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Thanks and I hope that Matin does whatever has to be done so the PPS goes up to a reasonnable representation of what the company is claimed to be, BEFORE HE USES SHARES TO MAKE ANOTHER ACQUISITION. The better the PPS, the less dilluted we (and he) would be.
Seems reasonnable to me ???
You may be right in your beleif but I noted the contrary in most instances over the years.
As an example, right now (except for VLVT) I have 9 stocks (CDN) in the green (Canadian market TSE is down 1.6%) and 5 have a PPS of $ 1.00 or less (3 are energy related trusts).
On the otherhand, my worst standings today are stocks such as TSM ($10.27) and GLW ($10.92).
But who knows?
In any case, I think the turn of event of this morning (Veltex Suspension Ends, Analyst Gary Barohn, CFA, is Now Beginning Coverage) attracted back some shareholders (many sold last week) and some others, also having been scared by last week events, decided to sell and take a wait and see position.
The rest is caused by traders and Market Manipulators... I assume.
Not holding my breath but I think that something worthwhile is cooking behind the scene and we should learn more within the next few (days???) weeks. Let's hope so...
In my old days on the other board, before this decent one was created ... Thanks... Textileguru repeatedly played that stupid game of promissing vital information ... he never had to start with.He also said he complained to SEC, the FBI, the CIA and oll other similar obviously appropriate agencies (I think he forgot to alert National Security and United Nations but trust him, it will come.
I just hope that newcomers figure him out rapidly so they do not beleive any of his BS.
What a miserable individual.
I certainly hope so. Here is what I would like to see within the next 6 months:
- A good report by InvesTrend
- Q1 and Q2, 2003 release as promissed earlier ... preferably under the signature of Anne Tahim
- Full 2003 financials release (Let's not expect miracles, we know it wasn't a great year for Veltex ... in USA at least)
- First normal reporting to SEC
- Listing on OTC BB
Then, sometime later, we could very well see a R/S if it allows a PPS qualifying the company to become listed on AMEX. I think a PPS of $3.00 after the R/S would be required.
By the way, if the above optimistic scenario is executed, it's interested to note an article I read in my local newspaper (french) this morning:
"From January 2005 on, all import quotas impacting the clothing industry will be removed. Imported low cost product will the inondate the Canadian market."
This will come from an international agreement between members of the World Commerce Organisation that called for the elimination of all quotas affecting the clothing industry before 2005.
I assume (???) that this agreement also apply to USA.
""Veltex has a sound business strategy, with the purchase of an excellent manufacturing facility in Bangladesh and direct sales, plus a strong, experienced, management team," said Paul Knopick"
Nice to see this considering he is aware of the disparagement made on this company.
Even as important this morning is the following (I received from InvesTrend:
"----- Original Message -----
From: InvesTrend
To: info@investrend.com
Sent: Monday, March 15, 2004 5:22 AM
Subject: FirstAlert 3/15: It Was Europe's 3-11
FirstAlert Network
Monday, March 15, 2004
New In-Focus
Veltex Corp. (OTC: VLVT)
FOR FULL ARTICLES AND ILLUSTRATIONS, VISIT: http://www.financialwire.net
...
Veltex Suspension Ends, Analyst Gary Barohn, CFA, is Now Beginning Coverage
March 15, 2004. (FinancialWire) Veltex Corp. (OTC: VLVT) has been removed from suspension in the Investrend shareholder empowerment program, and Investrend Research analyst Gary A Barohn, CFA, will begin immediately to prepare a Focus Report.
Great way to start a week. Let's see what the market think ???
Thanks for answering kingnazzikanazzer. Personally I have no interest in his childish comments and finally understood he can't even read right. Therefore, I have no intent to acknowledge his future insults.
However, if you referred to an answer TO ME by Anne Tahim (I am not sure that this is what you said), I effectively got one and, if I remember well I posted it herein.
Just in case here's what she wrote me:
----- Original Message -----
From: Anne Tahim
To: Roger Roy
Sent: Friday, February 13, 2004 11:53 AM
Subject: RE: Attention
Dear Roger,
I thank you very much for informing me about these facts. I have phone calls to AICPA (American Institute of Certified Public Accountants), SEC and my liability Career attorney and I am waiting for a response from them before I take an action. Emily is out of the office and she will follow up on this issue on Monday.
Regards
From the office of:
Anne Tahim, CPA
Looks to me that she was effectively interested in going to the bottom of it before she decides on the future of her relationship with Veltex.
Let's see what her next move is ???
As for reporting me to Veltex, I did not report it in here, but before I address Matin's partners, I contacted Matin and Jameel Asmad and raised my issues with them. I had no feedback (their right) and decided to try different ways to get to the facts.
"When you send messages to Anne Tahim and others stating "grave accusations being publicly made" I believe you do so in error. Most of the statements you cite were made by the last person I just referred to. They were not made publicly, but, made anonyously by mainly one person in a public forum. Those statements shouldn't have the weight you gave them. When you sent your messages using the wording you did you gave them credibility and were in fact doing those posters work for them."
If I was in Anne Tahim situation, had signed Veltex financials trusting info that was handed (but not verifyed) to me and would appreciate to know that some suggest (granted anonymously) that my business relationship with Matin may (didn't write does) be worth looking at more carefully.
I sent my note trying to get her to do due diligence and, as per answer, think she did.
Trying to ascertain the credibility of Veltex, I personally look forward to the future action of Anne Tahim as a possible impact of her findings.
As for the "publicly", I assume that message boards being publicly accessible whatever is written there is public, even if anonymous.
I said in previous post my pleasure to see new players getting involved with Matin, therefore better chance to get information from different sources.
I also saw that as an opportunity to have close to Matin people validate what this company is all about. I also try to get them to somehow signal to us that they know facts and did check their accuracy.
Not being a trader, I do not realy care if the PPS went from .007 to .03 back to .015. What I care about is what is this company all about. If it's a scam (I doubt it) fine. I will take my loss and forget about it. If it's as good as we are lead to beleive, I want everyone to know so our PPS reflects the value of the company.
I do not care about pushing or bashing a stock I own, I want to know what it's realy worth and what's behind it, it being a scam, a gold mine or anything in between.
As I said earlier, I expect developments (good or bad) shortly.
Let's all hope for the best.
"Then there are those that are interested in the company and its long term prospects. These people ask the questions and speculate about the small amount of information thats out they to discuss. I fall in that group and if that upsets the group that are just interested in the share price, so be it, I could care less."
DITTO!
I beleive that after over a year of speculating on the real status of Veltex, we are getting close (weeks) to be able to better understand what this company is realy all about.
The main reason for my assumption is that Matin has recently accepted, for whatever reason, to be less isolated and to have the Veltex reputation (whatever the opinion one has) reflect on the one of his associates.
Example 1: Notwithstanding her disclaimer, Anne Tahim signed on the Veltex's 2001 and 2002 financials. She thereby associated her name with Veltex and Matin. The disclaimer can help on the legal front but in term of the reputation of her firm, it doesn't protect her from negative fallouts.
From what I found out, after getting involved publicly with Veltex, she found out about some of the grave accusations being publicly made (I informed her and she acknowledged her great concern). I then learned that she has been contacted by many other preoccupied shareholders having the same concern. She even mentionned to someone her option to dissassociate herself from Veltex, presumably receiving to many calls regarding this client (I read: "If Matin doesn't supply me with the information required for me to be reassured that I am not involved with a scam"). She also got legal partners involved in looking into the situation (see a previous post of mine).
Somehow, Matin will either have to reassure Anne Tahim or live with the public consequences of not doing it.
Example 2:The investrend affair (I also alerted them of what is being said publicly by some). The last release of that firm read: "The company failed to complete its enrollment, preventing access to the company's financials and business information by the analyst...". This and the previous example must create quite a pressure on Matin and anyone associated to hom. Someone close to Matin thereafter wrote me: "I understand they are going to pay investrend to proceed with the research report and provide them with the info they need.". We shall see... but for sure, Matin must be under pressure.
Example 3: E & E Communications having quite a great track record (from what I found out from their client list and successes) also very recently associated their name with Veltex's. I communicated with them advising them of the priority issue they had to address and they acknowledged their concern writing: "I have your concerns with their management".
The above and the spot light it does put on Matin, with SEC in particular (much more significant than the claimed protests made by message boards posters in the past), suggest to me that Matin will soon (very soon) have to reassure these "partners" (???) or be in real trouble.
My expectation: Veltex may not be as great as the 2001 & 2002 financials suggested but it's not the total scam defined by some either. The pressure on Matin from multiple serious sources will probably force him to listen (for a change) and get the real verified story out.
Till them, I see this stock as a nice speculation, I beleive it's not as great as Matin wanted us to beleive but nice enough to be worth more than $0.015/share.
However, this last beleif is function of the number of O/S we realy have out there.
In any case, I now beleive that we will KNOW a lot more within the next few weeks. What I look for is for:
1- Anne Tahim to somehow signal her continuous relationship with this client,
2- A reversing of current position of investrend, signaling that they have had access to the required information (The $2,840 BS doesn't make any sense)
3- The above two developments documented professionnally by E & E Communications.
The alternative would be quite disastrous (assuming that loosing the remaining $0.015 is a disaster).
GLTA
"The company failed to complete its enrollment, preventing access to the company's financials and business information by the analyst, in violation of the issuer standards in the process of promulgation by the Association for Investment Management and Research".
CALL IT BASHING IF YOU WANT (what do I care?) but "preventing access to the company's financials and business information" sounds to me MUCH MORE SERIOUS than the initial excuse ($ 2,840 fee) mentionned yesterday.
Add to that the information I posted last night about Anne Tahim thinking about pulling out ("because she gets to many phone calls from shareholders" ???) and I get very worried FOR THE MOMENT (looking at today's transactions I think many are).
"preventing access to the company's financials and business information" few weeks after non realy audited "audited financials" were issued is certainly not something that I consider a normal behavior (particularly considering the intent to buy a company with shares).
Seeing what's going on after my (posted herein) messages to these two (anne Tahim and the analyst), leads me to sincerely start to wonder if I did not help getting Matin in a corner (having to prove what he said or be uncovered ... future should tell ???)
If Matin doesn't RAPIDLY consider mandatory to come out clean (E & E communication could certainly advise him considering the success they had with some other companies) and outline a clear, verifyable description of what this company realy is (openned books) he is either a stupid "honest hard worker" (as someone reported to me earlier) or worse ???
I DO NOT YET ACCUSE HIM OF WRONG DOING (getting darn close however), I just wonder ??? and hope he open his books and clear the air.
Note: If some herein got screwed in the Consygen affair a couple of years ago, they certainly understand why I do not take anything for granted. I just hope this is not a repeat of what happenned out there ???
No use trying to communicate with you ... Roger.
LOL!
Nice way to end the day on a light note... Good night.
"I think "AT LAST" Paul is facing the the truth"
I want to dissassociate from anything you write.
FACT IS: " I DO NOT YET KNOW WHAT THE THRUTH IS"
You saying it's a scam, or someone else shouting it's a great business ... on an anonymous message board ... has no influence on me whatesoever.
Apart from the recent interview of an investment banker (I must say I do not realy know) my problem is that the "facts" you refer to are all coming from Matin (may very well be honest but has been quite unreliable in the past) and an auditing firm saying she did not audit the financials and (I found out) think about severing her relationship with Veltex (NOT FOR DISTRUST OF MATIN from what I heard, but presumably because she gets to many calls from worried shareholders)
Give me a breack.
At least I am not a good basher. I therefore do not realy hurt my own PPS.
O.K. that's what you meant...
Sorry, I just didn't see them to serve the same purpose. I may very well have been wrong... this time.
This being said, not that I realy care but your continuous accusations are ridiculous. Most of the time you miss read what I write (blinded by your refusal to see ???) or misinterpret (volontarely ???) my posts.
Whatever the case, I neighter bash or push the company but I ask questions I hope to end up getting verifyable answers.
If the market was reassured somewhat that, notwithstanding the past, Veltex is effectively what we all hope it to be, it certainly would allow Matin to acquire companies using shares worth 5, 10 or even 20 cents instead of 2.
I do not understand why you cannot figure that out ???
Notwithstanding your continuous inappropriate accusations, I honestly would like to understand what you meant in that post and have no issue with being corrected if I did miss something.
My understanding is that Investrend Research Syndicate's recent announcement meant that an analyst (Gary A. Barohn) was to become an independant financial intelligence provider, covering Veltex which had to pay a fee of $2,840 to get such a coverage. Now, for whatever reason, Veltex did not follow thru with this.
May be my misunderstanding of the english language but could you tell me what "investor firm that replaces investtrend" I missed? I sincerely must have missed it (I hope you do not mean E & E Communications, a PR/IR firm). Again, I may be wrong but I do not think these two served the same purposes?
Not that I want to discuss with you but the following lie is verifyable ... for once:
YOU WRITE post no: 3343:
"E&E Communication - Very strange with this joint, no phone number for a PR Firm? Are they operating from a basement? Just wondering!"
I clicked on the internet address showned in the press release and got the following:
25025 Salford St.
Laguna Hills, CA 92653
Voice: 949-707-5365
Fax: 949-707-5375
Pager: 949-882-3828
E-Mail: pknopick@eandecommunications.com
I didn't call personally but sent and e-mail and the address seemed valid.
The Good and the bad to use your approach:
Let's start by THE BAD (some will call it bashing):
"Mar 10, 2004 (financialwire.net via COMTEX) --(FinancialWire) (Investrend Research Syndicate) Veltex Corporation (OTC: VLVT), which on March 1 announced it had enrolled in the unique shareholder empowerment platform administered by
Investrend Communications, Inc., a financial intelligence provider, has been suspended from that program, effective immediately.
The company failed to complete its enrollment, preventing access to the company's financials and business information by the analyst, in violation of the issuer standards in the process of promulgation by the Association for Investment Management and Research (www.aimr.org).
The March 1 announcement stated that enrollment fees for the Focus Research platform is $2,840, and that those enrollment fees "have been paid by the company." Investrend was informed that such payment had been made, and thus jointly made the disclosure in compliance with U.S. Securities and Exchange
Commission Regulation 17(b), but the representation by the company to Investrend was false. The company has been advised to file an 8-K regarding any materiality associated with this inaccurate announcement.
Both are grounds for suspension from coverage, and automatic administrative assignment of a "Suspended / 1" rating.
COMMENT: What does that realy tell us and the markets?
Now THE GOOD (may be it's pushing???)
CITY OF INDUSTRY, Calif., Mar 10, 2004 /PRNewswire-FirstCall via COMTEX/ -- Veltex Corporation (OTC: VLVT)announced today that it has signed a letter of intent to purchase MKL, Inc., Anaheim, California, in a cash plus stock transaction. MKL has been consistently profitable since its inception in 1975 with sales averaging $3 million annually in recent years.
COMMENT: Averaging in recent years is quite unprecise. What does that mean?
The Company also announced that it has dissolved its transportation division. While this division was grossing approximately $1.4 million annually, it was an unprofitable drain of cash and personnel.
COMMENT: That is a good news but again what costs or write-offs were required to dissolve it ... if any.
The UGLY:
Sorry, I will not get involved in this anymore (even if I do not like being called a liar).
SUMMARY: I DO NOT KNOW what this company IS OR IS NOT but I hope the new PR/IR firm will help Matin come clean with the market in the future. Every time we get something out of this company we seem to be more confused after than before we got it.
I DO NOT BELEIVE that Veltex is the scam claimed by some.
I WONDER what Veltex realy is.
Looking forward to the next communication from Anne Tahim ... keeping my fingers crossed.
As I said, you realy have a problem: you can't read. Let's try again:
Post no: 3342 reads: "I haven't posted on the other board for 8 months ..." (By: regor23 11 Aug 2003, 11:13 AM EDT Msg. 20499 of 27539).
Sorry, it will 7 months tomorrow... You're right: I did lie ???
I found out and joined this board on Sunday, December 15, 2002,15 months ago... 9 months before I stopped looking at the other stupid board.
I haven't posted on the other board for 8 months or so and have no interest whatesoever in the BS we get out there (diappeared for a while ???).
On the otherhand, if trying to confirm that Veltex is effectively what was said in recent financials is Bashing, no problem for me. If trying to get those close to Matin to help him get required credibility so the market reflects the value described in the recent financials is bashing, fine again.
One thing is for sure, our PPS is about 1/10 or less of what should be justified, based on recently released financials.
If you know of any reason but "credibility" to justify that, welcome but say it.
5 year old shareholder having 350,000 shares, I certainly wil not bash the company, even in a subtile manner. On the other hand if I am to figure out what these shares are realy worth, I will do everything I can to force the issue ... if I can.
As for the maniac opinion of me, sincerely, I realy do not care about it.
There you go again.
If you can't even read correctly, please do not bother posting lies.
The fact is (that one is FROM ME) that I posted:
For your information and as an example, here are the last published accusations (as of today) that I assume you and/or your firm would not like to be associated with:
THEN I QUOTE the accusations MADE BY SOMEONE ELSE in post no:3107 that I put in brackets
"The facts are the following"
...
Read it again. The last time (if I remember well ???) you assigned the whole s.h.i.t to me and this time yoy say I WROTE ...
You must have trouble making investment decisions yourself if you can't read ...
I am not going to give up till I get to the bottom of this...
----- Original Message -----
From: Roger Roy
To: pknopick@eandecommunications.com
Sent: Tuesday, March 09, 2004 2:59 PM
Subject: Veltex & E and E Communications
Good day,
Nice to see you getting involved with Veltex. This company certanly needs help in your domaine of expertise and I sincerely hope you will be able to consult them successfully.
Being a shareholder of this company for close to 5 years, I beleive the company almost went under a few years ago but Mr Matin has apparently been putting quite a fight and notwithstanding presumed very important setbacks during 2003, I suspect he now may be back on the road to success.
This being said, I would like to signal you (as I did to the auditors of Veltex and the recently self-appointed analyst of this company) that some people do publicly attack Mr Matin and his "integrity" (took that out of your recent interview on World Talk Radio) and even go as far as affirming that "Velyex does not realy exist, the stock is trash and the whole affair is a scam".
In this context, the following statement taken out of your internet site seems extremely pertinent at the present time: "We ... will advise management on major issues impacting valuation".
"Credibility" is for the moment, in my view the single most important negative impact affecting the valuation of the company. I would like to suggest that this should be a top priority of your mandate at Veltex. To quote your internet site again: "We advise management on what creates and destroys value and assist in quantifying the likely market reaction to company actions".
To better illustrate what I refer to, following is copy of a note I sent earlier to Anne Tahim, following her "qualified endorsement" of the recently released 2001 and 2002 financials of Veltex.
Again welcome and, very selfishly, all the possible success in this partnership.
Roger Roy
FYI: Copy of the note addressed earlier to Anne Tahim:
Attention: Anne Tahim
President & CPA
Good day,
On January 14th, you did authorize the release of a report mentionning that you have "audited the consolidated balance sheet of Veltex Corporation and subsidiary" and, it his in consideration of this report that, as a small shareholder (350,000 shares) of this corporation, I contact you personally today.
I noted in the transmittal letter of your report the normal disclaimers to the effect that "the financial statements are the responsibility of company's management" and that you: "did not audit the statement of Veltex Texile Mills" wich were "compiled by other auditors whose report has been furnished to" you.
This being said, we have to assume that a certain level of due diligence was made by your firm, before you accepted to issue the report under your name and the name of your firm. That is why I want to signal a situation potentially impacting very negatively your reputation and the corporate image of your firm.
Notwithstanding the said disclaimers, I assume that you somewhat had the opportunity to establish a certain level of credibility of the company you accepted to report on under your name. Therefore I suggest you are qualified to address the following, which suggests that you accepted somehow to be part of a scam trying to exploit honest small shareholders.
Effectively, numerous messages posted anonymously on miscelaneous message boards suggest that Mr Matin is a fraud and forgery. For your information and as an example, here are the last published accusations (as of today) that I assume you and/or your firm would not like to be associated with:
"The facts are the following:
(1)Velvet Textile mills in Bangladesh never ever went into commercial production and does not have capacity to manufacture finished apparel fabrics and claims that the mill will supply KCA garment is thereby nothing but HOAX, Fraud and Forgery.
(2)Velvet Textile Mills Ltd. Bangladesh is not own by Veltex Corporation under any law.
(3) Veltet Textile Mills Ltd. Bangladesh never ever made a penny in profit and never ever went in commercial production.
(4) Veltex Corporation's references that the company made $15 million in sales based on Bangladesh operation is 100% FORGERY
(5) Javeed Matin, CEO of Veltex Corporation is a fraud, a forger and a cheater. He is defrauding investing public all over the world. "
As you can see, these anonymous grave accusations are extremely serious and, if not addressed, could have major negative impact on your firm reputation which could certainly suffer seriously.
I therfore hope you can address my concern by answering this note rapidly or otherwise, for the good of your corporate reputation, Veltex's and involved investing public.
Upon receit of your answer, if you so wish, I shall do all I can to disseminate your comments.
I hope this message to be received positively and thank you in advance for your response.
Roger Roy
Note: Trying to be as transparent as possible, I hereby identify myself fully thru a french internet site (sorry, I do not have an english version) and I copy the executives of Veltex I can.
Internet site: http://www3.sympatico.ca...
Some DD ... FWIW
One more organisation joins Matin and that is very interesting. I cannot beleive that all those associating with him recently are blind and expose themselves to not worthwhile legal problems.
6 months ago, Veltex was Matin and Matin was Veltex. Since, many joined him and it's hard to beleive they all lie or are outright stupid ???
In any case, following this morning release, I did research E & E Communications (internet site) and it seems to be a one man show (Paul Knowpick) but I may be wrong.
I first noted the following statement that fits pretty well our expectations:
"We will guide your company in developing an investor and public relations program that supports your company goals and creates shareholder value. We advise management on what creates and destroys value and assist in quantifying the likely market reaction to company actions. We ... will advise management on major issues impacting valuation." adding: "We Placed a client firm on the American Stock Exchange ...Helped two clients remain on the NASDAQ by enacting strategies to keep the share price up".
Then looked at companies they say they worked with (looking at last year PPS of those).
First I found that they do not seem to only have associated with great successes (Who ever does anyhow???). I did not find any information related to GNS, HWNCC, MSIS, PURO and GUAM. Interesting to note that this last one (GUAM) is:
GENERAL AUTOMATION Ltd, and gives the following address at the end of its internet site: 2nd Floor, House # 33 B, Road # 4, Dhanmondi, Dhaka-1205, BANGLADESH... Interesting !!!
If you look for ITEC, note that "In January 2003, ITEC acquired a majority interest in Greenland through a stock purchase transaction and is now listed as GRLC which shows a PPS (1 year history) of 0.008 to 0.03 (X 4)
However the other references are quite impressive and all their PPS went very well over the last year:
GPXM : 0.18 to 0.35 (X 2)
ITRO : 0.10 to 0.20 (X 2)
LANZ : 0.40 to 0.65 (X 1,5)
LGOV : 0.015 to 0.045 (X 3)
PRL : 0.07 to 0.35 (X 5)
SNTK : Stable at 0.045 + or -
NGMC : 0.013 to 0.33 (X 25)
GDVI : 0.007 to 0.17 (X 25)
These seem to support the clain that "E & E Communications will guide your company in developing an investor and public relations program that creates shareholder value."
I hope this firm rapidly helps Matin to gain market credibility (having 2 clients based in Bangladesh they may justify a little visit out there) and get him to report normally before they help him get listed on AMEX.
Right now, I am quite optimistic about our stock, look forward to the next move by our auditing firm and the first comment by our recently self appointed analyst.
May still take some time but we may be heading in great times, assuming 2001 and 2002 financials were almost accurate.
Between now and then however we will have to live with manipulation by MM's and go thru hard to understand PPS fluctuations.
However I suspect 2005 may be quite interesting for longs on this company.
Optimistic but still looking for credible verifyable information.
Just to share the discussion I had with my broker (FWIW).
Today, I had lunch with my broker for a review of my accounts and we did discuss Veltex among other situations. I must say that this person firmly beleive that stocks on OTCBB and even more on PS should never be bought (he gave me s.h.i.t every time I averaged down ealier) and you may as well go to the casino. He says that at least in a Casino you will rapidly figure out if you win or loose and you will not have to pay him commission on each move...
However as I said we reviewed the following positive facts after I said that Matin has a past generating suspicions, is generating confusion and is distrust by many (saying the whole thing is just vaporware).
After reviewing recent news releases,
1- I mentionned that V.Duff (showed him her CV extracted from internet) was frustrated with Matin but still had a positive view of the guy, acknowledging he had major problems that he tries hard to pull out of. Thought that she had good credentials if what's on internet is true.
2- I showed him the CV (extracted from internet) of Jameel Ahmad who recently agreed to spearhead the company's marketing and sales efforts. Same comment as the one about V.Duff.
3- We did look at recently released financials. He was impressed but agreed that the disclaimer by the auditing firm rendered them identical to non audited financials that could be true or false or anything in between.
4- We did look at the site of the Anne Tahim firm, I showed him what I sent her and her answer to me. His comment was that, after one month, considering what Anne Tahim did following my note, she must now know much more than she apparently did before the note. He said that the total silence since then may very well mean that what I reported wasn't factual. However, considering the involvment of her legal advisors, assuming she has been fooled by Matin, she got herself in trouble by not doing her homework first and follow thru may take some more time.
5- We discuss the purchase of KCA but, as he said, we realy do not know much for sure.
6- We finally discussed the recent interview on IPODesktop and its content.
At the end, understanding where he comes from in relation with PS stocks, he concluded (he knows my financial status) that he still would not buy in or add to a position right now but agreed that selling right now (I do not realy need the money I can get) may end up having been quite an error later if everything we discuss end up being true.
His view is that, at least there now is more than one person saying the company is for real but he beleives that the key right now will be to see how Anne Tahim behaves in future, now that she knows what some say out there about this company.
This being said, did he say, I will feel much better when the company starts reporting normally and hopefully does whatever is needed (he supports R/S) to get listed on another stock market (AMEX seems a reasonnable target for him).
Bottom line, we agreed that this does now present much more upward than downward potential, it looks much better than what we were seeing 6 to 9 months ago (at least more than one person would have to be dumb or lying if it's only a scam) and that I should sit on my shares, wait and see. (that coming from him is very positive in my mind). However did he say this is still a darn PS stock.
Went back to see post no: 3275 and noted that I wrote (error of mine:
"Between 10/23/2002 (I found out that it was not totally dead) and 5/13/2003 I played a little with it and endded up owning 200,000 shares at an avg cost of 16 cents."
I had not noticed that a "." was missing. I should have said 1.6 cents (exactly 1.6775 cents) instead of "16 cents" (see previous post).
Not that it's important but just to finish this thread of discussion:
"Until this is traded on an exchange that is fully reporting...DO not expect them to do the reports in a timely fashion!"
I expect them to catch up, report in a timely manner thereafter then be traded on a serious exchange. I suspect that this is also Matin's expectation, based on previously quoted claims of his.
"Auditors are expensive & attorneys needed to do the filings are not cheap".
Veltex presumably being highly profitable overall I suspect that such a fee, they they will be able to afford ... in due time.
"If you invest in stocks that are credible...you many want to look at the NYSE & Nasdaq listed stocks..."
I only get pulled (never play new stocks) in OTCBB or PS, when their status change over time. I have plenty of investment in NYSE and NASD and TSE. What I look for is for Veltex to justify to be listed on AMEX or NASD in due time. Fir the moment I do not consider Veltex to be an "investment" but a "speculation"... upgraded from the "gamble" status it was earlier.
"if a company who actually does file their quarterly's and year ends and trades on the pinks...they do so in hopes of moving off the pinks!!!"
You got it and I look forward for Veltex to be a company who ... as you write.
That's why I try to find out (thru whatever source I can find) that Matin is EFFECTIVELY working toward that objective also.
Hope this comes out right and just to address your accusations.
Mois Transaction Nombre Total
09-09-1999 Achat 4,000.00 $1,720.00
10-23-2002 Achat 11,000.00 550.00
11-07-2002 Achat 15,000.00 450.00
01-04-2003 Vente (20,000.00) (940.00)
01-29-2003 Achat 15,000.00 480.00
04-02-2003 Achat 20,000.00 405.00
04-02-2003 Achat 15,000.00 285.00
05-13-2003 Achat 20,000.00 240.00
06/24/2003 Achat 70,000.00 490.00
11/09/2003 Achat 100,000.00 500.00
01/20/2004 Achat 100,000.00 1,010.00
TOTAL 350,000.00 5,190.00
5190/350000 = $0.148285 (soor it is not exactly $0.015)
The following is addressed to those 5 people saying:
- "It's becoming dufficult for me to understand your position"
- "you say it's a scam"
- "you don't have any proof to back up your allegations" (???)
- "you are not experienced enough to be in stock market."
- "Don't get too much involved in suspicions."
- "get out of your negative thinking"
- "I haven't figure pual out either. Maybe a subtle basher?"
- "Puals Last post confuses my take on his position"
- "He's been a subtle basher since day one on this board."
- "Used to post on Raging Bull and there was an obvious basher"
- "He's a liar, and a basher"
- "I suspect this clown works for the MM"
- "might as well go after this scum too"
- "Pual's misleading e-mail with full of lies."
- "see what's Pual's next move will be and act accordingly"
FIRST, read (or read it again if needed) my post no: 3291 saying:
"Depending on what you want to beleive Veltex is or not, the following can be interpretet differently."
Each is allowed to have his opinion and voice it (I respect a little less personal attacks but will not get involved in this game).
SECOND, read (or read it again if needed) my post no: 3293. By the way you can forward it to whoever you want. You will read that:
- I reminded Anne Tahim that SHE said she did not audit Veltex (I DID NOT SAY THAT, SHE WROTE IT):
"We did not audit the statements of Veltex textile mills. They were COMPILED by OTHER AUDITORS whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for Veltex textile mills, is based SOLELY on the reports of OTHER AUDITORS").
To be noted that 100% of 2001 sales and 98.1% of 2002 sales were made in Bengladesh.
- Then I did alert her that some (not me) "suggest that Mr Matin is a fraud and forgery."
- I supported this affirmation by COPYING/PASTING post no: 3107 posted by Miamimice, at 12:49:23, on February 4th, titled: " I hereby Publicly Accusing Veltex of Forgery".
I specifically mentionned in my note:
"For your information and AS AN EXAMPLE, here are the last published accusations (as of today) that I assume you and/or your firm would not like to be associated with:"
- I finally did ssk for an action, writing:
"As you can see, these anonymous grave accusations are extremely serious and, if not addressed, could have major negative impact on your firm reputation which could certainly suffer seriously. I therfore hope you can address my concern by answering this note rapidly OR OTHERWISE, for the good of your corporate reputation, Veltex's and involved investing public."
I IN KNOW WAY ACCUSED ANNE TAHIM OR VELTEX OF ANY WRONG DOING"
I REPORTED THAT ACCUSATIONS ARE MADE BY SOME AND DID ASK HER TO VERIFY WHAT THE REAL STORY WAS. (I assume that she is much better placed than I to do so).
From her answer, she obviously took my note seriously and rapidly acted to see what that was all about: "Thank you very much for informing me about these facts. I have phone calls to AICPA (American Institute of Certified Public Accountants), SEC and my liability Career attorney and I am waiting for a response from them before I take an action. Regards, From the office of:
Anne Tahim, CPA"
I think SHE read my note (cannot say that much to those thie present is addressed to).
Not that I care, but I have a hard time understanding how this justifies accusations made against me in the recent posts by these 5 people (most not worth being answered but I did anyhow).
My objective, pure and simple, is to find out, close to 5 years after I became shareholder of this company, what it's all about, having lived thru all the ups and down, Matin got us thru, FOR WHATEVER REASON, GOOD OR BAD, over the last year in particular.
This being said, I repeatedly expressed my serious doubts that this was a scam (quite some bashing on my part)... Not worth the effort and risk.
Looking at worst case, I repeatedly wrote that (if something not appropriate was being done) it was much more likely what I called a reversed scam.
More recently, seeing new parties joining in, I repeatedly said I had more and more difficulties accepting that they were all crooks gagning up against us with Matin.
If asking for less disclaimed "audited" financials is bashing, I did and will keep doing it. I look at company's fundamentals and do not much care about playing stocks on technicals. Therefore I look for credible fundamentals.
What I realy look for is CREDIBILITY, understanding that, based on my personnal DD, Matin very probably faced great difficulties with his trucking adventure in 2003, thereby not looking very credible because of the context he operated within.
Having 350,000 shares myself (at the claimed averaged cost), I definitely try to beleive that the following is true:
"We are working hard to improve ... the financial strength of the company. Once everything falls into place in 3-6 months, investors will take notice of Veltex and we can take that big step in becoming A MORE RESPECTABLE COMPANY."
Javeed Matin, CEO of Veltex Corporation
6/10/2003 10:22:00 AM
Recent events (we are now reaching the end of the 3-6 months window) do justify hope. However, A MORE RESPECTABLE COMPANY:
- Has fully audited report by an auditing firm not identified strickly as "other auditors".(I do not think Anne Tahim will do that anymore).
- Does report normally ("I will be excited when the audit is complete and Veltex takes another step closer to becoming a fully reporting entity." said Mr. Matin, CEO of Veltex on 4/2/2003 8:30:00 AM.)
Then we can look for a capitalisation (PPS of $0.20 + or - based on released numbers) reflecting the apparent value of the company: ("Being a large shareholder I would like to see the value of Veltex realized in the marketplace" said Javeed Matin, CEO of Veltex Corporation on 3/6/2003 8:45:00 AM)
Thereafter, our stock could get listed on a real stock market (AMEX ???) and Matin's dream (and mine ... who knows) may become reality:
"the company anticipates a stock price of at least $2.00 to $5.00 per share by the end of the First Quarter 200x." (the "x" is from me). This target was defined by Matin in the Business Plan he released December 4, 2002. To remember however that: "As of July 15, 2002, the number of shares outstanding stood at 27,393,808, with an estimated float of 9-million shares."
Looking forward to the future..
Lastly, following is my note to Anne Tahim firm, advising them of my action herein:
"----- Original Message -----
From: Roger Roy
To: Veltex related Anne Tahim
Sent: Tuesday, March 02, 2004 3:10 PM
Subject: To Anne and Emily re: Veltex
Good day,
Having left a month go by after I alerted you to my concern related to this customer of yours, so you had time to do the appropriate follow thru for the good of your firm, I hereby want to inform you that I today shared my intervention with:
1- Analyst Gary A. Barohn, Investrend Research (See Veltex press release dated March 1st)
and
2- Those sharing with me information and opinions on the message board you can find at: http://www.investorshub.com/boards/ (see post no: 3291, 3292 and 3294).
I am sure you had time to do whatever was required to protect the reputation of your firm, since I initially communicated with you and look forward to your future involvment with Veltez.
Sincerely,
Roger Roy"
**************************************************************
Looking forward to find out what this is all about... one way or the other.
patosuckshoof,
What would we do without you?
Yesterday, a press release read: "Veltex Corporation (OTC: VLVT)... has enrolled in the unique shareholder empowerment platform administered by Investrend Communications, Inc., a financial intelligence provider. Focus coverage will be initiated by Investrend Research analyst Gary A. Barohn,
CFA."
I then decided, not expecting any answer, to make him aware of what I had sent to the auditing firm involved in releasing recent financials.
I wrote him:
Name: Roger Roy
Email: roger.r...
Company: Roy ...
Address1: 345 D...
City: La...
State: QC
Zip: J5R ...
Telephone: 450-...
URL:
Comment: Attention of: Gary A. Barohn
Good day, I was very happy tp learn about your coverage of Veltex this morning. I hereby want to alert you also about some comments publicly made about this non-reporting company I have been following for years. To make my point, I herein copy a note I sent to Anne Tahim following her recent release of audited financials (2001 and 2002) under a disclaimer rendering the released information less than reliable, to say the least, considering the history of Veltex and Mr Matin. My point is not that the release was based on lies, but wasn't reliable being based on unverified informations. Here is the note I sent to Anne Tahim: "From: Roger Roy ... (copied the note to Anne Tahim here)"
I added:
"The answer I received initially read: "I have phone calls to AICPA ...""
Looking forward to read your fisrt comments.
Roger Roy
Submit: Submit
END OF THE QUOTED NOTE
***************************************************************
A few hours later I received the expected type of answer:
"----- Original Message -----
From: InvesTrend
To: roger.roy23@sympatico.ca
Sent: Monday, March 01, 2004 8:48 AM
Subject: Fwd: Contact Us Form from Investrend.com
=== Thank you very much.
Unfortunately, our analysts can not respond personally to investors and shareholders due to the possibility of selective disclosure and/or concerns re: registered investment advisor regulations.
The analysts are trained professionals and are experts at diligence. Whether a Focus report rises to the level of reporting re: the issues you have raised will be up to the analyst to determine. We will be glad to pass this along to the analyst ... Investrend itself does not issue reports, and our corporate image is enhanced, not damaged by our willingness to provide shareholders with third party, credible information about companies in all stages of development. I am sorry that we can not respond to individual questions.
Thank you.
From: <info@investrend.com>
To: <info@investrend.com>
Subject: Contact Us Form from Investrend.com
Date: Mon, 1 Mar 2004 11:43:11 -0500
X-OriginalArrivalTime: 01 Mar 2004 16:43:11.0953 (UTC) FILETIME=[48EE2410:01C3FFAC]
X-RCPT-TO: <info@investrend.com>
I sent the following on March 4th to Anne Tahim and decided at the time to let more or less one month go by, before I was to release it to those sharing in this board.
----- Original Message -----
From: Roger Roy
To: atahim@annetahim.com
Sent: Wednesday, February 04, 2004 2:28 PM
Subject: Veltex Corporation and subsidiary
Attention: Anne Tahim
President & CPA
Good day,
On January 14th, you did authorize the release of a report mentionning that you have "audited the consolidated balance sheet of Veltex Corporation and subsidiary" and, it his in consideration of this report that, as a small shareholder (350,000 shares) of this corporation, I contact you personally today.
I noted in the transmittal letter of your report the normal disclaimers to the effect that "the financial statements are the responsibility of company's management" and that you: "did not audit the statement of Veltex Texile Mills" wich were "compiled by other auditors whose report has been furnished to" you.
This being said, we have to assume that a certain level of due diligence was made by your firm, before you accepted to issue the report under your name and the name of your firm. That is why I want to signal a situation potentially impacting very negatively your reputation and the corporate image of your firm.
Notwithstanding the said disclaimers, I assume that you somewhat had the opportunity to establish a certain level of credibility of the company you accepted to report on under your name. Therefore I suggest you are qualified to address the following, which suggests that you accepted somehow to be part of a scam trying to exploit honest small shareholders.
Effectively, numerous messages posted anonymously on miscelaneous message boards suggest that Mr Matin is a fraud and forgery. For your information and as an example, here are the last published accusations (as of today) that I assume you and/or your firm would not like to be associated with:
The facts are the following:
(1)Velvet Textile mills in Bangladesh never ever went into commercial production and does not have capacity to manufacture finished apparel fabrics and claims that the mill will supply KCA garment is thereby nothing but HOAX, Fraud and Forgery.
(2)Velvet Textile Mills Ltd. Bangladesh is not own by Veltex Corporation under any law.
(3) Veltet Textile Mills Ltd. Bangladesh never ever made a penny in profit and never ever went in commercial production.
(4) Veltex Corporation's references that the company made $15 million in sales based on Bangladesh operation is 100% FORGERY
(5) Javeed Matin, CEO of Veltex Corporation is a fraud, a forger and a cheater. He is defrauding investing public all over the world.
As you can see, these anonymous grave accusations are extremely serious and, if not addressed, could have major negative impact on your firm reputation which could certainly suffer seriously.
I therfore hope you can address my concern by answering this note rapidly or otherwise, for the good of your corporate reputation, Veltex's and involved investing public.
Upon receit of your answer, if you so wish, I shall do all I can to disseminate your comments.
I hope this message to be received positively and thank you in advance for your response.
Roger Roy
Note: Trying to be as transparent as possible, I hereby identify myself fully thru a french internet site (sorry, I do not have an english version) and I copy the executives of Veltex I can.
Internet site: http://www3...
***************************************************************
A few days later Ms Tahim confirmed that she did not take this lightly:
----- Original Message -----
From: Anne Tahim
To: Roger Roy
Sent: Friday, February 13, 2004 11:53 AM
Subject: RE: Attention: Emily Sy
Dear Roger,
I thank you very much for informing me about these facts. I have phone calls to AICPA (American Institute of Certified Public Accountants), SEC and my liability Career attorney and I am waiting for a response from them before I take an action.
Regards
From the office of:
Anne Tahim, CPA
714-772-4744 ext 13
Depending on what you want to beleive Veltex is or not, the following can be interpretet differently.
Trying to figure out for myself what I should or not beleive myself, I did use the opportunity created by the arrival of new parties on the scene, to challenge them to find out if they were manipulated or lied to by Matin. My hypothesis was that all these newcomers were not bandits gagning up with Matin, against us shareholders.
Considering the ethics regulating the parties in question, I did not expect them to give me personally a direct answer but I assumed that they would validate with Matin the significance of my comments to them. I then assumed that following their due diligence, if they were lied to, they would somehow act in view of protecting their reputations.
Many assumptions to consider but that's something will have to do by himself, for himself.
The following 2 posts of mine cover what I wrote, when and to who.
Who is Gary A.Barohn?
Here's what I found.
http://www.aimr.com/socservices/programs/socpage.asp?society=MEMPHIS
http://www.sfaanalysts.org/leadership.asp This site: "St. Louis Society of Financial Analysts" shows:
Secretary
Gary A. Barohn, CFA
Sterling Capital Management, Inc.
gbarohn@tknetonline.com
Investrend Research Syndicate's site feature VLVT on its front page this morning at:
http://www.investrend.com/
I often mentionned that the issue with Veltex (our PPS) is realy a matter of credibility. Short of being able to have up to date audited financials and reporting normally, I have to notice that Matin works at becoming credible notwithstanding these handicaps.
I sincerely start to doubt very much that Veltex is only worth a capitalisation of $3.5 millions altogether ... unless we are involved with a micro-scandals not worth the risk for those getting involved:
1- V.Duff: Even having disagreement with Matin and taking her distances, she maintains that Matin is an honest hard worker going (at the time) thru tough times.
2- Jameel Asmad: accepted to join Matin and his company a few months ago and never negated his involvment. I have to assume that after that long, he had the opportunity to validate that he was not involved in just a scam based on shares worth a couple of pennies.
3- Anne Tahim: Notwithstanding her dsclaimer, considering I advised her a month ago that she ran the risk of having associated with a scam (I supported my statement by signaling to her board messages from those saying that there was nothing in Bengladesh) she did nothing to protect her firm publicly since. Right after I allerted her she answerd: "I have phone calls to AICPA (American Institute of Certified Public Accountants), SEC and my liability Career attorney and I am waiting for a response from them before I take an action.". That was more than 2 weeks ago and she didn't think important (YET) to follow thru on whatever it is she found out (good or bad). I have to assume that if she has been fooled, she would not hide it forever.
4- Steve Fryer, Managing Partner, Grant Bettingen, A representative of a close to 20 years old firm, accepted to go public saying things such as:
- 2003 total PROFITABLE revenues of + or - $30,000,000
- Net worth of $11,000,000
- Profit track record
- KCA has 750 employees, uses 13,000 square feet of manufacturing facility, PROFITABLE revenues of $13,000,000
- Veltex's stock is very much undervalued (mentions "story of the year)
- IT'S A REAL COMPANY
8 working days later, if Veltex was just a scam, I have to assume that he would have tried to disassociate himself from it.
5- Now today, Gary A.Barohn, CFA, Mr. Barohn a 15 years experience person in the investment management industry, most recently as President and Chief Investment OFficer of Western Asset Management in St. Louis, gets involved and will initiate coverage of the company.
I start to beleive that, notwithstanding the extremely confusing communications by Matin over the last year and more, and some of the accusations posted herein, Veltex is under the radar more seriously than ever before. Not easy to belive that all these people are crooks, naive manupulated persons or people discussing vaporware without verifying what they get involved with.
I hope Matin and his partners soon succeed in credibly showing what this company realy is worth.
Patience and hope are still necessary, hoping that this affair is not as bad as some claim, even if it's not as great as recent releases say it is.
Could someone tell me what interpretation we can give to the following?
Veltex CorporationEnrolls in Investrend Shareholder Empowerment Program
"NEW YORK, Mar 01, 2004 (PRIMEZONE via COMTEX) -- (Investrend Research Syndicate) Veltex Corporation (Pink Sheets:VLVT) has enrolled in the unique shareholder empowerment platform administered by Investrend Communications, Inc., a financial intelligence provider.
Focus coverage will be initiated by Investrend Research analyst Gary A. Barohn, CFA. Investrend Research is located on the web at
http://www.investrendresearch.com."
I will do my own search but may be someone understands already what these people are all about.
I think the ball is in Matin's court ... unless speculators decide to play some more with the stock.
Initially bought 4000 shares at $0.43 on 9/9/1999 (The good old days), then forgot about it, assuming that was a total loss.
Between 10/23/2002 (I found out that it was not totally dead) and 5/13/2003 I played a little with it and endded up owning 200,000 shares at an avg cost of 16 cents.
After having done my own DD, and having seen my overal portfolio grow very seriously, I then decided to GAMBLE a few dollars in the sub penny range and now own 350,000 shares at an avg cost of 1.5 cents.
My plan is to ride my shares into the hole and keep some capital losses for future taxes benefits or (if possible), get my money back ++ (Including commission fees), selling 100,000 shares at 6 cents. I then will ride the remaining 250,000 shares wherever Matin gets them, till I feel time has come for me to cash in.
Let's be serious however, for as long as Veltex remains a non-reporting company listed on the Pinksheet market, this will remain a gamble.
My 6 cents interim target can be justified by either company generated credible information or only be the result of some manipulation by Market Manipulators.
We shall see...
Right on!
With all due respect, I hold on my shares and am very tempted to beleive that they are worth more than 3 pennies.
My point is the market doubts Matin's story for whatever reasons (as an example, I have often mentionned the disclaimer by Anne Tahim effectively meaning: I signed this audit report but haven't done it nor did I verify the information it's based on). I doubt that I am the only one having noted this fundamental disclaimer.
Otherwise, how can we justify a capitalisation of about $4.5 millions for a company whose net shareholder's equity is 3 times that much.
What I (and the market) am realy waiting for, is for Matin to become "Exited" having acheived the plan he outlined earlier:
"I will be excited when the audit is complete and Veltex takes another step closer to becoming a fully reporting entity." (Source: . Mr. Matin, CEO of Veltex quoted in his news release dated 4/2/2003).
As for the investment banker, I already said it was interesting to see an additional person accepting to associate his name and reputation with Velyex. It's one interesting step (we went up 1 penny since he talked but more is required.
If that sounds ridiculous to you, it's fine with me. I beleive in freedom of beleiving whatever you want.
Personally I tell my freinds that for the moment, Veltex is still a high risk gamble but one that can be very profitable if everything goes as promissed.
I may soon decide to post my exchange with Anne Tahim regarding my concerns but I would like to receive clearer answers before I do. If by March 1st I do not have it, I will post our communications and each will be able to interpret them the way they will want.
Personally 2.5, 3.0 or 3.5 will be all the same if we do not get anything justifying that the recently released information is credible. The recent apparent progress (Anne Tahim and the interviewed investment banker) seem to have attracted new buyers and created a demand allowing us to go from 1.2 penny or so to the current 3.0. However more is needed shortly or we will just see the result of a non necessarely justifyable manipulation of our PPS.