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IF (as usual) claimed numbers are proven and audits (both) perform, getting listed on Amex should not be thay great of an issue. $3.00 a share is more than likely IF all this IF's turn out to be facts.
As for Dan, he probably got mad having issued PR's that were not followed thru and even worst if (as some before him) he did not get paid or received cheques that later bounced.
Sitting on my shares, waiting for the outcome ... whatever it will be.
Looking at what this compant will have acheived in 2004, it will be interesting to find out what they can do in 2004, from a healthier financial position.
Unfortunately the number of O/S's does greatly limit the attractiveness of this stock for newcomers to buy in.
Looking at it differently however, considering current PPS and the number of O/S's, capitalization is only $ 3,500,000.
It doesn't take much to justify a capitalization of $10,000,000 or so (PPS of 0.005 + or -).
Just wanted to remind what the PERCEPTION of the situation was last year at the same time and share it with those that weren't around then.
Itlooks to me as if not much has changed over the year.
Here is a last ont which doesn't sound totally out of date ... one full year later:
Posted by: veltexisprofitable
In reply to: None Date:12/29/2003 8:08:08 PM
Post #of 6456
more veltex info...re the audit
javeed said (he wants to get the audit out before the end of the year if possible....it depends on the bank.....they are waiting for 1 last piece of paperwork/info)
he said (THE AUDIT IS REAL AND IT IS COMING, "IT HAS ALREADY BEEN PAID FOR") and he's doing it because audits are needed for any company financing.
I CAN"T BE ANY MORE CLEAR FOR THE BASHERS.......HE ALREADY PAID THE ACCOUNTANTS!!!
obviously he can't give me #'s or details(nor would i ask...lol)....info has to be public n not given to one investor, but he tried to be very helpful
THIS IS AN AMBITIOUS MAN imo.....n i aint pumpin', u all know me....i've been negative as much as positive in my past posts....lol
but at least now i can say i've met the man n make my decisions with a bit more confidence
i 'm not tellin u to buy, sell or hold....i'm just giving u what i've seen. make ur own decisions. if u don't like what i post, drive there urself.
seems 11:30 - 12:00 is a good time that javeed might be in.
ohhhh.....their business cards nice also.....
Posted by: veltexisprofitable
This also was 1 year ago today (history for newcomers)
In reply to: None Date:12/29/2003 7:42:57 PM
Post #of 6454
well, i'm back from visiting veltex today and........
a few things for u all.....
1)i learned years ago to never critisize a man til i walked a day in his shoes. sadly i did that with javeed. i've said things before meeting this man. After meeting kelly, a driver, mr. mazhar u. haque(accounts controller), and mr matin today i must admit i had few facts correct abot them in my mind......ok , i was wrong....lol
mr. haque was an incredibly nice man. tried to give me coffee, showed me around the office and warehouse and spoke w/me about the company while trying to answer any questions he could. u couldn't find a nicer, more gentle man. i was a bit early so he chatted w/me until mr. matin arrived.
kelly was quite nice also, she came in from a short break as i arrived to say hello to mr matin. she has lite colored hair that is to around her shoulders. we joked about a few calls i had made to the office asking if it was real....IT IS.....lol
the driver seemed nice, just a bit more quiet n to himself than the others.
mr matin......GRACIOUS with a capital G.........invited me upstairs to his office(which is modern and homey)he has a large desk w/a comfortable looking chair n in front were 2 chairs(sorry for the details, just tryin to give u all i have)
behind those many feet back were more chairs/seeting(couch), looked like someones home. his office is HUGE. i'm sure clients are impressed.
ohhhhh......kelly, mazhar, etc are downstairs, street level...the office is in a VERY NEW LOOKING industrial park near a shopping center in a neat little town. they are near the end of a dead end street and the office is in the rear of the building(corner office with lots of glass so u can see right inside as u walk up)
i think there are 3 desks(if i recall correctly)downstairs and there is a door that leads from the office to the connected warehouse which had loads of packaged boxes inside(alot of warehouse space) and very high ceilings in case they needed to stack.
the trucks, i was told were on the road.....(but as i stated, i did get to meet 1 of the drivers)
there is alot of room for trucks and there were many there loading for other businesses in the park.
the office is "decent" size but the warehouse n javeeds office are "big".
there is large colorful lettering on the building spelling out "veltex" with the same graphics as on the website.
by the way,
black leather office chairs and flat monitors(computer)....quite modern
oh, back to mr. matin......
he talked n listened n never once tried to rush me out the door...lol
i finally decided to leave so i'd miss l.a. traffic.
i saw what dougieie meant when he said he can see it in his eyes.....he's AMBITIOUS AS HECK!!!
he pulled up in a dark mercedes, but it didn't look like brand new, nice but not new. kinda square shaped unlike the newer more rounded ones......so bashers, no sportcars u idiots!!!!
in stature he's not so tall, and he wears gold colored rimmed glasses(but i am colorblind....lol)
he carries himself well and has a very likeable way about him
more to come....tired of typing...lol
scott
Does that one seem 1 year old?
Posted by: veltexisprofitable
In reply to: None Date:12/19/2003 12:52:47 PM
Post #of 6453
so all...any new info on the audit? last we heard was it was waiting on approval, any day..........
He! After all I would have had a great 2004 with this stock if I sold right now (333% gain wouldn't be bad) !!!
Abstract from a post I wrote 12/29/2003 (Seem still up to date).
"after all the missed commitments made within official releases by the company during the year, none can yet say for sure that he knows for a fact that this is a scam, a reverse scam, a company having trouble getting its act together or anything else."
"Very honestly, if I was not already in, I certainly would not take that bad a risk throwing in $1,500 right now, but since I am already in, I certainly will not take the risk of saving $ 1,500 or so, to later find out that I left $15,000 ($ 0.06/share) on the table." In today"s term read $0.60/share).
"Assuming that there is something behind this stock, what would it take for the PPS to be worth that much?"
"Let's assume that there are 175,000,000 shares out there. A $ 0.06 PPS would mean a total capitalisation of about $ 10,000,000."
"It wouldn't take much for such a capitalisation to be acceptable by the market. The company would not even have to be able to show a profit to justify that. As long as some optimism can be justified re: long term potential of the company, such a PPS would become very acceptable."
"What I keep asking myself is:
1 - Who bought most of the last 150,000,000 shares issued by the company within the last 18 months?
2 - Why did they beleive it was worth doing it?
3 - How many shares does Matin control directly (or indirectly)"
"If I was him, would I work that hard to net few hundred thousans dollars or would I set myself up to make millions some time later?"
"Assuming the later, wouldn't my behavior justify a very small PPS so I can accumulate (directly or indirectly) as many shares as I can (percentage wise)?"
"Is that what we see?"
"Contrary to the MOUSE, the FISH and the other such animals herein, I do not pretend to know."
"But even assuming Matin to be the crook some claim him to be, I can imagine a scenario justifying him to be an even bigger one."
"That does bother me and I intend to see the bottom of it."
"In summary we face 3 potential outcomes:
1 - Matin is a small crook working hard and running great risks so he can make few $100,000. Many pizzed off shareholders would try to get him in trouble causing him to at least incur legal fees.
2- Matin is a big crook having a strategic plan to cash in millions longer term. No one could have a viable legal case against him, assuming they even would care having made money themselves.
3- Matin is an honest hard worker, having seen to large a future, having met crooks on his way, having difficult time getting his company back on track, not being as smart as desirable but still smart and honest enough to try to pull out of trouble. Then we face two possibilities:
3a) - He succeed.
3b) - He fails."
"Whatever scenario you want to pick, you can only doubt."
"ROLL THE DICES... and GLTA in 2004!"
I beleive the PPS will slowly go down, as low as $0.75 if times permit, till serious information becomes available.
If FY2003 audit comes out soon and it does confirm company generated past claims, we may see a spike back up in the $3 - $4 range.
But this will be just that, a spike, and FY2004 audit will be required for us to know what our shares are realy worth ???
As I said earlier, there may very well be a simultaneous release of both audits.
All of that if an audit is effectively being performed.
"I wonder how Matin is about paying his bills to these people?"
From what I found out in the past two main reasons why people cannot stay around Matin:
1- He doesn't listen
2- He doesn't pay his bills (or cheques do bounce)
V.Duff (both reasons), Paul (number 2 mainly), Investrend (number 2). Do not yet know about the others.
Another thing I found was that Matin effectively operates with large "cashflow" shortage notwithstanding loans (garantied by assets) growing all the time.
I effectively beleive that Matin is only interested in large shareholders and that is probably why he finally understood that cleaning his financial mess, having an audit performed, reporting to SEC and getting listed on a real stock market was the only way for him to get ahead with his plans (most likely not having total control anymore).
If this HYPOTHESIS is right, I suspect performing a real audit will involve cleaning the house (loans, ownership, ...) before audited financials of significance can be produced.
I even beleive that audits of both FY2003 and FY2004 could be issued simultaneously sometime in first half 2005.
Just putting out FY2003 would probably look quite bad (if done honestly since it very well could show that the claimed numbers were including those of outfits we did not even realy own (Veltex Mills, KCA) at the time.
Current major growth of issued shares (MY OPINION) are reflecting the house cleaning operation I describe in here.
On the other hand, what do I (we) realy know?
Got the same answer to a question of mine yesterday.
The least we can say is that people move in and out quite fast around Matin.
Wonder why?
This time you realy talk without knowing.
I called twice (once after your private message) to no avail.
Oh by the way you do not have to beleive me.
Almost answered you but what's the use.
You only take out what fits what you want to support.
Enjoy yourself and have a good year.
One of us is probably right but who ?
May be future will tell ?
This is effectively what did happen according to a source that was close to Matin at the time.
He has been taken thru quite a ride and hate his socks.
He also got f... by the owner of Go Vacation
Did the same before I did ask.
I also ask the company but had no answer as of now.
Thanks
Nice recap for newcomers.
If I may:
"Three days for the audit"
I wouldn't bet, whatever the odds considering the last PR:
"Veltex is currently undergoing its 2003 audit, which the company expects to be completed in the near future."
I very much doubt he meant this year (as he did before).
I do not know but for someone to dump $60,000 buying the stock of a non-audited, non-reporting pinkshett company he either is extremely rich, a sick gambler or someone who knows more than most.
Very much doubt the first 2 ones but assume that he probably knows more than we do.
As most messages herein, this is an opinion and no one can verify it ... in this case, not even in the future.
What side ? Buying or selling ?
2:19:36 PM
Trade $2.0354 X 28,700 shares
???
We all knew for 3 months that Matin wanted to issue new shares (up to 18,000,000) to acquire or recuperate Veltex Mills.
As for daylu trading it certainly did not demonstrate that new shares had or not been issued. As a matter of fact, even today, we only heard (read) of a float of 1.3 or 1.5 million shares.
Finally related to the behavior of the company, up to now, it's always been very deceptive and only serious audits (hopefully revealing the arrival of new directing shareholders) and normal reporting could change this fact.
Personally, till something credible and verifyable comes out, I see the odds to be 50% that the PPS will drop and 50% it will go up because we have no clue what's going on behind the doors.
These supported possibility number 3 ("3- He found something no one else could. I even offered hypothesis which could have explain his quoted 6,000,000 number, assuming it was right.")
Many other reasons could justify both possibilities 1 and 2.
Hopefully, putting in doubt whatever is read an an anonymous message board and not verified, is not only a characteristic of mine.
If telling someone that repeating the same unsupported information, time and time again is "wagering a losing battle". I effectively did.
However, all I said was that the unverifyable affirmation of RAW was of 3 thing one:
1- He was lying
2- He had been lyed to
3- He found something no one else could. I even offered hypothesis which could have explain his quoted 6,000,000 number, assuming it was right.
Now we know it was but still have no clue what these additional shares were used for.
If I did beleive everything I read because it's repeated time and time again, I would bet the house on Veltex, based on Matin's UNVERIFYABLE claims.
Melissa Barras, General Manager, has many years of experience in management and administration.
Anyone knows when this person came on board?
To keep on going on assumption, I prefer looking at it as follows:
1 "So you are assuming that the 4+ million shares went to KCA Garment"
I am assuming these were used to reimburse loans made from Veltex Mills over the last 2 years, putting our ownership as garanties.
"completing" the KCA purchase, may only have involved the most recent 500,000 shares we just found out about.
2- "That part of Veltex Mills that we do not own is worth 18 million shares according Matin's proposal"
That was true in October when the shares were worth less $1.00 ($0.01 X 100). More recently, shares were worth close to 4 times the then current market price.
3-"What about the financing that Matin was looking for at a 50% discount?"
To my recollection, he did stop the process quite abruptly. I suggest that thru this effort to get short term financing against discounted shares, he met someone who made him understand that time had come to normalize the company and stop operating as an amateur hoping for the best and running short of time and ressources.
I suggest lots of answers but realy have as many as most in here (assuming some do know more that I).
By building Veltex Corporation in this fashion, he gave the company these unusual advantages: "A credit line supported by revenues from Velvet Textile Mills." (source: http://www.otcgrowth.com/showcompany.cgi?companyid=00000008 )
My thinking (Hypothesis as usual) is that trying to create an empire made of multiple synergetic components (see Dec.2002 business plan) he created a hole into which consumed a lot of money (he already admitted the transportation disater) forcing him to extensively use the said credit line.
I suggest that may be the recent instateneous growth of 4,000,000 shares (worth more or less $10,000,000) was used to re-imburse his loans from Veltex Mills, before he can have acceptable audits produced.
As for the most recent 500,000 shares, they may have been issued to complete the one year old purchase of KCA.
The next few months should be quite interesting ... ONE WAY OR THE OTHER.
An optimistic scenario or hypothesis about what could be going on behind the doors:
First hypothesis is the whole Veltx corporation effectively produces the claimed financials.
1- After a couple of years trying to survive, building a U.S. based distribution set up and many errors and bad decisions, consequences of lack of realism and understanding of the environment,
2- Matin got to the point where he has a valid operation and continuous cashflow problems are getting him in an increasing difficult situation.
3- In urgent need for new fundings, he finally realize, from discussing with someone having the needed funds, that the only way out is to normalize the company. This also happen to be the timeframe when the new commerce agreement between Bingladesh and USA was announced.
4- Sometime in last October he gives in to his potential investor and accept to do whatever is needed to normalize his situation (get the ownership question resolved, clean the books, have a serious audit performed (FY2003 initially, the FY2004, report to SEC)
5- Then get required fundings in return for shares (yes even more shares).
IF SO (What do I know?):
1- some time in first or second quarter next year the real picture of what this is all about will be known (I assume that we then will find out that 3 to 4 million new shares will have been issued (total of 10 to 12,000,000 and Matin doesn't have control anymore).
2- Profit/share is more or less $0.50, justifying a shor term PPS of about $5.00 (mid 2005) growing normally with the business results.
If this is not what is going on behind the scene, then quite soon we will again see PPS of $1.00 or less.
Downward potential as of today $1.00 to $2.00.
Upward potential as of today $3.00 +
That's called a speculation.
Best wishes for 2005 ...
For those interested, Comilla (where the plant is) is about 50 miles from the sea, right on the border of India and the waves did absolutely were not a factor.
See MAP at : http://www.lib.utexas.edu/maps/bangladesh.html
Great check point. Nothing to add.
Since we are in guessing mode:
MAYBE 4,000,000 shares were used to buy Veltex Mills (or whatever portion of it we didn't own as of last August 25th)
and MAYBE 500,000 more were used to "complete the purchase of KCA.
Whatever the case, we have no clue where these shares went.
It may end up being a pure theft by Matin and his close ones, it may be a step toward normalizing a less than honorable string of hidden facts and events or anything we want to IMAGINE.
Personally, I tend to beleive that:
1- Matin dreamt in 2002 and embarked himself on a grand synergy scheme
2- He had tremendous financial dificulties (at least with his transportation adventure) and had to borrow against assets he had (Veltex Mills ?)
3- Badly needed cashflow to keep going
4- Finally understood he needed clean books, audited and reported if serious funds were to be accessible
5- Got his auditors and lawyer at work trying to clean the mess before anything could be done in view of becoming a normal company.
And that's where we stand, waiting for them to finalize the cleaning.
This being said: What do I know?
"Gee, what do you know"
Read my lips:
"I (WE) know fuckall, not having ALL THE NUMBERS"
Again, I do not say you misuse the method, I say one can INTERPRET the number whatever way he wants if he doesn't have the whole set of numbers.
Wasn't a theory but an hypothesis as good and as foolish as any at the time.
Veltex Corporation, announced today that it has completed an acquisition of KCA Garment Industries.
I tought (did'nt say know) this had already been bought for cash and shares a long time ago.
Now it says the transactions was "completed". Could it be that new shares (or related proceeds) went there?
Who bought? Initially I tought it was Veltex Mills (100% own by Veltex corp) now it's Veltex corporation buying.
What do we own?
Veltex corp owning Veltex Mills owning KCA?
Veltex corp owning both Veltex Mills and KCA?
Veltex corp owning KCA but not Veltex Mills?
?????
"After the fact, they both either
will have been lucky by saying something that verifies itself (time didn't play it that way for Bush. Let's see if Rawnoc's WMD's (6,000,000 + of them will have been out there).
As I said, AFTER THE FACT, we know.
However, before the fact we do not.
Still to be seen is what are these WMD's realy all about?
Numbers can say whatever one wants to read in it if you do ot have them all.
For the moment at least, whatever the whole set of number is, people do not seem to rush dumping their shares based on the know numbers we have:
Time: 11.49
Volume: 58,292
Price ( $ 2.30 = + $0.20 OR 9.52% )
Obviously people wait for the wheel to stop.
Don't tell me. Nice for you to tell us ???
Uncertainty is the only certain thing with this stock.
Not a chance my friend.
Still trying to find out myself.
Absolutely.
On the otherhand, we are in hypothesis ranges both on future number of O/S's and what is owned.
Number of shares is (obviously) unreliable if projected in the futur.
Own assets is as unreliable based on what we think we may know.
Multiplier is impacting whatever unknowns are described before.
This is a "GAME" not an investment.
And this board allows players to discuss the odds (opinions).
That's all I say.
20/20 insight the credibility of both will come from real credible (i.e. not message board) sources.
Right now it seems that RAW had about the right number of O/S's and Matin had the right number describing the float.
Up to taday, we only had one source (an unreliable one considering it was anonymous) relative to the number of O/S's and we still have only unreliable one (Matin is not credible based on past experience) related to everything else.