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Not yet ... Thinking about it.
I do not like open orders days/weeks ahead of time. Ilook, listen, read then shoot whenever I feel like it.
Great advice.
Personally all I realy care about right now is to see an audit covering the USA business done in 2004 (kind of report we just got for 2003). Did all the marketing activities conducted in 2004 translate into revenues (we had none in 2001, none in 2003 and $261,000 in 2002) and to what level. If a real "distribution" operation is growing in USA (startup taking off), we could soon have some kind of justified PPS. (Wouldn't take much to justify a capitalisation of less than $10,000,000). After all, even the mice wrote: "I understand, there is a good marketing man at Veltex."
As for the Bengladesh operation, it will remain difficult to assess and I do not expect a 2004 audit to clear the air completely on this issue (We may have to rely once more on a unaudited Matin's letter refering to that). If and whenever we find out that an operation there is or not and we own some or all of whatever is out there, then we shall gain a lot or just own a small stock in a small company.
JMHO
I do not realy know why I do it but just for the record, she very honestly told me (WHEN ASK, 3 years ago) that this was an highly speculative stock and Matin was embarking on a high risk strategy (His publised synergy plan of December 2002).
She never recommended it to me and I very much doubt she would loose her time in here (as I regretfully just did).
This being said, I now "know" (not often I had the opportunity to use this term in here)that you're full of it and sincerely suggest you meet a doctor before your rage kills you.
Roger (In every sense of the word).
Was worth reading your post till I was allowed to read 1 thruth... "she was a Veltex paid consultant".
Effectively, she was a consultant for Matin and more or less she left saying that Matin has positive qualities (hard worker, honest, ...) but also had real negative ones (does not understand the USA culture, doesn't understand what running a publicly held company, ...) and she abandonned him cause HE WASN'T LISTENNING to advices given to him. She however at the time held on her shares.
The last time we communicated together (more than 9 months ago) she told me her business was going real good, she had no time to follow Veltex anymore, therefore got rid of her shares then.
I would be very surprised if she was now posting anonymously on this board (which by the way has become quite useless).
To say such a thing, you may be even more sick than I tought you were... if that was possible.
Your luck? Ridicule doesn't kill.
If I still had any doubts about your sanity, I wouldn't anymore.
You would post anything and make it sound as if you beleived what you wrote (may be you do after all).
No reasons to beleive that the only audit we know of (USA) is garbage.
The Matin's report is another question altogether.
2003 audit does not cover Bengladesh and is signed by the auditors.
The other documents are just letters signed by Matin.
2 for 1.
Let her go playing the customer then go by yourself playing the shareholder.
Breack a leg (and I do not mean running) LOL
If I was that close, I certainly would not miss my chance to meet with Matin face to face (if he is there), have a chat with him seeding in few key question and then going to try my luck at a table.
If you ever played blackjack, you know that you always try to anticipate the next card and generally do not look for being served the wrong one. If you call that dreaming, it's fine with me.
All I said, EXCLUDING THE BENGLADESH OPERATION, is that following 4,5 or 6 business shows, if sales were generated, may be the USA based STARTUP, after it's 2003 miseries, will sound kind of promissing in 2004 and show some growth in 2005?
That's calling for a face card.
Having not seen my card in the hole (Bengladesh), I may turn a small number but there are odds that an ace could be hidden there.
If hoping and dreaming are the same to you, then fine I dream that I could have a "push" ($1/share) or a winning hand.
Just to set the record straight:
1- I could care less about the stupidities posted herein by a sick individual who cannot even read, behing blinded by his rage.
2- I do not beleive Matin unless some kind of check can be done on what he claims (example audits, business shows, ...)
3- My last analysis/opinion was made assuming that the auditors were not crooks, Velyex lawyer was not a gang member and as of the end of 2003 Matin did not control the Mills (LACK OF ABSOLUTE CONTROL)
My "soft pumping" (???) read:
The following assumes that auditors are anything but Matin's soldiers.
The USA operation did generate no revenues in 2001, if my recollection is right it did generate $261,000 in 2002 and no revenues again in 2003. Except for non repetitive losses (transport), the 2003 loss considering no revenues is $243,502.#
As for the Bengladesh operation, we know from the audit that it was acquired by Veltex Corporation on Sept 1, 1999 (Note 1.1). The auditors do not refer to a partial buying but a buying.
Based on information I received in the past:
- A plant with a Veltex sign in front of it exist in Comilla (whatever that says)
- Matin lost control of this asset thru notes he signed putting his asset as garanty but having the right to get it back whevever he could payback his notes.
Based on information we found out over time:
- Matin did try last August to issue 18,000,000 shares (if my recollection is right, then worth about $15,000,000) to buy the portion of the Mills we did not own at the time (???)
- Matin thereafter issued 5,000,000 new shares (then worth $10,000,000 plus) to do something we do not know about (???)
Related to 2004, we now know:
- That we start with an accumulated loss of $1,812,176
- That the company did a lot of marketing activities (the next audit should say if this was successfull or not and up to what point)
Excluding anything from Bengladesh and assuming 7,000,000 shares outstanding by the end of 2004, for the shares to be worth $1, assuming a multiplier of 12, the company would have to show a profit of more or less $600,000 in 2004.
Question: Could that be the bottom line if the numerous business shows did lead to revenues of significance (let's say a couple of millions)?
Looking at it this way (USA only) we have shares in a startup operation more or less 3 years old having gone thru hard times but apparently coming out of it.
THEN THE QUESTION TO ANSWER SO WE KNOW IF THIS OFFERS A SIGNIFICANT POTENTIAL SHORT TERM IS:
WHAT IS THE BENGLADESH OPERATION ALL ABOUT AND WHAT DOES IT ADD TO THE ABOVE PICTURE?
BOTTOMLINE:
- I do not beleive this to be a scam as claimed by some
- I need to know much more to start beleiving this to be the dream of many
- I consider the 2003 audit to be one small step toward getting a clearer picture of the situation ... hopefully sooner than later.
- I expect a 2004 audit (if it comes) to shed some more light on a still quite dark picture
- If everything goes right, I do not expect to "know" before an audit of FY2005 is released.
Till then good luck to traders enjoying this opportunity.
Roger!
LOL!
May very well endup be a call between him and you.
I very much doubt that the others would have any interest in talking to this "individual" (tough to not use other names that came to mind...LOL!)
Sorry pushed the wrong button.
You're realy getting out of your mind. I suggest you see a psychiatrist ASAP.
"This is now a legal matter, "DONT SMOKESCREEN WITH YOUR BULLSHIT" You have mentioned that you talk to Matin as some sort of advisor to Veltex Corporation, you can be an insider."
Where in the world of yours did you get that.
As for "Paul, Its 100% FORGERY! Ask VELTEX ATTORNEY", after all your advising of him, considering yesterday's releases, if he is still Veltex attorney, one of you two is out of his mind. Do not ask me to tell you which one I think that is.
All I post herein are possible scenarios I imagine and I present them as such, contrary to your stupid beleifs that your garbage can interest anyone at Veltex, at SEC or anywhere else for that matter.
Please be sure you get appropriate treatment for your sickness before you die from a hart attack.
You're realy getting out of your mind. I suggest you see a psychiatrist ASAP.
"
Untill we see FY2004 audit no one can seriously try to answer your question regarding cashflow.
The company conducted a lot of activities in 2004 in view of generating revenues. Till we know what this generated, there is no way to figure out what the companies financials may be.
As for a buyback of shares this obviously doesn't make any sense. This demonstrated once more if needed how incompetent Matin is as a business manager taking his dreams for reality.
Finally, the success or failure of the marketing/sales efforts will decide if additionnal dilutions are or not required.
Right now it has not to be forgotten that the figures we can discuss reflect a 15 months old situation. Considering the USA operation as a 3 year old STARTUP having suffered a major setback (transport) in 2003, this is not very informative.
The following assumes that auditors are anything but Matin's soldiers.
The USA operation did generate no revenues in 2001, if my recollection is right it did generate $261,000 in 2002 and no revenues again in 2003. Except for non repetitive losses (transport), the 2003 loss considering no revenues is $243,502.#
As for the Bengladesh operation, we know from the audit that it was acquired by Veltex Corporation on Sept 1, 1999 (Note 1.1). The auditors do not refer to a partial buying but a buying.
Based on information I received in the past:
- A plant with a Veltex sign in front of it exist in Comilla (whatever that says)
- Matin lost control of this asset thru notes he signed putting his asset as garanty but having the right to get it back whevever he could payback his notes.
Based on information we found out over time:
- Matin did try last August to issue 18,000,000 shares (if my recollection is right, then worth about $15,000,000) to buy the portion of the Mills we did not own at the time (???)
- Matin thereafter issued 5,000,000 new shares (then worth $10,000,000 plus) to do something we do not know about (???)
Related to 2004, we now know:
- That we start with an accumulated loss of $1,812,176
- That the company did a lot of marketing activities (the next audit should say if this was successfull or not and up to what point)
Excluding anything from Bengladesh and assuming 7,000,000 shares outstanding by the end of 2004, for the shares to be worth $1, assuming a multiplier of 12, the company would have to show a profit of more or less $600,000 in 2004.
Question: Could that be the bottom line if the numerous business shows did lead to revenues of significance (let's say a couple of millions)?
Looking at it this way (USA only) we have shares in a startup operation more or less 3 years old having gone thru hard times but apparently coming out of it.
THEN THE QUESTION TO ANSWER SO WE KNOW IF THIS OFFERS A SIGNIFICANT POTENTIAL SHORT TERM IS:
WHAT IS THE BENGLADESH OPERATION ALL ABOUT AND WHAT DOES IT ADD TO THE ABOVE PICTURE?
BOTTOMLINE:
- I do not beleive this to be a scam as claimed by some
- I need to know much more to start beleiving this to be the dream of many
- I consider the 2003 audit to be one small step toward getting a clearer picture of the situation ... hopefully sooner than later.
- I expect a 2004 audit (if it comes) to shed some more light on a still quite dark picture
- If everything goes right, I do not expect to "know" before an audit of FY2005 is released.
Till the good luck to traders enjoying this opportunity.
I prefer "slow pump" than "Matin's soldier" and even more than "Hard bash".
If saying that I do not know if this will be a washout or a good "bet" is slow pumping then I am.
Even with my small speculation herein compared to your industrial investments, I suggest I am "slightly" more objective than you are with your miserable letters rehashing old stories and outlining the emotional frustration and anger of someone who has been screwed by Matin or failed to screw him when he did try.
"the $15.5 Million in audited revenues for 2003 shows that Veltex is a real company making sales. But, the unaudited 2003 overestimated the Revenue figure by about 33%, stating $19.99 Million Revenues".
Since I beleive Matin not to be stupid but incompetent, the following may be (???) explained by: "Any inter-company activities have been eliminated in the consolidation" (source Matin's letter date 03/23/2005).
By the way the word "eliminated" suggest it did exist in the first place.
On that basis, the $41 millions may also be wrong
You didn't ask me but if I may...
The way I see it is we now have a 2003 audit.
We will see a 2004 audit in few weeks or months. We then shall see a little more what the Bengladesh affair is all about and if the marketing activities of last year were or not successful.
As for listing (if ever) I see that for 2006, after the 2005 audit will have been produced.
Unless, someone buyout the business (assuming it's worth being bought).
You may be right since I do not have anymore information as anyone in here.
This being said, few hours ago most tought there wasn't any audit coming down the pipe, not even the 2003 one (which was finished 1.5 month ago).
You are 100% right: THE QUESTION REMAINS TOTALLY UNANSWERED:
What is the Bengladesh operation all about and who owns it?
We know as much tonight as we did last night (unless these reports were just a preliminary step toward getting the full story out).
I am sure the mouse will think that Matin wanted to take you out there so he could rape you without trouble since he could buy the cops out there and have you thrown in the ocean whenever he was thru with you LOL
All I can say is: "one of you two (Matin and yourself) is lying or just taking his dreams for reality".
However Matin has people (auditors, lawyer) challenging him (thanks to you) but in your case someone only has your unsupported verbillage.
When you see the following statements in your letter, you realy wonder what the rest is based on.
"that is why he has suddenly taken notes, detail statements etc. from his webside this afternoon and hiding it. This was another pump and dump plan by Mr. Matin, that went bad for him."
"As per auditors statement which was suddenly hidden at noon today"
"That was also hidden by the company this afternoon:-"
Finally, you put side by side "parent’s lack of absolute control over the affairs of the subsidiary" (refering to the state of the situation on 12/31/2003) and "IT IS A WHOLLY OWN SUBSIDIARY" (Matin refering to as of the date of his letter, 03/23/2005).
Whatever the facts one is allowed to beleive that something was done during the 15 months between the times referenced.
THE DRAMA: Who knows? May be you're right! However, you have no credibility whatsoever sounding as a emotionally disturbed person.
At least they seem to exist.
Utah Association of Certified Public Accountants
First Name: Todd
Middle Initial: D.
Last Name: Chisholm
Title: Partner - CPA Firm
Employer: Chisholm, Bierwolf & Nilson
Employer 2:
Address 1: 533 W 2600 S #250
City: Bountiful
State: UT
Zip: 84010
Phone: 801-292-8756
Fax: 801-292-8809
Email: chisholmtodd@qwest.net
Specialties/Languages (limit 25) : Auditing, SEC Reporting, Small Business
First Name: Troy
Middle Initial: F.
Last Name: Nilson
Title: Partner
Employer: Chisholm, Bierwolf & Nilson
Employer 2
Address 1: 533 W 2600 S #250
City: Bountiful
State: UT
Zip: 84010
Phone: 801-292-8756
Fax: 801-292-8809
Email: tnil@qwest.net
First Name: Nephi
Middle Initial: J.
Last Name: Bierwolf
Title: Partner
Employer: Bierwolf, Nilson & Associates
Employer 2
Address 1: 1453 S Major St
City: Salt Lake City
State: UT
Zip: 84115
Phone: 801-363-1175
Fax: 801-363-0615
Specialties/Languages (limit 25) : German, Portuguese
CITY OF INDUSTRY, Calif., Feb 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Mr. Matin commented, "We anticipate our completed US GAAP quality audit for 2003 will be issued approximately March 15, 2005. The 2004 audit is expected to be issued approximately April 15, 2005."
We got the 2003 audit 15 days later than expected from this PR.
I wonder if we could see a 2004 audit by next June.
What would it take, assuming nothing from Bengladesh, to justify a capitalization of $ 7,500,000?
Now I know that thre is a plant in Bengladesh (I saw picture of it) but I do not know who owns it and what is being done in there... if anything.
Notwithstanding your accusations (right or wrong) and the fact that the auditors knew of them (from you), they still wrote:
"these financial statements are un-consolidated with ITS SUBSIDIARY Velvet Textile Mills, Limited.
Pursuant to SFAS 94, these financial statements exclude the SUBSIDIARY FROM THE PARENT'S financial statements due to the parent’s LACK OF ABSOLUTE CONTROL over the affairs of the subsidiary."
Sounds to me as a supportive statement toward SOME KIND OF LEGAL RELATIONSHIP between Veltex Corporation and Velvet Textile Mills, Bangladesh.
For the ownership your comment reflects what I thought (insisting on perhaps).
As for the $4.9 millions, Matin wrote in his letter of March 23: "Any inter-company activities have been ELIMINATED in the consolidation.". This could be an explanation ???
Looking forward to see if you get some answers.
"for all honesty stop slow pumping"
a short answer:
"for all honesty stop slow posting"
First sharing my opinion about what possible scenario justifies me to remain a shareholder is not pumping whatsoever on my part, it`s just trading information and interpretation with those sharing my views or having an opposite one. I respect the opinions (negative or positive) of others but have no respect at all for repetitive stupidities many do enjoy posting in here (Honestly, your stupid legal tone and the self congratulations you keep giving yourself, I could live without quite easyly as all those unfortunate enough to receive your garbage personally).
Second I very well understand that this could be something not worth $7,000,000 or even less.
Third, having shares and holding on them, I prefer to discuss possibilities based on my observations of CURRENT FACTS as they become known instead of rehashing personnal experienced I went thru, years ago and never could get over.
Fourth, if I had no share and did beleive that thius is half as bad as you claim, I certainly would not be involved in this board at all, never mind full time as you do.
Finally as you say (more than needed) you have informed the whole world, including SEC, Veltex's lawyer, the auditors, with supporting documents and proofs that this is a total scam.
Still the infamous Matin rolls along as if nothing had happenned.
It should tell you something about the value given to your advices ... if we can call this crap advices.
I finally had time to look at SOME of the documents released today and want to note some observations of mine.
Remember that I think (not beleive) that Matin thru incompetence or otherwise, got himself (and us) in a real mess up to let's say last August (BOD) when he did try to correct a hidden critical fact trying to get back the control he previously lossed, morgaging it for funds he needed to survive in USA, particularly following his disastrous "synergy" venture.
Notwithstading the comment of the american auditors (parent’s lack of absolute control over the affairs of the subsidiary) referring to the situation as it was at the end of 2003, Matin issues a "Note to accompanying audited consolidated financial statements" claiming "its wholly-owned subsidiary Veltex Textile Mills, ltd". The auditors do acknowledge the existance of a subsidiary as of the end of 2003 and Matin talk about a "wholly-owned subsidiary" as of March 23,2005 ???
Considering the implication of a lawyer close to the situation who is well informed of our concerns (thanks to some herein), such a letter (March 23, 2005) is interesting (granted lawyers are not all honest but ...).
As for the difference between the revenues claimed by an incompetent Matin in the past and those issued today, the following comment may be an explanation: "Any inter-company activities have been eliminated in the consolidation".
I wonder if effectively Matin (with new more competent advisors around him) is not trying to clean up his mess since mid 2004?
Finally I also noted the following :"2003 was a year of tremendous accomplishment for Veltex . We continued our work at building on our strong customer base and achieving increased market penetration. Veltex continues to grow each year as it expands operations worldwide. We expect 2005 to be no exception." ... 2004 not mentionned specifically but we all know that the company did effectively work at building its customer base in 2004.
Bottom line, this is not what Matin claimed it to be for a long time, he did probably lied trying to hide his errors (except for transport), he did lie hiding his loss of control of the Mills, he (volontarely or not) inflated the claimed consolidated revenues but I doubt he just ran a scam, filling his own pockets with the proceeds of new shares issued to the general public.
I waited for 5 years (almost 6 now), tought this was lost for 2 of them, still wonder this is all about and will keep sitting on my shares till I figure it out (probably some time in 2006 if the story doesn't abort before then). Anyhow this is gambling money I can afford to but not look forward to loose.
I do not expect to see $0.50 but who knows.
As for blackjack I like it also, but never could afford playing that long and wait months for the next card to be turned (with a bunch of standing well intentionned not playing advisors, trying all along to tell me what it will be ... as if they knew)... LOL!
Honestly I just went below my cost but I also hold till we see what 2004 will look like (at $0.50 I certainly will consider averaging down somewhat).
USA (2003) operation is just a start up which as most such affair looses money. The problem is we do not know how much of the Mills we own except that wehave no control (Honestly this is not a surprise to me).
Matin failled to buy it back at the last BOD (18,000,000 pre R/S shares) but since issued millions of post R/S shares. Could it be that he bought back his debts (the notes I referred to earlier)?
Business as usual. Let's see if we will get audited FY2004 numbers and what they say.
For those abandonning the ship (I understand that) good luck.
To those not having any share in it, please do not feel oblige to help me thru your judicious but not called for advices
IN POST 6934 I WROTE:
"THE issue is related (according to sources) to ownewrship of the Bengladesh operations. I heard that Matin did borrow against it, lost control, hopes to get it back, keeps thinking it's almost done ... but "almost done" is as being half pregnant ???
No serious audit can be released in such a context (unless Matin accepts to get caught having lied).
Possibilities are:
- Matin finds a (Miracle) way to buy back his "notes" or
- Matin gets a (majority) partner investing in the business (or outright sell whatever he can).
- ...
TODAY I READ:
""these financial statements exclude the subsidiary from the parent’s financial statements due to the PARENT'S LACK OF ABSOLUTE CONTROL over the affairs of the subsidiary".
Sound to me that borrowing (notes) by Matin over the years made him loose control over the Mills he used as garanty.
This probably explain Matin's trial to buy back whatever portion of the Mills he needs to get back his CONTROL of this subsidiary.
Is Matin conducting a grand scam? I doubt it but who realy knows?"
Matin Bought the Mill in 1999?
Matin lost absolute control between then and 2003?
Matin did try to get it back in 2004 (BOD)?
Matin issued 5,000,000 (post R/S) shares thereafter.
What do we NOW own?
DON'T MISS THE NEXT CHAPTER (FY2004 audit) OF THIS PASSIONNING DRAMA ... SAMECHANNEL (source) ... WHENEVER MATIN DECIDES TO BROADCAST IT.
Honestly, to me they both have the same credibility...
Heck I wouldn't be even realy shocked if they were one only individual LOL!
At the other end of the extreme stupidity is you and your ridiculous posts which absolutely no one cares about.
Would be nice if you and your friend the mouse were to have you own private board where you could trade you BS without boring everyone else.
Don't you guys have any kind of life???
If you happen not to be 100% right, I suspect YOU will be in deep ... one of these days (hopefully legally instead of physically).
I certainly do not beleive Matin's story to be as told but at the other extreme, your story is even less beleivable.
I do not know what Matin did to you but I must say that at 63, I do not remember meeting or reading someone as pissed, frustrated, mad ... as you are.
You will end up having a hart attack.
I do not know if I will make or lose money with this speculation (for the moment I am barely over breack even) but Gee it's entertaining (except for some stupid posts herein).
Let's see what the next chapter will be all about. Great book!
If an audit comes out, whatever the quality or lack of, this board will be crazy, particularly with Mice sending in 100 messages per hour repeating on and on again that this is all BS.