not too busy, manage to make a better appearance in terms of what the public sees.
My gut tells me to hang on to my VLVT shares. Amid all the chaos, something seems to ring true.
Not that I know anything. Just blind hope! ;o)
Welcome, Hoof. You very skillfully closed down that board. Now only the bashers remain. Nobody just happening on it could possibly think that board is a serious place to discuss an investment.
Good work! Keep it up!
Sorry I got upset, but it always gets to me when someone assigns blame to Veltex for every little thing regardless of whether it is something Veltex has done or has any control over.
I am not pleased with the stock price. I am not pleased with many of the things that the company has done. I am not pleased with a whole lot of things about Veltex. But I try to assign blame where it is deserved. I try to empathize with the company because I think that enables me to get a more clear picture of what is really happening.
Someone shooting from the hip with nasty comments about Veltex that are not valid does nothing but hurt my stock holdings' price. I am NOT saying that Veltex is all wonderful and that there are not very valid complaints, I am just saying that this culture of complaining about EVERYTHING the company does is not going to help anyone.
I have said it before and I am going to say it again: Bashers play a scientific game. They know that if they repeat the same thing over and over, it brainwashes the people on a list. Oh, I am not saying they turn peoples' minds to mush, but the constant repitition does implant a subliminal perception. It is a trick we in marketing use to get people to buy our products. ;o) A good example is your local TV news report. I'll bet they finish off every broadcast with something like "Southern California's most trusted source for news." It may be true, and maybe not, but if they say it often enough, their audience will gradually change perception of the image of that news show.
What I am driving at is, it is great to express disappointment and to critisize actual events or policies of a company. But it is also important to be wary of falling into a trap of artificial knee-jerk negative thinking about a company.
Let's keep this board an intellectual well-balanced discussion of the positives and negatives involved in our Veltex investments! Let's not start blaming imaginary problems on the company. It has enough REAL problems.
It may turn out to be a POS, but I want to come to that conclusion based on facts and logic not some basher's idiotic mantra.
I can't believe you would blame Veltex for the beta testing of their new Web site. Don't you know ANYTHING? Obviously the site has just been put up and the Web developer is still fixing the code and making corrections that can't be seen until the site is up on the host server.
I suppose you are going to sell out your position now. This must be proof that the company is a scam. Veltex is ripping off the shareholders because the firm that designed the new Web site is making corrections.
Get a life!
WOW! I was off having a LIFE and now I am surprised to see so much activity on the board! Great!
Nice calm non-hype comments from V. Duff. I like the way she just comes right out and reminds people that this is a SPECULATIVE STOCK. How true!
My bet is that there will be an audit and that it will not show much different numbers from the preliminary numbers.
I also bet that Q1 and Q2 will show some problems. I hope there is a recovery in the second half. I hope!
Well, I also see TextileDrunk has marked us all as crooks and thieves. What a jerk! He is really harming the shareholders and I wish someone would do something about him! The courts are not favorable toward companies trying to sue these bashers, but the SEC has been investigating them. I would hope they investigate the guys who falsly announce a stock has been halted by the SEC! That's like yelling FIRE! in a crowded theater.
What part does the Transfer Agent play in sending out notices and proxies? Does the TA advise? Or does it simply follow the instructions of the company?
Good post, Pual. I continue to hope for good news on the company. The 'howevers' are pretty simple: KABLOOEY. And those of us still in the stock take our losses.
Let's hope that doesn't happen.
David, you are a Master of Understatement!
Those stock pumper/dumpers the company has been using have certainly been a negative. Let's get a real IR firm!
Oh, grow up, Kingnazzty. I'm not pumping the stock. I just am not manic-depressive.
... and I still think 200-million is the number to have authorized but not issued and outstanding. It is a standard number for a company to have authorized. At 70 or 80 million issued and outstanding, I think a buy-back is in order. However, I don't see how VLVT can do that anytime soon. It would surely be a pleasant surprise if they did.
When I posted that message, VLVT had approx 30 million issued out of 50 million authorized common and 20 million authorized preferred. At that time, the company was making acquisitions so they needed more stock authorized.
I think it is safe to say they have issued too many shares because they had to fund a too fast expansion.
VLVT looks to me like one of those investments that is going to have to be held for long term gains. ;o) Oh well.
I think the company is real, not a scam. I believe Matin is struggling through difficult times that could have been avoided, but I also believe there is a real audit being done. What the release of the audit will do remains to be seen. I imagine Q1 & Q2 will show a drop in earnings. The real question is whether the company can recover.
My guess is that he expanded based on a view from behind rose colored glasses and now is finding reality to be harsh. He still has a good producer in the mills and the apparel business, I would think - after all, that is where his experience lies. Everyone I talk to says trucking is a tough business, and perhaps Matin is finding that to be all too true.
As to govacations, I agree it was not a good fit. I don't recall seeing anything happen with govacations.
A thing good about this stock is one can own a great many shares for what amounts to pocket change. At this point, I have decided to ignore the investment aspect and just consider it for its entertainment value - watch the soap opera play out. It may result in a good return, and it may just go away into penny stock oblivion. Oh well.
What I would like to see: Audit. Cut back any expenses that can be cut. Focus on what is making money. Do a classic retrenchment/reorganization. At this point, I don't know whether trucking, the mill or apparel is the drain but I would guess the trucking business is very expensive to run and there seems to be a lot of smoke coming out of that division. Where there is smoke, there is fire.
All in all, I would give this stock a 'neutral' rating. It could go either way. The company does have a product. The task now is to focus on that and stay out of other businesses.
WOW, Kingnazzty, you must be psychic! I can't believe how you just picked those comments of yours out of thin air! Why, I don't recall seeing anything close to what you are talking about posted on this list. And your math is truly innovative! I just sit back and gasp at the ethereal quality of your posts.