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Could it be that you're mad ?????
If I had to be hostile, it would be vis-a-vis Matin, not someone USING this board for his personnal objective.
No hostility on my part toward anyone in here, but I hate when someone takes me (us) for fool(s) using meaningless arguments such as:
"report me to the SEC, the CEO, the CIA or whoever you like." ... He forgot the FBI ???
"He once claimed on his website to have an MBA from Asheville University (or College?) in London, England (good luck finding it...don't exist)." True but kind of dated !!!
" must have about three dozen aliases which I pay monthly fees for each of them." ... knowing darn well thisto be based on lie.
...
By the way, after 1 week, at the rate Matin presumably (who knows) dump shares by the thousand, may be the argument should now read "over 6,000,000 shares" instead of "very specific number... 6,176,035".
I once read a book demonstrating that the more precise a number given to support an argument, the most probable it's been made up.
This being said, I just hope no one in here will make a buy or sell decision based on free statements posted on an anonymous board.
However, reading "opinions" and/or "verifyable findings" of others herein could be useful and that's why it's interesting.
" must have about three dozen aliases which I pay monthly fees for each of them."
Once again, you take us for fools ... or you are ???
Investorshub is free (unless you realy want to pay).
You could get many dozens of aliases for free, talk to yourself and hope that some will beleive what "you guys" argue about.
However I am sure you would not even think of doing that ???
Anyone claiming to KNOW what this is all about, one way or the other, is probably lying or just trying to get soft hands play as per his own plans and interest.
To BELEIVE that Matin is, to say the least, behaves as if he was exploiting shareholders in a less than appropriate way is very normal.
To BELEIVE that the PPS is on the verge of going right up in the 2 digits range, following an about turn in Matin's behavior is fine also, considering the quantity and consitency of the recent PR's issued by the company.
BELEIVING whatever one wants is fine but someone claiming to KNOW what this is all about is a sure way to be perceived as someone trying to manipulate the stock.
Personnally, I THINK (do not even BELEIVE) tjhat:
1- Matin is working hard at putting up an USA based distribution company after he contributed to set up an operation in Bingladesh
2- Matin sufferred a lot of setbacks (the transportation venture being one we KNOW about) trying to do so.
3- Matin has been all along cash sqeezed and he used shares and probably borrowed a lot from Bingladesh putting our owning out there as a garanty against loans.
4- Matin probably used the current PPS opportunity to get cash and plug some holes, may be even payback some loans and investing in his USA based operation.
I personally THINK that Matin is not necessarely dishonest but he probably was dreaming of putting up a great company and underestimated the problems he was to face either because he was not competent enough, he was irrealistic or even both. Starting up a new company is quite an adventure for very competent business people and Matin was underestimating the challenges ahead of him and wasn't competent enough to resolve them the best way.
However, I THINK we will find out in some future (my December expectations are quite low) that some kind of Veltex does exist, it's definitely not what we DREAM it to be, and most likely not the disaster some try to define.
Best behavior to have:
- If you are not in, stay out
- If you are in at a low cost/share,stay put and wait till your speculation seems going in the red
- If you are in with costs in the $3.00 range, pray, hope for the best, be prepared for the worst or jump out limiting your losses.
- If you are a trader playing the fluctuations of the PPS, enjoy your game and keep posting in here (Who knows may be some do get influenced by anonymous messages on a message board).
At least, we have some fun trying to figure out this thing. I just hope no one runs the risk of getting hurt by having bet the house in such a speculation.
Having been in for over 5 years, I saw worst periods and I saw better ones. God and Matin (may be) only know what lies ahead.
"He once claimed on his website to have an MBA from Asheville University (or College?) in London, England (good luck finding it...don't exist)."
Hadn't seen that one in a long time.
"report me to the SEC, the CEO, the CIA or whoever you like."
Why does that sound familiar to me ???? Hhuummmm!!!
Earlier someone ask where the 100% ownership of Veltex Mills was mentionned by the company.
It read: (Source: www.otclive.com/vlvt.pdf (COMPANY PROFILE Veltex Corp. (OTC: VLVT) - Investor Relations - The product):
"Velvet Textile Mills, a wholly owned subsidiary of Veltex, has been in operation in Comilla, Bangladesh since 1994.
In 1998, Veltex invested over $7 million in plant and equipment for the manufacturing of high quality textiles".
This was 2 years ago (Dec.5,2002).
May be Matin did "morgage" this asset since then and lost ownership ... forgetting to tell us?
Your scenrio is one of those which could be right in some future to be defined by Matin.
However, IF the $ 7,000,000 is real (I do not suggest it not to be) my isuue is that most of it may come from revenues generated by VeltexMills inc and we do not know if our shares do own this operation or not since August 25th.
In relation to the 18,000,000 shares, following quite a lot of complaining by many of us following Matin's intent to have them approved at the BOD, the intended resolution was removed from the agenda and they effectively should not have been issued since.
However, if you belee reason gave to have this resolution approved, we effectively do not yet own Veltex Mills...
"To issue 18,000,000 shares of the Company's common stock for all of the outstanding shares of Velvet Textile Mills Limited." (source: NOTICE OF SPECIAL MEETING OF SHAREHOLDERS OF VELTEX CORPORATION - Dated August 25, 2004)
Very simply put, assuming this to be a scam (worth nothing), why would the number of O/S be relevant?
0/2,000,000 = 0
0/20,000,000 = 0
What I do not understand is that people would follow this stock, and post in here regularly hinting (even saying) that the office is empty, the whole thing is a scam, ...
Why bother ?
If you have shares (I wonder why you bought them in the first place) dunp them.
If you do not, don't loose your time looking at it an for ... sake do not buy any.
However if you're just a trader promoting his interests, keep posting and assume you can influence the PPS somewhat ???
Credible or not, at the present time, the number of O/S is close to irrelevant.
We do not even know what is behind them (credible financials, ownership of the single most important asset of VELTEX, ...).
Between unverifyable claims by Matin and those of anonymous writers herein, I do not see much of a difference right now (At least we know that Matin participates in numerous business shows, therefore operates some kind of business).
That was effectively done by someone earlier (Veltexlevel or something like that) and his report was quite positive.
Another one said he did it more recently (Stepping on his car and looking thru a window (????) but ended up having no credibility whatsoever.
Additionally, I saw from someone pictures of the plant in Bingladesh but, as you now must know, I do not even know if we own it or not.
Whatever DD you can try to do regarding this stock, it seems that you cannot find anything worth looking for right now.
Unless a credible audit is issued and reported to SEC, all we can do is wait and enjoy the board.
Absolutely but I wrote: "by the end of August these shares were worth less than $1.00/share)"
You are right but the price I quote ($ 1.00/share) does reflect that Matin said it would take 18,000,000 NEW shares to acquire whatever it is he was buying.
At the time he wrote that (The notice to shareholders was dated August 25) the PPS of the OLD shares was way below $ 0.01/OLD share, between $0.065 and $0.075 if I remember well. (i.e. less than $1.00/NEW Share).
Lot of new people in here recently and interesting debate on how many O/S are or not out there.
On that issue, my reading is the same it was a week ago (post 5726):
The real way to look at it is:
1- Matin issues the 18,000,000 shares (note however that by the end of August these shares were worth less than $1.00/share)
2- Thereafter we effectively see a $7,000,000, i.e. $0.35/share (based on 20,000,000 shares)
3- Assuming a multiplier of 8 to 10, that means a fundamentally justified PPS of $2.80 - $3.50/share, excluding actions of speculators playing technicals.
Obviously this is assuming we effectively own share in an outfit generating $7,000,000 profit this year ???
As for the future ahead of us (if any), it will remain as is unless the following sequence of events is executed (My post 5693 of 2 weeks ago):
Step 1: FY2003 audited financials (Were past PR's accurate)
Step 2: Reporting to SEC (Get back some credibility)
Step 3: FY2004 audited financials in due time (Veltex would then become a credible company and shares would go from "speculation" to "investment".
Step 4: Listing on AMEX (Q2 - FY2005 ???)
Step5: Then EPS for 2005 would become relevant. Till then it only would become the content of another useless PR from Matin.
Price/share along the way will be function of what we will learn regarding 2 issues:
1- Ownership of Veltex Mills
2- Number of O/S
Till we get to know all of the above, VLVX will remain a speculation and price/share will remain reflecting the interests of traders and MM's and go up and down based on rumors generated by these players..
Catching up on unread messages (busy day) and decided after reading many that I could drop in my piece of BS after reading garbage such as:
"I'm making a "pretty bold statement" of a very specific number of 6,176,035 shares outstanding.
I think it means everything and good luck proving it isn't that number."
Here's my contribution (???):
"I'm making a "pretty bold statement" of a very specific number of 734,392 shares outstanding.
I think it means everything and good luck proving it isn't that number." I insist: "good luck proving it isn't that number."
??????????????????????
To those sending me private messages thru investorshub, note that I see them but am not authorized to answer them the same way you send them to me (private).
Just so people do not interpret my lack of answering as disregard for their comments.
Adding a little prayer may also help ???
A dozen working days to go ...
... before the end of the year. IN THEORY, this is the remaining time we should have to wait before we get some answers to some of our numerous questions, UNLESS ...
I already can see the answer:
These informations shall be made available when the FY2003 financials do get released, within the next few days.
My worry is that we will get an audit and within hours one or many of us will findout that "credibility" of the audit will be less than desirable (i.e. disclaimed unduly or done by a doubtful auditor).
I realy hope to be worrying for nothing ... this time.
You probably did influence Matin being one of many doing just that.
I beleive that since the split, Matin has convinced (on a personal basis) some around him to do serious accumulation at costs of $1, $1.50 even $2.00 letting them know that he was close to mahe THE MOVE.
I bet those "friends"(???) got nervous yesterday and Matin needed to reassure them openly.
Anything is possible ???
To my knowledge however it's the first time in 5 years that Matin addresses the PPS situation directly.(Stand to be corrected).
Two other Hypothesises of mine:
Why would Matin suddenly care about the PPS and issue a PR repeating what he already said twice in the last few weeks?
1- Matin has a definite cashflow problem.
2- Matin understands that to get cash he need to head a normalized reporting company and this requires an audit costing $700,000 as per his estimate.
3- He convinces an auditor to do it in exchange for $1,000,000 worth of shares, based on the closing price of the day before the audit is released.
4- Matin saw the PPS go down $1.50 (40%) and the slide seem to be accelarating (i.e. would need to issue twice as many shares to the auditor)
No wonder he issued this morning release!
Even worse:
1- Matin had an agreement last August to buy Veltex Mills for 18,000,000 shares worth about $0.75 at the time.
2- He was stopped from proceeding.
3- He negociated another deal offering $20,000,000 worth of shares to acquire Veltex Mills and the price/share would be the one at the close the day before he issues the audit.
4- At $3.50 that means issuing 5,500,000 shares. At $2,00 it means 10,000,000 shares.
Wouldn't you pay $1,500 to issue a PR to stop the bleeding if you were him?
Very valid question.
Let's see if before year end we effectively get some of all of our questions answered ... in a somewhat credible way.
"Veltex Corporation announced today that it is not
aware of any company developments that might be responsible for the recent decline in the price of its common stock."
It should have read:
"Veltex Corporation said today that it is aware of company's lack of credibility that is responsible for the recent decline in the price of its common stock."
Profit/share of $3.00 per share, release of an audit within days, reporting to SEC within the next 3 months and after half a day of trading, only 75,000 shares were traded at roughly 2/3 the forecasted profit/share for a year ending in 3 weeks.
The least we can say is the guy is consistent, whatever it is he is doing behind closed doors.
Still hint that + or - 2,000,000 shares are out there (owning Matin knows what) and only gives himself a dozen working days to meet his commitment to release audited FY2003 financials (I however wait to see who would have done the audit and what kind of disclaimers he puts out).
Matin says: "Fundamentally and structurally, nothing has changed with Veltex". The only problem is we do not yet KNOW what the unchanged situation was or is.
Hard to beleive that someone would insist that much on his story if all it was happened to be a all out scam???
Unless ...
"Roger, You are a very patient man! I hope it ends well for you!"
Thanks.
All I have to loose (if I become more patient than reasonnable) is $5,000 (5000 shares) I did bet on this stock, out of the speculative portion of my portfolio, over the last 5 years.
I therefore can afford to wait (I have gone thru much darker days with this stock), beleiving that a company there is and a USA based business is developping (even considering just this operation (USA), it doesn't take much to justify a capitalization of more or less $5,000,000 (2,000,000 shares at $2.50) or even $2,000,000 (based on my cost).
Future will tell if I have been right all along or a naive stockholder manipulated for the last 3 years (Before then, this was a mental write-off for me).
"For the first time I am actually worried abou this stock".
So am I but this first time started 3 years ago for me, following a 2 years of assuming a loss.
This being said:
FreeRealTime shows volume of 120,000 made of 78 trades, average transaction being for 1,500 share or about $3,500 (Hi 2.15 - lo 2.60 up to now)
This is not that special. Since November 22th we saw volumes of 145,200 yesterday (2.52 - 2.80)
137,900 on Dec 2 (2.65 - 2.90)
319,500 the day before (2.45 - 3.55) and
127,100 on Nov 22 (3.40-3.75)
That tells me that PR's up to mid November attracted new shareholders who did jump on an "opportunity before they did their DD then found out the promissed audit was delayed, looked around to know more, found out about the credibility of Matin, then learned about the Veltex Mills issue. Many decided the risk was to high and went out with minimum loss or small profit.
Every day going by will see some getting more and more nervous and the PPS may suffer even more.
Let's not forget that just before Matin announced the audit and FY 2004 expected results (October 25), the PPS was 0.64 - 0.75 (Oct 22nd). In the next 2 days, almost 400,000 shares were bought at a PPS under $1.25.
A lot of shares out there can still be sold with a reasonnable, even great may be, profit.
As my broker like to say, better a small profit in your pocket than a big one in your dreams.
It did refer to the answered message showing:
"If he pulls a fast one with the mill, I'll simply sue the crap out of him and VLXC for fraud." Referring to the ownership of the Mill in Bingladesh.
I meant that "IF" audit (FY2003) is seriously made and issued, this issue will have to be documented and I expect to learn that we did (or do) not own the plant ... unless it was recently bought thru issuance of new shares (thereby having much more O/S than the 2,000,000 referred to up to now).
"who knows"
I doubt that you will be able to sue him very successfully (assuming you effectively intend to).
What I beleive did happen is that before he came back to US he had the "option" to acquire it and (as optimist as he has been all along ... see his Dec.2002 business plan) he tought he would be able to buy it within months.
Unfortunately, we know he had great problems (scewed by partners, tranportation flop,...) and got stuck with a lie he wasn't able to correct as fast as expected.
With such a scenario, I can imagine the legal costs involved for someone wanting to sue and suspect that the only winners would be lawyers (as usual in such situations).
However, be prepared because IF (capital letter) he proceeds to normalize the company and have it listed on AMEX, HE WIL EFFECTIVELY PULL A FAST ONE ON US.
I agree with most of what you wrote but want to clarify something.
!If Matin decides to issue 18 mil shares...you are looking at a stock with 10 times dilution (1000%)...."
The real way to look at it is:
1- Matin issues the 18,000,000 shares (note however that by the end of August these shares were worth less than $1.00/share)
2- Thereafter we effectively see a $7,000,000, i.e. $0.35/share (based on 20,000,000 shares)
3- Assuming a multiplier of 8 to 10, that means a fundamentally justified PPS of $2.80 - $3.50/share, excluding actions of speculators playing technicals.
Not what we would like to see but not as bad as some seem to believe.
Finally, go at : www.otclive.com/vlvt.pdf and under "company profile you will read:
"Velvet Textile Mills, a WHOLLY OWNED SUBSIDIARY of Veltex, has been in operation in Comilla, Bangladesh since 1994."
"In 1998, Veltex invested over $7 million in plant and equipment for the manufacturing of high quality textiles."
These specific statement were included regularly in PR's issued by the company over the last years.
In a slightly more subtile way, the last release of the company (December 1st) still lead to beleive that we own Veltex Mills (and also alludes to 2,000,000 O/S + or -):
"VELTEX CORPORATION IS a vertical manufacturing, import and distribution company COMPOSED OF THREE DIVISIONS: Veltex Apparel, specializing in caps, apparel and apparel accessories for the Promotional Products Industry and distribution of merchandise; VELTEX TEXTILE MILLS, specializing in the manufacture of high quality fabrics including velvets, 100% cotton twill, denim, sheeting for
consumer and industrial products; and KCA Garment Industries, specializing in the manufacture of garments."
If you're confused, welcome to the club.
I Saw the answer of Shrotker which gives you the outline of the issue and following is the notice posted herein by one of us having received it.
Note point b).
Also note the statement which explain why, according to the company, no proxies needed to be solicited: "... shares owned BY MANAGEMENT of record AND the shares REPRESENTED BY PROXIES appointing management ..." (Capital letters are from me).
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS OF VELTEX CORPORATION
Dated August 25, 2004
Notice is hereby given that a Special Meeting of the Shareholders of Veltex Corporation, (a Utah Corporation hereinafter referred to sa the "the Company") has been called by the Company's Board of Directors, to be held on the 15th day of September, 2004 at 9:00 a.m. at 342 East 900 South, Salt Late City, Utah (the office of American Registrar & Transfer Co.,) for the purpose of submitting the following proposals to a vote of the Company's shareholders:
a) To reverse split the Company's outstanding shares of common stock on a 1 share for 100 shares basis.
b) To issue 18,000,000 shares of the Company's common stock for all of the outstanding shares of Velvet Textile Mills Limited.
c) To conduct any other business that may be necessary as determined by the Board of Directors.
The Board of Directors has fixed the transfer agent's close of business on August 27, 2004 as the record date in order to determine shareholders entitled to notice of and to vote at the meeting (and any adjournment thereof), and has appointed Javeed Matin as Chair to conduct the meeting.
The Company has 195,231,946 shares of $0.001 par value commom stock issued and outstanding as of the record date, each of which is entitled to vote on the matters to be voted on at the Meeting. In order for the holders of the Company's common stock top take action on said matters a quorum (under applicable Utah law, a majority) of the Company's issued shares or at least 97,615,973 shares, must be present at the meeting and a majority vote of a quorum will constitute the act of the shareholders.
However, shares owned by management of record and the shares represented by proxies appointing management exceed the number of shares required for a quorum. Accordingly, no proxies are being solicited in connection with the Meeting.
By order of the Board of Directors
Javeed Matin
Chairman & CEO
Welcome on board (but be careful. Second, Sorry for the f...ed.
"Anyway, for anyone currently invested in this company (me) I hope this is what it says it is."
We certainly share the same hope.
2 major issues do justify doubts in here:
1- Matin has lied or told half thruths or taken his dreams for reality many, many times in the past (take the one choice you prefer). This behavior has taken away whatever credibility he may have had in the past (If he ever did???).
2- If the financials are what Matin claims them to be (I beleive they are probably close to what is claimed), it represents the financials of USA (startup operation) and Bingladesh (In 2001 and 2002, 99% of the claimed revenue/profit came from there). The issue is that Matin did try to issue 18,000,000 share to buy Veltex Mills (Bingladesh) which he claimed all along we did own ???
I do not say our stock is not worth current PPS (which in my case does represent a nice gain anyhow). All I say is that I very much doubt that we own something generating a profit/share of + or - $ 3.00. I suspect that right now, there effectively are 2,000,000 O/S but I think we do not own Veltex Mills (A major dilution would be needed to acquire it or most of the $3/share profit is not realy ours right now.
Effectively there were delays (the story seems to repeating itself again) and "someone" leacked one "inadvertantly" before the real "funny" one ended up released.
Nowadays, Matin doesn't take any chance. He releases results on a regular basis and forecasts future ones each time.
Such a behavior has been "normality" with Veltex for the last 5 years ... That's different from having a "normalized" company ... I think ???
The only way out of this is that ALL the steps I listed in post no: 5693 be gone thru.
I do not hold my breath but who knows ??? I beleive in miracles (even if I know they do not come around very often).
Staying on the sideline right now seems appropriate in my view. Better pay $0.50 cents more if Matin delivers something clearing the air somewhat than paying $2.75/share in total darkness (We still do not know what the light at the end of the tunnel is all about.
This being said, a little correction.
The last time Matin promissed an audit (FY2001 and FY2002) he did deliver thru Anne Tahim's firm. However, the said audit was disclaimed in such a way that it had close to no credibility.
May be BEDTIME but, this time I hope I do not get F...ed!
Honestly I think the ball is in Matin's court.
Better pay a little more with lower risk than buying now at $2.75 in a blind bet mode ... MHO!
I feel no to bad with share costing me + or - $1.00 but I would not buy right now;
- I want to find out what we own or not in Bingladesh
- I want to know how many shares outstanding are in the market.
To me these two are tightly coupled.
- We have 2,000,000 O/S but do not own Bingladesh (therefore the $7,000,000 profit)
- We have much many more share having secured ownership of Bingladesh.
In both case, I assume a justified PPS to be $3,00 or less, therefore a greater downward than upward risk.
One may beleive we own Bingladesh and only have 2,000,000 or so O/S but I do not.
FWIW !
Matin had committed audited (FY2003) financials to be released by November 25th.
On November 22nd he advised that the audit would be "completed in December.
I read somewhere that a justification for the dela was the time spent in relation with Veltex Corporation Attending International Hotel, Motel, & Restaurant Show in NYC (Nov. 14 to 16th).
We now are 7 working days past November 25th.
For each additional days going by, I suspect the market will become more and more nervous that "may be Matin" will not deliver in December. Therefore downward pressure on the PPS will become greater day after day in the next weeks ... unless Matin delivers.
If he does, I hope that the audit will be more credible than the one (FY2001 and FY2002) delivered earlier by Anne Tahim. For that to be, the report better address the Ownership issue regarding Veltex Mills ???
Step 1: FY2003 audited financials (Were past PR's accurate)
Step 2: Reporting to SEC (Get back some credibility)
Step 3: FY2004 audited financials in due time (Veltex would then become a credible company and shares would go from "speculation" to "investment".
Step 4: Listing on AMEX (Q2 - FY2005 ???)
Step5: Then EPS for 2005 would become relevant. Till then it only would become the content of another useless PR from Matin.
Price/share along the way will be function of what we will learn regarding 2 issues:
1- Ownership of Veltex Mills
2- Number of O/S
Till we get to know all of the above, VLVX will remain a speculation and price/share will remain reflecting the interests of traders and MM's (spread of 25 to 50 cents by the end of the day yesterday) and go up and down based on rumors.
I assume that today is the proof that if you are perceived to lie long enough, people will not beleive whateve it is you say !!!
Whatever Matin says (and repeat time and time again) this stock still present a very high risk because all that can be done is beleive him.
The problem: He has been claiming tremendous success and future for years but behaved in a way that took any credibility of his close to nil.
As I think you say in English: "Mr Matin, put up or shut up".