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Abstracts from your last posts:
"they have installed multiple phone lines"
"they plan to purchase 60 more trucks in 2003"
"business continues to be on target"
"there r no accounting irregularities"
"i'll continue to ... post facts"
I recognise Matin's quote (can we realy beleive him???) in the third item but for as much as I would love you to be right, I suspect you take your desires for reality.
Happy Independance Day to all!
Since many of you, Americans, may be away from your screens at the occasion of that holiday, I want to wish you all (hopefully those managing Veltex will read that also) a very happy rest with your close ones.
Be carefull conducting whatever activity you will have during the next days... It would be nice to see you all back next week (Yes, even those posting less appropriate messages herein. May you find peace of mind during these days)!!!
http://www.geocities.com/Heartland/Fields/3564/IndependanceDay.htm
I realy wonder what is the purpose of those disparaging continuously a stock worth $0.006 cents?
On the other hand, assuming the company could use additional cash thru selling new shares, I realy wonder why they cannot issue even a partial audit report signed by a reputed firm, so they get more than half a penny per share?
If this ends up having been a scam, it's the worst managed one I ever saw...
Whatever you want to beleive that to be (reverse scam, scam or mismanagement of a real business) you cannot find a way to justify your beleif.
Looking forward to see the end of the story ... whatever it will be ???
Releases came out on May 5th (No reverse stock split) and on June 10th (business continues to be on target).
After one month, a new factual (verifyable) release, answering very frequent and valid questions would certainly be appreciated (how many shares are out there as of now, as an example).
I say factual because we better have no release than one that outlines promisses impossible to beleive if not verifyable, considering past history.
Much of what is said in message boards is probably not worth addressing until we can see audited financials (only possible valid turnaround potential) but this O/S issue, as an example, certainly is worth being addressed at this time.
A little respect for actual shareholders would thereby be demonstrated, hoping that the assumed auditing process is getting closer to produce something.
Not that I yet beleive this bet to be a winner but would certainly appreciate receiving sign of life from Matin and his people.
"as long as they are able to stay afloat,..."
Let us pray !!!
Hope you have a nice stay in Canada. However you may notice that our dollar (if we can call it that) is now in better shape, as seen from our side, worth $0.75 US whereas it has been at $0.65 or so for a long time.
As for the roads, it is true that our weather is realy tough for them but I do not think they are so bad even if worst than those down south.
I also lived it Trois-Rivières in 1970-1971 and have a brother in law still living there.
If (and a big one) this is not a scam or what I refer to as a reversed scam, this Matin must be one idiot of a kind.
He shows no respect whatesoever for his shareholders and has delivered nothing he ever promised over the last year.
As for the outstanding shares I would be very surprised if we did not have 100,000,000 out there.(". As of July 15, 2002, the number of shares outstanding stood at 27,393,808). Let's assume 75,000,000 were issued since (avg of 2 cents) it would have generated $1,500,000 over 12 months. Wherever that money went it's only $30,000 per week on average. I realy wonder if that justified the effort, if we assume this to only be a scam???
My only wonder is for how long this "game" will keep running before we can find the thruth about what realy has been going on.
Just for fun here are few abstract from Veltex Business plan as it was described last December 4th:
"Each subsidiary will be responsible for providing audited year-end financials to Veltex for inclusion in audited consolidated financials of the holding company.
A meeting of the Board of Directors of Veltex Corporation will be held Quarterly. At each meeting, the subsidiaries will present their reports and the Board of Directors will review the operations, plans, marketing efforts, etc. of the subsidiaries."
"At the rate of growth experienced during the year 2002, projected Revenue for Velvet Textile Mills is $15-million with an expected $2.5-million Net Income Before Taxes for the 12 months ended December 2002."
". During most of the period 1999 through 2002 the stock traded in the area of $0.01 or lower owing to the absence of investor relations efforts while the CEO was living in Bangladesh building up the company. Communications between Bangladesh and the United States are difficult at best,..." (Communications within U.S. seem pretty bad also!!!).
And the closing remark:
", the company anticipates a stock price of at least $2.00 to $5.00 per share by the end of the First Quarter 2003" ... Whoops, may be the secratary (they are always the scape goats in these situations) wanted to type 3002???).
Personally, stock price at 20 to 50 cents by the end of 2003 would realy please me enough!!!
Is that a joke or what???
Shrotker,
Welcome back to the "Dreamteam" (or should I say the team of dreamers). For as long as there is life, there is hope. I personally have kept my "bet" all along and, not being very confident, I stay at the table till the wheel stops.
As for the weather, we also appreciate a little cool air after days in the 90"s and very high humidity. However according to the forecast, we should be back in the 90 area as of tomorrow.
Thanks for your wishes.
Roger
Aren't we all???
May very well be this azzhole but there is no way he will get me to dump my shares for half a penny.
In any case the final outcome will only be known whenever we can figure out if there wil or not be a serious audit released.
I however maintain that the accusations, whomever they come from, are very damaging (if seious damages can be done to wothless shares) and must be addressed rapidly to reassure those wanting to beleive that the game is not yet over. Just a matter of respect.
The accusations this time are very specific (doesn't mean true) and many names of presumably partners are named therefore run the risk of being called and pissed. 24 hours is enough for them to write something appropriate...for a change and fast enough to prevent unnecessary troubles to all.
As for the wheel, it still spins but rapidly slow down and my number doesn't seem very well placed for the moment.
I do not know if it's a scam or not, I do not know if they had (have) financial difficulties or not (whenever Matin isuued information, he certainly did not suggest he had difficulties, he even mentionned buying back stocks ???) and for me there is a difference between being of a different culture and being incompetent and stubburn.
I however agree wit your statement re: V.Duff and with your view on the requirement for an audit. However, I do not hold my breath.
The way it is going now, it will take more time for Veltex to have an audit performed as it takes to SEC to investigate Enron. There must be a limit to the expectations of (gamblers) shareholders don't you beleive???
As you know, my perception of Veltex is that it's actually a pure gamble and it may turn out to be whatever you want to beleive it to be.
This being said, the few previous posts are quite precise (doesn't mean that they are thrue) and therefore do sound credible (???).
For a company to let such accusations unanswered (I do not mean thru an anonymous message board) is giving them all the needed credibility the accuser is looking for.
If by early tomorrow at the latest, we do not have an official release by the company to address such accusations, I will have to conclude that Matin is putting the final touch to a scam that will have generated 1 or 2 millions thru sale of 150,000,000 shares or so at an average price of 1 penny or so.
There has to be a limit to someone's expectations and the recent exchanges on this board are generating it ... in my mind at least.
I do not know if V.Duff reads this board (she certainly also has abandonned the other stupid one) but if she does, as busy as she is, I suggest she better give a call to her body Matin...unless she doesn't care what Veltex can do to her reputation.
24 hours, that's all they have (and that is much more than required).
Thanks for your help keeping the sanity of that board. Some time ago you blocked a message to me from freeadvise (got it in my mailbox but didn't show in public) and we haven<t seen him again thereafter. That was appreciated.
Till the audit is completed (???) we will see efforts to polute this board by people trying to discourage shareholders for whatever motive they have.
I hope someone soon can figure out how many shares are out there right now. If the company issued 10,20 or 30 million shares recently at less than a penny (less than 100, 200 or 300 thousands dollars proceed) they realy are in need for cashflow (or have less honest motives) and that certainly isn't the right way to obtain it.
But right now, whatever happen, no one should be surprised since no one realy know what this affair is all about (even if everyone has hope for a negative or positive outcome for whatever reason).
What is interesting to note is that for many months now many said they advised SEC of the potential for a scam with Veltex. Assuming many complaints effectively were sent to SEC, one could assume that they asked someone for a quick look at the situation.
The facts that everything seems to remain the same and Veltex continues to issue official releases (instead of using less formal vehicules such as message boards), whatever their real value, do suggest that after all, may be there is something worth more than 1/2 a penny out there ???
On the otherhand, may be SEC did not followup or may be no one wrote them.
Audit or no audit? That is THE question.
Some MM seems to be having a little fight out there.
One got the price up 50% (0.006 to 0.009 ???) wtih a transaction worth $9, another got the price back to 0.006 for a whole $6 investment.
Till we know more, this game is theirs, whatever their objectives are.
Interesting exchange going on but the fact of the matter is we do not realy have a clue of what is going on between the walls at Veltex.
If I want to convince myself that this must be a scam, I have plenty of (stupid) excuses by reading the other board.
If I want to hope that this may be a serious company trying to normalize its operations, much of the reasonning exchanged herein justify some (a little) hope.
Now lets approach the financing question within this second context.
If you assume that most of the audit is done but out of the country informations are missing to complete it, you can justify the delays, you can imagine that a bank, having access to the audit in its current state directly from the auditors with Matin's blessing, would know more than the market and you can assume that financing could be optainned against assets.
That's a lot of assumptions but what else can we do but assume in view of justifying whatever beleif we want to justify.
Personally, I beleive nothing but this bet will be lost or one I will gain a lot from.
Enjoy reading your points of view. Thanks...
"the audit" ... This is the only thing to be waiting for.
If we ever see one it better be darn complete and made by a reputed verifyable firm.
Personally I do not hold my breath but to be honest I would not be surprised by any outcome of this affair.
However I also have a hard time beleiving someone could conduct a scam in such an incompetent way.
We shall see...sooner or later.
A lot to win...not much to loose.
"Regarding the PRs put out by Veltex: I think the IR companies Veltex has used are very unprofessional and poor writers as well. They are supposed to put out PRs that keep the shareholders informed while not getting the company into trouble. Seems to me they have made a lot of mistakes and I would never hire any of them for my clients."
I cannot even imagine an IR company being in business doing such a poor job. Assuming they get paid to do it, I wonder why the company keeps "enjoying" so bad a job. Could it be that this is the way they want it to be.
If they realy needed cash from issuing new shares, wouldn't they manage to obtain better value PR/IR whatever you want to call it.
I beleive in incompetence but isn't that more than acceptable? Then the question become: "WHY"?
Sorry but to be honest, I have no clue what this is all about. I do not understand what game is being played by the level of mismanagement of PR or IR this outfit has issued over the last year.
If Veltex is a scam, they have failed miserably.
If it is not, they have protected themselves by saying the thruth in such a way that the market did not beleive them. One reason for that could be that they try to acquire millions of shares (wouldn't be the first time insiders cheat the market) at lowest possible price, before what they claimed (audit) becomes reality.
Short of getting to know fact from within the company itself, I do not see how we can do any worthwhile DD. The only source of information (except for message boards that you do not know what it's all about) is the company itself.
As for D&B, them saying it's high risk (4) and saying they are financially stressed (4) seems quite obvious. Increasing authorized shares to 200,000,000 should have been related to the said stress but dumping them at less than a penny is certainly not what they should have had in mind.
The statement: "the report for Veltex Corporation has experienced a high number of updates at the request of the business principal." however is interesting. Whatever the company realy does, they do not seem to hide having their PR's published all over the place and they feel required to update the D&B report regularly. This behavior, having many shareholders claiming they advised SEC, suggest that may be (MAY BE) they are effectively building up something???
Add that to V.Duff comments and you can build a picture suggesting that something real is going on out there.
Even if it is tough to beleive, may be the darn audit is being made and tough to complete.
And may be I am full of chit ...who the heck knows.
Whatever the case is chipping in an additional BET of $500 seemed attractive and I did try my luck. $500 to loose and much more to earn. Only future will tell...
-Risk Rating 4 (5 being the worst)
-Financial Stress Class 4 (same)
I wonder???
Who is buying??? 3.25 million shares as of 1 o'clock. Granted it's only 6/10 of a penny, but some are positionning themselves for quite a profit at quite a low risk!!!
Till something significant and verifyable is released by the company, we will keep looking at transactions made by market makers ($5 to $50 worth) manipulating the market and some (100,000 to 500,000 shares a pop) by "gamblers" or insiders connected accumulating. Therefore what we now see in term of pricing is totally irrelevant.
This being said I appreciated the reports some made following conversation with V.Duff (Not naïve I also understand that message boards are not necessarely reliable sources for DD).
Personally, if I beleive what V.Duff's credencials are and what she presumably said, being a consultant myself, I assume she has relationships which are revenue generating short term and "long term investment" activities accumulating shares in lieu of payments that have potential to be highly profitable but presenting high risk. I assume that this is the reason for her to still be around. If so her statement (She is confident that Veltex is a real company and she believes that there is an audit in process) should be very encouraging.
Let's hope that Matin ends up better understanding North American business culture and/or learn to involve and listen to some that do.
Wasn't I living 3500 miles away from this outfit, I would have visited more than one time and met Matin to try to help him do it. Who knows I could even offer my services for some 100,000's shares if I tought Veltex had the potential to get born again.
Nice to see this board coming alive again. Short of having any way to do real DD, this helps waiting for an outcome ... one way or the other.
"Regarding the news release itself, I think it was poorly written, poorly strategize, and accomplished little."
I couldn't have said it better but would add:"Till we can issue reliable audited financials made by a verifyable auditing firm, nothing will help our stock."
Sincerely hope V.Duff is what I was led to beleive she was when I saw her credentials and communicated with her. I did stop e-mailing or calling her when I did realise there was nothing worth she was able to say in the on-going context of Veltex.
Happy she is still around but obviously she was not one of the advisors Matin did refer to.
Veltexhope,
Your e-mail was very appropriate but you were facing two possibilities allowing the same responses:
1- It's a scam of some kind
2- It's a real operating company and they have a lot of trouble getting their act together after 3 or 4 years of non management of the finances.
In both case, they had to write:
"Thank you very much for your suggestions. I am sending your suggestions to my other advisors to consider. I am with you. I will try my best to issue this release soon. May be on Monday."
Whatever the case was, all they could issue was (abstract from June 10th release":
"The progress with the audit continues to move ahead but is taking longer than anticipated. So far, there have been no accounting irregularities found and everything is going as intended. Veltex has decided not to set a finishing date
for the audit, but will keep investors informed as the audit is near completion."
Assuming this not being a scam, we have to be naïve to take it for granted that "taking longer than anticipated" meant many many more months than expected, but who (apart from them and the unnamed auditors) realy knows???
On the other hand, V.Duff is someone having credencials and her remaining involved may be the only good news I got from your message. This being said, the last time I trusted a presumably reliable person in such a context (the said person went as far as having his mansion photographed and we were able to visit it on internet) i and hundred others got royally screwed into owning miles of wallparer having the appearance of shares.
This being said, bottom lineis that Veltex is a bet and will remain one till the audited financials are available (if ever) and additional steps are then taken to render this company a real reporting company headed by a reputed BOD we can verify independently.
Till then let's wait till the wheel stop spinning and enjoy the "game" (alternatively, dump your shares at a penny or so and get your tax releif.
Thanks for your comments.
Welcome to this board. Not very active but reflects the state of our bet on this company... dormant.
I do not have as many shares as you do but if Mati was
A)able to produce an (credible) audit
B)able to get (...) financing
C)able to (stop sellin) stocks
D)move to (any other market),
not only would the company be more repectable but it would then be a real company.
For the moment no one seems to realy know what this realy is about and everything that has been said or written by the company seems to be engineered to generate doubts and confusion.
I wonder what their real objectives are.
Here is the last statement of the December 4th 202 Business Plan presented by Vltex:
"With Gross Revenues from Velvet Textile Mills alone expected to reach $15-million for Year 2002, the company anticipates a stock price of at least $2.00 to $5.00 per share by the end of the First Quarter 2003." That would have meant that your shares would have been worth $500,000 to $1,250,000 as of last April fool day???
Reading that and having lived thru the incredible statements issued by the company therafter, you have to be at least naive to beleive that this management team is honest or competent or serious or knowledgeable or all of the above???
The only reason I am still around is that, having witnessed scams in the past (and even lost some bets) I do not remember living thru a scam which succeeded in selling millions of shares for a penny or so. Whenever a scam is being conducted, the management will at least try to sound credible for a period of time and get the price of its share move upward so they can suck in "investors???" money.
Veltex continuously issues releases that within an hour or so are ridiculed and end up having no (positive) impact on the price of the shares.
I have a hard time beleiving that this is only caused by stupidity.
Whatever that is (scam, reverse scam or failure) it is fun and not very expensive to watch.
One of these days we will witness the final outcome but do not hold your breath...
I realy do not have hope but as I said, this thing behaves so crazy that I have a hard time convincing myself that this is as bad as some make it look (purposely???).
Not being a reporting company renders all manipulations possible and that adds to my questionning. What is realy going on behind the closed doors???
One thing I know, whatever happen, it will be hard to claim we did not see it coming. If it go south (not much space down there) any "investor" will tell you all the signs were there. If it go north (a lot more space up there) the company will be able to say:"we told you all along".
Look forward for you to become king, the overall market needs one and right now the Bush gang are realy screwing the economy and the markets all the way.
Veltex is the least of my concern today since there is only penneis to loose. I barely escaped a disaster today with Biomira (biom on NASD) but if VLVT is anything but a joke and it goes to 10cents, I will be even. This being said I certainly will not hold my breath.
Some are buying shares 1,000,000 at a time. Granted it's only $10,000 (a lot of money for me however) but for an individual (I am sure institutions are far away from us) to risk in $10,000,he (she) must have inquired somewhat. Even at Ceasar Palace, $10,000 bets are not all over the place.
I still do not hold my breath but I must admit this game is attracting my interest. How can you behave so stupid, still being traded and even issuing news (PR) releases all over the place?
I am sure that there is a game plan out there but have no clue what it is.
You may be right but these people must now understand that there emty releases have no positive impact on the price of the shares. If they realy were trying to give it a boost for a while, they would have said something helping it.
Also it is very interesting as you say to see what the selling and buying of yesterday did not do???
Either these people are completely stupid or they are smart innovators.
As you know I have no clue which is right but hardly can beleive that V.Duff would remain involved if these people were that stupid???
Very fun to watch...
Not that simple since our canadian tax system is complicating everything. Very simply summarized it goes as follows:
50% of your capital gain of the year is added to your taxable income, therefore taxed at your marginal rate.
50% of your capital losses can be deducted from your capital gains going back 3 years or forward 7 years.
Therefore to be able to account for capital losses, you must have had net gains within the last 3 years or keep them aside till you get some within the next 7 years.
Whatever this is all about, it's fun to watch. 6,000,000 shares traded today and the price doesn't move (unless you call a swing of $0.0004 a move). Sellers are probably the company (at $0.009 ???)they are either desperate for cash or throwing their shares away at one end and picking them up at the other end) and some people are giving up (they definetely are desperate) and setting up for tax releif (what is the rush?).
On the other hand somebody is also accumulating (3,000,000 shares were bought within 8 minutes around noon today). Why would someone invest (???) close to $30,000 in Veltex right now?
Matin and his close ones either are engineering what I call a reversed scam or are mismanaging a company worth more than $1,000,000 net (100,000,000 shares at 1 penny).
I hardly can beleive that someone out there is mismanaging a scam the way theses people would be doing it.
However anything is possible.
I look forward to see how this story will unfold ???
Till then I am enjoying trying to figure it out, whenever I want to get away from my investment portfolio (going great these days...Thanks)
All valid questions. As for "a more respectable company" for once that the said CEO seems to be realistic about the status of his company, let"s recognize it. For the moment Veltex is anything but a respectable company.
All I saw today is that, for whatever reason they decided to release something (PR, IR or BS)... therefore still active at whatever it is they try to do ???
Do not take me wrong, I did not say I beleived. All I said is that there still seems to be someone at the office. What this someone does or doesn't do is another question altogether.
All I feel (I almost wrote Know) is that the wheel seems to be still spinning.
"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."
As I said, of two things one. Either Matin is the most gutsy scammer in town and is buying time to sell 100,000,000 shares at a penny OR he learned from past mistakes and decided not to commit to anything so he doesn't miss on his commitments anymore.
The interesting part however is that, notwithstanding anything that has been written about him, on the day a big fish will be sentenced to jail, he comes out with a release that he (they) will have to live with in due time.
Since I decided to leave my BET on the table till the Wheel stops, I do not hold my breath but am happy to have read something coming out from the company and not setting up the readers for a bad " apparently justified" news to come such as (We are sorry to say that because of reasons out of our control (SRAS, value of the $$$,...), business is not what we expected to be and we foresee very tough times ahead, bla, bla, bla...and as for the audit, bla,bla,bla, we did encounter unforcastable events that renders it more complex and bla, bla, bla...)
Wasn't I filled to my satisfaction and knowing what I know (including the risk) I would not mind right now chipping in $500 (50,000 shares) of my SPECULATING funds in this long shot right now. However I would not risk $1 of my investment funds in such a HIGH RISK PS stock.
I enjoy following this BET even if it ends up being a mirage... If the desired result never materialized, having played the game with its ups and downs will have been worth the risk... On the other hand, having the WHEEL stop on my number, after having enjoyed the game would certainly be nice.
I do not know this Matin but I must say he has guts... one way or the other...
Veltex Corporation Update
DIAMOND BAR, Calif., Jun 10, 2003 /PRNewswire-FirstCall via COMTEX/ -- Veltex
Corporation (OTC: VLVT) announces today that business continues to be on target
and sales are starting to pick up as the economy seems to be getting stronger
and demand is picking up in our industries.
The progress with the audit continues to move ahead but is taking longer than
anticipated. So far, there have been no accounting irregularities found and
everything is going as intended. Veltex has decided not to set a finishing date
for the audit, but will keep investors informed as the audit is near completion.
Veltex continues to invest as demand grows to better serve our customers.
Additional phone lines have been installed to ensure the accessibility of
customers, suppliers, employees, and our dedicated shareholders.
Javeed Matin, CEO of Veltex Corporation quotes, "We are working hard to improve
sales and profits, as well as 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."
Veltex Corporation is a diversified holding company composed of four divisions:
Trucking; Distribution, specializing in caps, apparel and apparel accessories
for the Promotional Products Industry; Manufacturing, specializing in the
manufacture of high quality fabrics including velvets, 100% cotton twill, denim,
sheeting for consumer and industrial products; and Marketing specializing in
online marketing and promotions for the vacation ownership industry. Please
visit our web sites for more information.
One month with no sign of life...
Of two things one:
-The game is over and they forgot (???) to tell us.
-They have learned and will not come out before they realy have something worth being released.
I SUGGEST YOU GO ON THE OTHER BOARD WHERE PEOPLE SEEM TO KNOW EVERYTHING THERE IS TO KNOW ABOUT VELTEX.
Here is what I got from what Roger wrote:
Matin would not be a very good person to do business with and/or is a tough nut if what he tought he was dealing for, is not as expected.
Veltex did not provide the audited financial statement as had been promised by management.
Information and allegations came to me from several sources relating to other Veltex business matters. While some of the allegations are potentially serious, if true. I have no personal knowledge of these several matters.
While I have no direct knowledge, I have heard that cash flow has improved these past 2 months.
I do not know about you but to read that Matin is (to say the least) a bad manager, he hasn't produce an audit and is the object of rumors is not something I am impressed with.
Interesting however is the answer given by an insider confirming that there is a company, there will be an audit one of these days and the company would be generating some cash.
My impression re: the audit is that for it to be terminated and signed by accredited auditors, it must be quite a challenge considering the apparent Matin's way of managing the company moving very fast in a seemingly very messy manner.
I do not hold my breath but I beleive the bet is not yet lost but the odds are still very poor.
The following was copied from the other board:
Here is the open letter that I (timespeaks12345) received from Roger Brunetti.
An Open Letter to all of the people who have called, e-mailed and corresponded with me in the past couple of months:
When I terminated my consulting services at Veltex in April of this year I indicated it was "for health & personal reasons to pursue other business opportunities".
My health is very important to me. I have had several heart attacks in the past and 2 bypasses, a quadruple in the past and a triple in 1996. By the beginning of 2003 I began having chest pains and irregular heart beat, in March I completed a Thallium Treadmill test which confirmed further blockages. At that time I was told my by physician that the results of the kind of stress that I was going through at Veltex must be reduced immediately.
My desire for the past two years has been to develop the business of GoVacations.com, a vacation ownership industry business. Indeed when I began consulting with Veltex in the Winter of 2002 it was because management there agreed to provide $100,000 for 50% ownership of GVC to assist in the further development of GoVacations.com.
That commitment was not honored by Veltex, nor were certain other commitments made to me. The other commitments were 1,000,000 shares of Veltex stock and payment each month of $7500 for my services plus any business expenses incurred by me.
Thus, I left, as I said "for health & personal reasons to pursue other business opportunities".
Earlier this year I coordinated efforts for Veltex to borrow $500,000 to cover a cash flow interruption resulting from trucking operations and to pay employees and consultants. Veltex did not provide the audited financial statement as had been promised by management thus the loan negotiation came to a standstill. Moreover, Mr. Matin indicated that if the loan did close the funds would not be used to pay past due compensation. He indicated that I would be paid only by liquidating clothing inventory.
To that end, on behalf of Veltex, I entered into 2 contracts favorable to Veltex for inventory which, in the case of T-shirts had been sitting in a warehouse for many months, and in the case of hats, needed to be moved due to storage costs. These were approved by Mr. Matin and product shipped. In the latter case there was a serious overshipment, it was acknowledged as an overshipment by the buyer, yet he has not returned the excess (to my knowledge). Even though I stopped providing consulting services in April, I have offered to assist as reasonably possible in gaining the buyers cooperation.
Sometime after terminating consulting services, information and allegations came to me from several sources relating to other Veltex business matters. While some of the allegations are potentially serious, if true. I have no personal knowledge of these several matters and wish only to spend my time with the business of GoVacations.com. At this point in time it would be unprofessional for a former consultant to pass along rumors without good reason.
I wish only the best to Veltex and all interested parties. While I have no direct knowledge, I have heard that cash flow has improved these past 2 months.
Sincerely,
Roger Brunetti
I agree with you but keep asking myself if these people wouldn't have executed a smart scam???
As you say: "Most of the scams I have seen have looked perfect!" but were anything but perfect.
Could it be that these people purposely "makes this many PR mistakes", are effectively setting up a "just an ordinary company", issuing tens of millions of new shares they somehow acquire themselves till they they put out an audit and use a real IR firm and let the stock go wherever it is realy worth?
Then we would have seen a scam that "looks imperfect" but is anything but imperfect.
Not that I beleive that (or anything else for that matter) butthis managing team "seems" so stupid in its handling of IR that I wonder if they do not do it on purpose (whatever that purpose is).
Ya! you're right...If I could do it I would only become another anonymous writer on this board.
I assume we all will have to wait till something serious happens that will credibly reveal the next (hopefully not final) chapter of that very special story.
A game is being played, that's for sure. But the only ones knowing what game it's all about, are those holding all the cards.
At least I had another good day in the (real) market (TSE was open today).Hope you all have a good time with other stocks till VLVT ends up (or down) "coming out ones and for good (or bad???).
Till the company decides to make a "coming out" I suspect that, unless we want to behave as the kids involved in RB do, till then, all we can repeat is going to be speculations based on nothing, even wishful thinking.
Of 2 things one: either the company is hidind for good before the key players do dissapear in smoke or the management has decided to stay out of the light till they can say something useful and credible.
One way or the other, I hope this to happen soon but who knows?
p.s. If I lived close to the company, I would personally spend a few days "investigating" this affair by myself. Then I could contribute soimething worth reading in here...