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If that is what it says and IF we own something generating earnings of $7,000,000 it means that our shares are worth (multiplier of 8 to 10:
($7,000,000/6,67600) X (8 or 10) = $8.40 to $10.50
However, we do not yet know for sure what we own.
Since you insist...
I said all along that you may or not have been or be right.
Message boards are fun but quite a shitty way to assume you do DD reading it.
Till I see the audit (obviously not this week reading the pr), I cannot care less how many shares are out there if I do not know what's behind it.
1/2,500,000 or 1/10,000,000 of close to nothing would be the same.
If we do not own Bingladesh (therefore KCA) or we do is the question I look an answer for.
Second, audited, reported financials will tell us what we divide by how many shares.
Till then, we discuss the sex of the angels ???
Yes I got that also...
"RAW really hopes that the share count stays where it is, that the company is for real, and that it continues to be very profitable so he can buy in..."
As I said to my daughter, If you lie ... be credible.
I do not say RAW is lying but being unknown to me, there is no way for me to know if what he says is the thruth (I do not care how many time he does repeat it) or nt.
This is why, I did spend some time in the past challenging his affirmation saying "may be" and "may be not".
As for the pictures (added to those I saw of the bingladesh plant (I hope it's not close to the sea) it proves that there are offices in CA, there are garments in the offices and there are a plant in Asia.
The issue is that we yet have no way to know thru credible sources what we own (Veltex Mills), what the financials realy are (audit and reporting) and how much sharing we do in whatever Veltex is (O/S).
This morning PR certainly doesn't help and, as for RAW's affirmations, repetitions does not create credibility.
For me, Matin and Raw have the same behavior and do have the same credibility.... RIGHT OR WRONG ???
Here's what is important in this PR (I do ot call it NR):
Veltex Corporation, announced today that it has
completed an acquisition of KCA Garment Industries.
Javeed Matin, CEO of Veltex Corporation, commented, "We are very pleased to consummate this acquisition as KCA Garment Industries This will allow Veltex to be extraordinarily competitive."
"This year KCA will do about $20 million in total sales with $2.2 million in net income."
Finn Walstad, CEO of OTCGrowth.com, stated, " The Company has a current PE of less than two times earnings."
Veltex is currently undergoing its 2003 audit, which the company expects to be completed in the near future.
Great points.
However the use of the word "investment" in this case seems quite inappropriate.
For the moment buying stocks in Veltex is at best a "speculation" even may be a "bet".
If gambling is not your game stay away from any such stocks where normal DD is close to impossible.
"hanging on to this thing for 2+ years"
Granted 2 years not looking at a dormant stock but overall I got my first 500 shares ($0.43/ OLD shares) 5 years ago. Always were part of the + or - 5% of my portfolio I use to bet or speculate on long shots (generally not pinksheet stocks however ... unless they end up there with time).
If patience is a rewarded virtue down here, Heck, I should be rich one of these days.
LOLLL!
More seriously, if the number of O/S went effectively up drastically (factor of 3 let's say) what will be significant (if we ever figure out what this thing is all about) will be to know what the proceeds were used for?
Enjoy yourself...
If you realy want to know what I tought, think, said and would say, go back and reread my old posts (and this time try to understand them).
Have fun.
I do not know if it's "on the way" or not but as for a "major news" ther are not to many possibilities. Either Matin goes belly up or we get the infamous FY2003 audit.
Let's think positive and that you have reliable "sources" (hopefully better than a claimed unnamed voice that you would be the only one to hear)
LOL
O.K.
I had a lot of free time today but enough is enough.
Whatever your reasons, see my post number: 6099
"How about.....a guy who is telling the God-honest truth?"
I already said that this was a possibility.
See my posts numbers 5966 and 5993.
And "For at least the 15th time" we do not even KNOW what you are talking about, what it realy means and where it comes from.
I have no doubt that this is your beleif.
"But, again, for a guy who doesn't care how many shares are outstanding.....you talk about that topic an awful lot."
Find a place where I am affirmative about the number of shares are out there.
Second I do not discuss the number of shares outstanding. I just challenge someone "pretending to know" or "possibly having mislead" or is "lying outright" repeating continuously for 2 weeks the same message, not even trying to qualify what it means ... for whatever reason (misunderstanding or other).
"I have neither recommended anybody buy or sell"
May be not in that many words (I never said you were stupid) but you darn well know what your "continuous repetition of an unverifyable information" is doing (at least you hope so).
On that basis, I do not see much difference between Matin and you.
One is repeating again and again a very positive story. The other one is repeating a very (assumed) negative one.
In both case, no one YET can validate what they realy talk about.
"2 million shares outstanding have 3 times the potential versus 6 million toward the unknown."
Not if you do not know what the proceeds of the additional shares were used for.
Example: When there were 2,000,000 shares assume we effectively had morgaged or borrowed against our presumed ownership of Veltex Mills. Now assuming there are effectively 6,000,000 and Matin got (considering recent market) $ 3.00 value/share) and used it to buy back the debt, thereby getting back the ownership of Veltex Mills (generating the claimed revenues:
At 2,000,000 shares we were owning !/ 2,000,000th of close to nothing.
At 6,000,000 shares we now would owned 1/6,000,000 of something generating a $7,000,000 profit in 2004.
What is better.
This being said everything you said (same for what I say by the way) is pure speculation.
The only thing we KNOW is that: "Matin say Veltex generates a profit of $7,000,000 per year".
Considering his credibility, the fact is we know nothing and your 6,000,000 shares are as meaningless as the 2,000,000 alluded to by Matin in his PR's.
Savvy investors care about both the number of shares outstandind
AND
What's behind it.
Otherwise you realy do not have a clue what your shares are realy worth.
You either understand that and have a personal agenda trying to influence some thru a message board (using half thruth if thruth at all) or you do not, therefore should not even play the market (because that's all it is right now a play).
I only said tha THERE IS A POSSIBILITY that you lie.
I also said there is a possibility that you've been lied to.
I went as far as outlining a scenario which could have justified the number of shares you claim to be outstanding.
This being said:
WHO CARES ?
We do not know (neighter do you) what's behind whatever number of shares are out there.
"It is equally committed to always exceeding ... shareholder value expectations."
HhUUUuuuMMMMMMMmmmmmmmmmm!!!!!!
Oh Ya !
Let's see...
If I understand you right there are 6,176,035 shares issued up to now by Matin.
Point made.
Repeating it over and over again doesn't add to the credibility of your "discovery" but it's getting pretty boring... even more if this is done undersyanding that we do not even know what Veltex is or not.
Hoping you find something else (hopefully supported by as verifyable as possible facts) to discuss ...
We may beleive whatever we want of Matin. Crook, incompetent, honest exec havig cashflow problems, ...
I know for a fact that Matin was in a realy bad cash situation as of Mid October. However, I do not beleive him to be outright stupid.
Then I wonder? Why would he throw away 4,000,000 shares at 50 or 60 cents, just before he issued a PR (Oct 25) which got the PPS right up to $ 3.00 (from close to $1.00 to start with).
False or true, releasing a PR as the one of Oct 25th obviously was allowing him to dump a lot of shares at more than $1.00 and get at the very minimum $1.00/share.
This guy is realy confusing us all and I sincerely have no clue what he is doing between his lies and his actions...
I assume that Matin by increasing the issued shares from 2 to 6 millions, he got money for them (for whatever purpose).
May be he found people to hand him cheques in return for shares exchanged directly off the market. Then, whatever the PPS, these people must have had some reasons to beleive that these were to be worth (whenever they can sell them)something better than the PPS they got.
Alternatively, Matin played the market and the 4,000,000 new shares are in the float (therefore lying in his last PR"s).
Just looked at the volumes since the R/S.
Right after the R/S (2 tradig days) 643,000 shares were traded
Thereafter more or less 50,000 shares per day were traded at PPS under $1.00
Then on October 25th, Veltex Corporation Announced Plans to Become a Fully Reporting Company.
During October 25,26 and 27 trading days 1,372,000 were traded blowing up PPS from $0.90 to $3.10
Since then (October 28th) 3,842 shares were traded and many (I presume) were profit taking by those having low cost shares.
If effectively, over 4,000,000 new shares were issued and traded since the split, it looks to me as if the great majority of traded shares were acquired by some buying new shares issued by Matin.
Even worst if Matin waited after October 25th to dump 4,000,000 shares considering total volume of traded shares since is only 5,200,000.
Of three things one:
- There are effecttively 6 some million shares outstanding but we have no clue what the proceeds were for. Therefore we do not know if it is or not realy significant.
- You effectively talk to someone (for as much as I am concern it could even be Matin playing his game) interested in getting shares at the lowest possible PPS.
- You talk to no one and lie in view of yourself accumulating at low PPS
Whatever the case, unless we have credibly audited financials (let's start by those of FY 2003), normally reported to SEC, VLXC remains a speculative manipulated stock whuich can go right up of right down at the will of traders and MM"s.
I am darn glad not to be stuck with a cost/share of $ 3.00 or so.
Let's see if this does work ???
To view your card:
- visit http://www.bristos.com/index.php?cpn=cpu (you may have to copy/paste it)
- enter (copy/paste) your card ID ( CDCJ842858H3CF6W )
in the card pick up box (showned at the top) after a short wait of 5 seconds to let the pop up go away.
Who cares ... We do not even know is behind whatever number of O/S there are.
At least you seem to know (????) that Matin hasn't issued any share within the last week ???
Thanks.
"Veltex Corporation , announced today that its subsidiaries, Veltex Apparel and Velvet Textile Mills, have completed the acquisition of KCA Garment Industries of Dhaka, Bangladesh in a cash plus stock deal..."
"Under the agreement, the cash portion of the acquisition will come from Velvet Textile Mills and KCA will receive VLVT common stock. Velvet."
No surprise that the cash was coming from Veltex Mills and whatever "stock deal" their was it seems that it involved shares similar to ours.
If so, these shares are now worth the same as ours and the "sellers" (if they still own these shares) are in the same bathtub as we are.
Good point.
I cannot find the PR reporting the purchase of KCA but to my recollection, it was bought with shares from Veltex, whatever is behind them (Veltex Mills or not).
This being said who knows who bought it and if in is part of OUR aseet or not ???
Anne Tahim audit report read:
"We have audited the consolidated balance sheet of Veltex corporation AND SUBSIDIARY ..." She follows writing: "Veltex corporation is the MAJORITY SHAREHOLDER of Veltex textile mills..."
However remember the following disclaimer:
"The financial statements are the responsibility of company's management and WE DID NOT AUDIT the statement of Veltex Texile Mills wich were compiled by other auditors whose report has been furnished to us".
Page 6 of her report Anne Tahim write (note 2, 2nd paragraph):
"For the year ending December 31, 2001, the sales of $8,741,348 all came from Bengladesh operation."
She also wrote:
"Sales for the year ended December 31, 2002 totals $ 13,902,120, of which $ 261,878 is US and 13,640,202 is from Bengladesh operation".
Since the, revenues never work breack down by Matin ???
-
Relative to the ownership question, I do not have access to pre R/S PR's.
Source 1:
Following are abstracts of a business plan released by Matin on December 4, 2002:
Velvet Textile Mills, the manufacturing subsidiary, produces high quality jacquards, ...
...
Veltex manufactures its textiles at its mill subsidiary in Bangladesh
...
Veltex Corporation is a Holding Company that purchases subsidiary companies using cash and Veltex stock. The subsidiary companies are WHOLLY OENED by Veltex Corporation and all revenues accrue to Veltex.
Companies currently owned are:
· Multi Modal Transportation (U.S.A.)
· L.A. Cap (U.S.A.)
· GoVacations (U.S.A.)
· Velvet Textile Mills (Bangladesh)
Source 2: www.otclive.com/vlvt.pdf
In this document dated you can read:
Under title: Veltex Finalizes 20 Truck Purchase - Projected to Bring Almost 1.5 Cents In EPS Next Year Alone (12-5-2002):
"Veltex has a manufacturing facility in Bangladesh..."
Under title: Veltex Corporation Signs Strategic Investment Deal With GoVacations (11-14-2002)
"The Products - Velvet Textile Mills, a wholly owned subsidiary of Veltex"
...
"In 1998, Veltex invested over $7 million in plant and equipment for the manufacturing of high quality
textiles. It was shipped from the US and installed in the Bangladesh facilities."
No doubt that (USA being what it is) lawsuits will be lauched.
However, to have been in the market for years (real ones, not pinksheet), I have seen a lot of them and I still wait to get $1 out of it.
The explanation I "suggested" earlier is not necessarely "illegal"
He had ownership, morgaged it for reasonnable business reasons and still have a right to buy it back whenever business gets better.
Quite a reasonnable line of defense.
But who knows ???
As I said, as long as we say "beleive", "think" or "probably" we express an opinion and yours is as good as mine.
However, I suggest that the "BOD" is more or less Matin (whatever way he does it and therefore, it can let anything that Matin wants go thru (ex: 100:1 R/S).
Note that the 18,000,000 shares issue never made it to the BOD.
Sorry,
FWIW
"Veltex says the issuing of the 18 mil shares didn't occur because the BOD decided against it."
The fact is that the resolution was removed from the agenda BEFORE the BOD meeting. The reason for that is the uproar of many of us. As an example I did personally alerted all my contacts (In cluding Paul from E & E and a lawyer owning a lot of shares) about this "intent to buy something we were suppose to own" and I know they got Matin in a situation where he had to remove the resolution.
"Matin was issuing the shares to put the money in his pocket?"
As I often mentionned, being affirmative on almost anything right now is impossible. Only Matin and his very close ones (insiders) could be.
This being said, everything (including your hypothesis) is possible.
What I THINK (based on discussions with sources of mine) is that for the last 3 years or so, Matin has tried to build the USA based leg of the business with a lot of optimism and real shortage of cashflow (still an issue).
Having many flops along the way (read his business plan of December 2002) he needed to borrow funds and he would have given back our ownership of Veltex Mills to garanty his loans (securing the right to buy it back later).
My understanding (Note I am not affirmative) is that the 18,000,000 shares were intended to hide (???) this situation, before normalizing the company thru normal auditing and reporting.
My assumption (alluded to before herein) is that 3 or 4 months later, the PPS having changed significantly, he could now do it using a smaller number of shares.
"The SEC would want to know why the company cliams to own the mills, and then the company issues more shares to "purchase" the mills."
If thru, the above explanation could aloow Matin to walk thru the situation in a not necessarely ILLEGAL contex:
- He effectively owned Veltex Mills
- He "honestly" used this asset as a garanty for loans used to buildup yhe American operation
- He secured a "right to buy it back" later
This being said, if my view of Matin (incompetent more than dishonnest businessman) is right, the above "scenario" makes quite a lot of sense, considering the difficulties he had to go thru with less than honest partners and ventures such as the transportation one.
FWIW
I assume that having as an objective to prove that there is no activity going on in Veltex offices the best way is to go on a Sunday.
Barely better than going during the night standing on the top of your car.
Any evidence, credible or not, to refute the fact of 25,000,000 shares outstanding?
NOpe. Just a lot of pumping, lying, pinksheet traders in a frenzy.
Being stuck in front of my pc writing a boring report for a customr I need breacks now and then and this guy has been quite entertaining.
This being said, very few trading days left in December. I doubt (hoping to be wrong) that Matin will foolow thru on his commitment.
Rawnoc reminds me of Bush.
Both are smarts, entertaining, forcefully selling their case, ...
But both are lying (or being mislead ???) in justifying actions supporting their own undeclared agendas.
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)
or
will claim that they "honestly" were mislead (this did work for Bush, why not for Rawnoc?).
"Indisputable fact indeed...."
You must be kidding?
I do not dispute your the number for the sake of disputing the number, I even herein gave multiple logical scenarios demonstrating that the number could be anything we want to justify (requirement of cashflow, requirement of fundings to acquire or re-acquire ownership of Veltex Mills, ...)
I do it because:
1- Anything coming from an official release by the company is disputable and it will be so, till a credible, identified, third party (auditor, SEC report,...) will support company claims.
2- In this case you got a lucky (the infamous guy answered live) verbal quote from someone nobody knows, answering the phone and giving you a company approved or a made-up-on-the-spot number.
3- We learn about it thru someone operating behind an alias (anonymous) person on a message board.
4- The credibility of the number should get better relative to the number of time this unique anonymous source post it on the said board.
You are obviously not crazy or idiot, on the contrary.
Therefore your affirmation that bottom line is that THE number is "Indisputable" only "suggest" (I didn't say prove) you have an hidden agenda.
For me, there may be 2, 6, 20 or even more O/S out there (all disputable numbers), function of the hypothesis I want to work with.
In any case I still do not know what's behind whatever number of shares there are (any information from the company is actually disputable).
All I "try to believe" (but do not yet)is that Veltex (all of it) effectively generate financials as those recently released.
On that basis, for the CURRENT PPS to be justified, these financials must mean that the profit per share is more or less $0.25/share. That would be, if the number of share was more or less (7,000,000/$0.25) 28,000,000 O/S.
AND THAT IS ABSOLUTY DISPUTABLE.
"indisputable fact"
Come on guy ... be serious !!!
There is an interesting article you may already have read at:
http://www.imanet.org/ima/docs/1900/1832.pdf
It's called:"Market Makers’Methods of Stock Manipulation -
HOW TRADING MANIPULATIONS CAN ADVERSELY AFFECT A FIRM’S EQUITIES AND WHAT FINANCE MANAGERS CAN DO ABOUT IT."
The last statement reads: "Finally, you should not respond directly to stock-chat message-board complaints because, as a company insider, you may violate the SEC’s Regulation FD (Fair
Disclosure)".
That's a good reason not to call Matin. He has an already made excuse not to answer calls when the boards get wild.