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It would be so nice if the company was to take a few hours to issue a clear statement telling us what the heck is going on.
Transparency would, whatever the real story is, end this continuous speculation that VLVT is a stupid scam (1 penny per share), a jewel not yet discoverd (may be discovered whenever an credibly audited set of financials is released) or anything in between.
Whatever is written in here is unfortunately speculation and the only meaningful reading I wish I could get to is one produced by the company and setting the story so we all know whwere we stand.
Not that I have any confidence but may be, just may be, I just met the most incompetent set of communicators I ever met...and I have been close to 40 years in the busines ???????
Even if I have close to no faith in this bet turning out to be good, I still cannot figure out what the s.h.i.t this is all about.
If I try to beleive this to be a scam, it is very easy to argue for but why in the world would someone trying to steal money from the market then run, behave in such a way that he has to sell millions of shares at 3, 2 or even 1 penny. Would not have taken much to do exactly the same at 5, 7 or even 9 cents???
On the otherhand, if I try to beleive this to be a mismanaged difficult situation I also can find some arguments and (logical?)explanations offering hope. Considering the mood of the VLVT shareholders right now, I should justify this statement somewhat:
1- Victoria Duff has good publicly available credencials and no one proved them wrong up to now. She apparently is still around.
2- Earlier a transportation outfit was acquired and few months later, the ex-owner was taken out by Matin for presumably good reasons.
3- Some time later, Veltex acquired Go-Vacations for whatever reason and now the ex-owner is also out for no given reasons (with the number of lawyers looking for work in US publicly talking may be very costly)
4- V.Duff "apparently" said recently that because of international considerations, producing audited financials is more time consuming than expected.
...
COULD IT BE POSSIBLE (very big interrogation mark) that Matin, whatever he did in the past, honestly tries to setup a real company but trip over many unforseen obstacles such as bad partnership decisions?
COULD IT BE POSSIBLE that Matin is naive and and not competent enough to know when to trust and beleive people and when not to?
COULD IT BE POSSIBLE that Matin doesn't have enough experience in the business world to understand that publicly made commitments are either met or very destructive?
COULD Matin be a good operator and a very bad manager?
....
Those beleiving they know this to be a scam will think this is totally impossible and those trying to beleive this to be a real opportunity will enjoy these questions.
Personally, I do not know, I intend to sit on my shares (they are not even worth enough for me to sell them), and run my bet till we find out the final outcome of this story.
??????????????????????????????????
Till I Know, I don't.
I certainly have very much justified reasons to not be optimistic, even be "sceptic" but, contrary to many, I do not say I know if I do not...and I dont like you and probably all those writing in here or on the other BS board.
All I know is "there seems" to be a company and its management "claims" it is in relatively in good shape.
I know these people (Matin) did promiss audited results for the end of last March then kept delaying it (assuming it will ever come out)missing their target dates one after the other.
I know that someone "claims" that he got from V.Duff a much smarter answer and found it reasonnable (if the claim is true).
Other than that I give them nothing (not even the benefit of the doubt, whatever benefit that means or is).I just did bet on a pink sheet stock. I for a while tought this bet was offering a chance for great return (who knows...still) with very bad odds (always the case in these situations).
Up to now, nobody said (knowingly) that the "wheel" had stopped.
I am not offended by those "seriously" beleiving (not KNOWING)everything the company says neighter am I by those "seriously" notr beleiving it (not KNOWING).
Those I find stupid are people being completely affirmative one way and the other knowing as much as I do, i.e. not much, and yes I did whatever DD I could (reading message boards not being included in a DD effort).
As said Yogi Berra: "it's not over till it's over"
"you figured something is going to happen soon, and it doesn't"
Try the whole stock market as read by those that "knew" in early 2000.
This is certainly a more credible forecast ("It would be done when it is done!") than those made by Matin.
Kind of nice to read something intelligent coming out from this outfit.
To Matin:
Here is a press release I think you should be able to issue if you care just a bit for your shareholders (why not dream a little more)
"I honestly expected to be able to release audited financials by the end of last March, even was lead to beleive that this could be made even earlier. I was unfortunately mislead and those responsible could not make it as committed having under-estimated the process required, considering the history and international status of Veltex.
However, 15 days after the set target date, a press release was issued and numbers released therein were some preliminary financials assembled by a non qualified to conduct formal audits firm. When I found out that this was the case, I as soon as feasable issued a correction and, to optimistically again gave another target date for releasing acceptable audited financials.
I hereby want to confirm that a credible firm (name it) is presently working toward producing complete and reliable audited financials so Veltex should have a solid base to then proceed to registration on a regular stock market as soon as possible.
Unfortunatly, having been burned more than once expressing wishes that did not materialize, I cannot communicate at this time a specific target date for such a release but want to assure our shareholders that this will be done as soon as it can."
This release would certainly be helpfull, assuming that you realy want to show some kind of transparancy.
p.s.
-Wonder if R Brunetti was involved somewhat in issuing prematurely preliminary numbers???
-Wonder if the asian outfit and its legal situation would not be behind this mess???
This however still doesn't explain the ridiculous communication skills demonstrated by the company over the last year.
Matin (assuming he is honest) definitely needs help and should watch who he gets involved with.
Thanks.
For whatever is left of my hope that this bet could still be worth something, V.Duff is the only player in yhis game that seems to have a lot to loose by getting involved with someone that would be conducting a scam of some kind. Second, according to her publicly available credencials, she would be qualified to recognize a crook if there was one around.
This being said, Matin is either the most incompetent communicator in the world or the smartest manipulator I ever met. I wonder why someone like V.Duff cannot either staith him up or remove herself from such a ridiculous situation.
In any case, all there is to do is to wait for the drama to unfold...one of these days, weeks, months or years...if ever.
Nice to know that he exist. Hope he comes out soon (after he has validated whatever it is he can write with his lawyers).
On the otherhand, would'nt it be nice if the company was finallly coming out with a clear release giving us the facts as they are, including credibly audited financials/
The company certainly is not what we were led to beleive it was but it would be nice to know if it realy exist and what it's all about.
By the way anybody knows is Victoria Duff is still around or not. This was to only person having publicly known credencials in this venture but I lost track if she is still or not involved.
Whoever that person is, like everything we went thru with this outfit, it makes stupidity look like normality.
I wonder when this affair will unfold ...one way or the other ???
By the way, 24 days went by, since "financials will be available to the public in about 2 weeks".
I wonder ??? May be they also have a private definition of what "public" means.
I sincerely feel that I lost my bet but I would like to know.
At least the rest of the market is finally getting some life again.
Wonder if a credible audit will ever be produced?
On April 18, it was promissed for "in about 2 weeks".
It's now 3 weeks gone by!
I wonder ... what does "about" realy mean?
They are realy good at frustrating and confusing us. As you say, news without information is a specialty they developped and manipulate very well.
As for Brunetti, he went along for a while and now claims he left because of the stress and needs time to explain why he left.
Unless he needs a lawyer to review whatever it is he wants to say, I have a hard time beleiving that few days of rest are required to say "I left because ...".
If he needs to consult with his lawyer, then something fishy is going on around Matin (what a surprise) but we shall not know very much more, whenever he comes out with his explanation.
As for the 100,000,000 common shares, at 2 or 3 millions per day, Matin should have thrown them out in the market within a couple of months and accumulated 1.5 to 2.5 more millions. Up to now I tought the (almost wrote scam but do not know) affair wasn't worth the effort but, another couple of millions certainly make me beleive that it very well could be a worth while operation, whatever you call it.
Very honestly, I have no expectation anymore to see a positive outcome of this bet. The wheel is almost stop and my number just went by...
This being said, I sit on my shares ($1000 worth) till the story comes to a final ending. They may think we are stupid but, in my case, certainly not enough to buy anymore, and just enough not to run the risk of having regrets in the future.
If this Matin is not a crook, he certainly is quite smart. In both case, I beleive he will endup richer than I, but to realy succeed and realy make a lot out of the scheme, these shares should somehow come to be worth something in the market. It's in relation with such a scenario that I sit on my few shares.
This situation seriously starts to look like a previous experience I had with a similar gamble...
When the rats do jump off the ship, there likely is water in the basement ???
May very well be...
I wonder what their next move will be???
They normally follow thru with publicly released commitments they make, even if it's all f.ucked up and creating more confusion than before.
On April 18 they publicly released a commitment saying "the audited financials will be available to the public in about 2 weeks".
Therefore by next monday or so, they should get something out again.
I have a gut feeling that they will do just that but we will again be surprised by whatever it is they release...and I suspect we will not like what we read!
Whatever there is behind this act, we must recognise that they control the show and have a plan and we are observers looking at the win spinning, and spinning, and spinning, and ...
I suspect all we will ever get out of our bets will be the enjoyment of having played the game. I wonder if we will leave the room with left over pennies or nothing.
Being a gambler by nature I very much stay away from casinos. Whenever this wheel stops, I commit never to enter the "Pink sheet casino" anymore.
Looking forward to see what they will come out with next week???
You compare it to a "private poker game" and I to a bet at roulette. In both cases you have to choose between staying or leaving the table and how much you want to "bet".
The difference is you have some decisions to make at your game and I have none in mine.
I do not feel, other than having decided how much i "bet" on VLVT and how long I am prepared to stay, I have much more to decide upon till the roulette does stop.
Just my opinion also but do we realy beleive (assuming this is a scam) that SEC would spend much time investigating, building a case and following thru on a case involving a pink sheet stock that is worth a few pennies and probably involved a couple of hundred "investors (???).
Proving that Matin and his team did anything other than fail because of total incompetence would be quite a process and I suspect SEC has more important priorities at this time.
Obvious very large cases, involving billions, in normal markets (PS is not) take many years to resolve whenever they are and generally shareholders only get some satisfaction in seeing billionnaires give back part of their assets to move on.
Veltex is a small gamble that may be some kind of a scam (many ways to manufacture one) or not. In any case, what you see is what you get and "dreaming" of big brother (government or SEC) helping us is great till you wake up and find out it only was that...a dream.
This being said, whatever is being written in these boards, Veltex could be anything you want but we only will be able to figure it out when the company will decide to conclude whatever their strategy is all about.
I just hope none of us have put anything but spare money in such an affair.
"Traders are betting that the situation will improve."
Gamblers do bet but are not necessarely traders!
Daniello,
This situation realy makes me smile, reading the messages herein (and irregularly on the other board) and the releases of the company.
Here we are with a 2 cents stock and a presumed financially healthy company behind it.
The single most important action to be taken by the company to get any kind of credibility, is to produce credible audited financials (hopefully by an auditing firm that we can find somewhere) and have them submitted to valid regulation organisations. Then and only then will we be as sure as possible that there is a company worth considering and a business producing revenues and profits or losses.
Rightnow all we have is a rumor that such an outfit exists and they need additionnal fundings to grow thru a short term dillution of 4 to 1 (plus whatever the preferred shares will hide), discussions of the requirement to reverse split to meet minimum share value to get listed and other similar topics having no reason whatsoever to be discussed UNLESS THE MINIMUM IS DONE: GET THIS COMPANY OFFICIALLY ON THE MAP.
All of this is going on in an atmosphere of doubts and confusion seeded by the company itself (shares buyback vs adding to number of shares, great revenues but no verifyable customer list, number of trucks but it took detective work to find some, audited financials that were published by error, ...). The garbage written by some (mainly on the other board) has nothing to do with the total joke this affair has been over the last months. If someone doesn't realise that these messages are totally useless, he probably doesn't know how to buy stocks to start with, being too dumb to find out.
Veltex is a gamble, pure and simple, and very honestly, if this company is anything close to what the press releases do suggest, the management of this outfit is either totally stupid or smart enough to manage a scam that presents very low risk to attract attention from regulators.
As I said earlier, I keep my few shares and wait for the affair to unfold, one way or the other. But for the moment, messages such as "this is a scam, scam, scam,..."at one extreme and "the company has difficulty keeping auditers because of threaths" at the other, are garbage I have to go thru to see if somehow, someone can (anonymously, granted) give an information worth considering, trying to figure out what this is all about.
I share part of your conclusion :"While I am truly disenchanted with the actions of the people at Veltex"
but have much more trouble with the following sentences "in the area of IR ... it doesn't blind me to the accomplishment they have demonstrated in the area of building a business"
Finally, thru different ways and different reasons we arrive at the same conclusion: "I am still LONG and do not intend to sell in the forseeable future."
I would pick: "do not want to keep us informed" and "are scamming us".
All that's left to define is: "us"
-Those having kept their shares or
-Those having sold their shares?
As for: "kept in the dark by people who do not know how to kep shareholders informed"
I suspect that if they realy are up to what I call a "reverse scam", they have a very large number of officially and publicly released documents that would reveal themselves to be truthful (great legal position) even if incomplete (not illegal in itself).
But, again, may be i am imagining something all together.
"The only saving factor to me would be if insiders are buying up all the shares because they know what is coming."
Very honestly this possibility is the only way I beleive my shares can be worth something.
I just went on the other VLVT board and saw what is being discussed (additional authorized shares, a reverse split, a letter presumably circulating, official complaints to regulators, plus all the othe BS). However, relying on a message boards to figure out what is going on, is as good as reading official company releases these days. You have no clue what it's all about and who writes it.
As for regulators, I do not see any of them spending any time investigating such a small possible (or is it probable)scandal in an era where billions are being stolen from the market by people that do not even get penalized.
One question however has to be answered in time. The value of the shares staying at 2 cents or so, the company would have to sell 100,000,000 to generate $2,000,000 and this after having worked for 1 year at trying to sell whatever it is they want the market to buy. Even if it works, how many people would share in the pot and how much would everyone get... at what risk?
That may be a scam (as a matter of fact I beleive it is somehow) but I suspect (or is it hope) they have found a way to make a lot more, exposing themselves a lot less and coming out clean with whoever will own shares at the end.
On the other hand it may be a small scam (business as usual) made by small people beleiving they can walk away with a couple of hundred thousands dollars for their trouble.
Wemay be will see ...
April 15th
"We have made a few (?????????) mistakes and have learned from those mistakes," continued Matin ... Ho yaa!
In the coming months we expect to start a share repurchase program which will demonstrate our gratitude.
April 18th
the audited financials will be available to the public in about 2 weeks (more or less may 3rd and no word about a plan to add to authorized shares even less to a reverse split).
Now (5 or 6 working days after they mentionned a share repurchase program), they would be telling some people and sending some info to shareholders about adding to the 70,000,000 authorized shares and do a reverse split ???
What a zoo this thing is. What a bunch of "/%%$ at the head of this zoo.
I personally sit on 60,000 shares and have mentally written them off. Being able to spare $1200, I will sit on them and wait to see what these turkeys are up to.
To bad this situation is way to small to attract any attention from regulators. Otherwise this management team would either be sent to jail or probably more appropriately to a mad house.
Of 3 thing one:
1- This is a scam and this team would be happy to share in few hundreds thousands $$$, assuming the scheme will not attract regulators. They could have expected to do more but, whatever great picture they were trying to sell, the price never went up.
2- This is a "reverse scam" (???). They throw the 70mm shares out and somehow get their hands on them gradually. They play the honest guys (tell a great story so they can later say "we told you") but insure (hide details, make errors, ...) doubts are very much justified (need to keep the price down so they can buy cheap). Then then let the cat out of the hat (real audited financials, good numbers, get on another market,... as they committed to all along, right?), the price goes up, they get rich and those that are still in with them take their profits and shut up.
3- They work hard (I beleive their is a business behind this mess) but they are real stupid (I somehow doubt that). Then what you see is what you get (confusion). You see nothing, then you get as much (as we did now for months), whenever you see thru the seeded confusion, voluntarely or not, your shares will be worth between nothing and a lot, give or take some ???
Whatever it is, no way to understand before the story unfolds somehow and they control the show 100%.
"I just fail to be able to understand" ... that may very well be what you are expected to feel....
Personally, I enjoy the (frustrating) show or manipulation, sit on my 60,000 shares and wait (for the wheel to stop).
"I just do not even try to understand" anymore. I wait and enjoy this message board.
p.s. Next target is beginning of May ("the audited
financials will be available to the public in about 2 weeks"). I wonder what trick they will pull on us then???
First a disclaimer: "Ì have no idea what I should beleive in this situation. Therefore the following is pure theory that will very probably remain that...theory"
O.K. Let's assume for a moment that Matin and his freinds are honnest incompetent business executives.
Then let's assume that they delegated to an even more incompetent person the task of having their financials audited.
This dummy hired is brother in law or neighbor or whatever, to do just that, based on the fact that he is some kind of accountant. The great news is that the dummy was having it done for a very low cost.
The "audit" (???) finally was printed and presented to Matin who loved the numbers he saw...no question asked. He then let this crap be published an authorized a statement expressing his pride.
It went out and we (little buggers) started to ask who the heck was the auditor. Matin said: "who are they" and Dummy answered: "someone I know and understand accounting".
Three days to get over it and Matin has to appologize.
Ouf! If you realy want, you can justify anything, can't you?
O.K. let's try to prove that ... enough Roger!!!
p.s. Who said Matin was a "responsible individual"?
With these guys, I would not be that affirmative (even if you should be able to with anybody else).
Just for fun:
April 2: "the final touches are being finished on the
audit, and should be completed within the next 10 days. Mr. Matin, CEO of Veltex stated, "The audit process is very thorough and time consuming."
April 15:"The audit has produced no surprises and we expect our shareholders will be pleased with the results," commented Javeed Matin, Chairman and CEO of Veltex Corporation."
April 18:"The numbers released were the preliminary financials. Veltex apologizes for the confusion. The error was a communication mistake".
Very special!!!!!!!!!!!!!!
Can you beleive these guys??????????????
They either are croocks, smart a*sses, dumbo's or any combination of those.
I do not know what their game plan is (I am sure they have one) but it is getting too ridiculous to just be incompetence.
I feel as the rabbit in a dog race. This team of jackasses is having us run in circle seedind expectations but packaging it in confusion so whatever you want to beleive is possible.
Whenever this thing will unfold, we should read: "I told you". The only question is who will say it?
Back to basic:
This is a PS stock (company unacceptable on any decent market)
This is a highly speculative stock (very high risk, very high potential return). I personally consider it to be a bet.
Message boards are interesting but anonymous, therefore unreliable (however they are fun and nice places to trade opinions and argue ... till real stupid people start being totally insane ... see RB)
The wheel still turning (their is something like a company out there), to late to change your bet (some kind of outcome will come up soon), you just have to wait for the wheel to stop.
p.s. For those thinking that jail would await them if this is a scam, I am sorry to say that this would not be...to small a scam to be worth the trouble of getting them there. What's a couple of millions nowadays when scams are measured in term of billions. At least, if this is what it is, it is what these people bet on.
I read your note after I wrote my previous one. I particularly noticed:
"these are people trying to cause a problem or causing the demand side of this equation to slide for a while so they too can accumulate shares"
Just for fun here is what I wrote earlier (Post 1045):
"Whatever this turns out to be, there most likely will have been manipulation somehow. May be it's a scam as some claimed for months or may be some (insiders) are accumulating shares somewhere (hiding their illegal behavior) till the results come out and make the stock go right up.If I am to be fooled, I prefer the second way !!!!!!!!!!!!!".
Here is a 4 steps strategy that could explain the behavior of VLVT:
1-Say it as it is (nobody will be able you didn't)
-Keep doubts by keeping one critical detail out of it (should keep the serious demand away for a while)
2-"Accumulate shares" at low price (not very legal but heck who will complain when we let the price go up?),
3-Clear the air: get credibility thru appropriate vehicules, and confirm high BV, great EPS and nice forecasts (everybody will be happy but those that chickenned out but they want be able to say you didn't say it)
4-Cash in your investment and keep millions of shares at no cost (Party time, no legal complaints, bunch of happy shareholders).
I prefer to be frustrated and end up making money than frustrated and loosing money. If I must be scewed, let's do it the right way.
O.K. I leave now.
Let's see what you get.
Even trying to be viciously negative, I cannot convince myself that the company could have released audited financials that would not stand in public court.
Then why accept this confusion that seems to be a Business as usual situation with this company.
May all have a nice weekend.
DO NOT TAKE ME WRONG... I DO NOT SAY OR EVEN SUGGEST THAT THE FINANCIALS RELEASED / WORKING DAYS AGO ARE OR NOT BELEIVABLE, all I want to say is; why in the world does the company leave this critical question unanswered. I know they know that the market is trying to figure out the value of the audit thru understanding who specifically signed off the audit.
They absolutely are aware (now at least) that this information being (I almost said hidden) unavailable is causing the stock to behave as it does (1 time the EPS and 12% the BV).
Since I consider this management team not to be stupid, I wonder what objective do they try to acheive.
If the company verbally mentionned a typo to a casual caller, relying to a Mr Wondersomething to correct an official company release thru a useless buletin board is outright wrong and worrysome.
I realy wonder: What are these people up to?
Nice to see the board getting alive once more.
Welcome.
Welcome.
Personally I stayed away from the other insane board for over two months and went back a week ago to see (birds do find something worthwhile in hose s*hit).
Forget it I do not even go there anymore. I will see in few months if things have improved somewhat.
Till then I hope those having ideas, feelings and info to share do get involved herein.
Thanks for your R&D profitting us all. Hope you have easier time than when you were looking for the trucks.
If I can have time I will get involve in the search and keep you informed.
I agree with most of what you said earlier even admit that refering to the absence of comments relative to getting listed on another market was let's say not in tune with the other question I raised (see my post 1084...copied hereafter).
As for the timing of the release, I never was critical about its schduling and accepted all along that it was to come out at the end of the quarter as originally committed by Matin (having it earlier as he said later would have been nice but "before end of quarter" was still fine for me to get "some" reassurance that this company was for real (have been burned before with PS stocks). When Matin came back to us saying there was to be a delay of 10 days, I felt he was very likely serious and more than doubled my position (see a previous post of mine at the time).
Regarding TextileDrunk's I am not tired of him consideringI haven't seen his (and many others) garbage since few days after his arrival on the other board. What I do not understand however is the continuous motivation he gets from those reading and answering his garbage. As a matter of fact I stayed away from the other board for 2.5 months and came back to it last week (this board was pretty quiet) to very probably leave it again after I go at it in few minutes considering what I saw within the last days.
This being said, like it or not, it's your absolute right, VLVT having its history, innuendos relative to Matin and numerous instances where we (many of us trying to sincerely beleive) expressed our frustration about news releases generally missing references to credible potential sources, I certainly did not expect the last extremely important release (for sake of establishing credibility)to not address the issue of credibility by showing up the name of an unreachable unfindable audit firm.
Without spending $200,000 (may be in the context it would have been very much justified)using a firm that can afford a website or being in the yellow pages (may be they are but nobody yet seems to be able to find them) would have been very smart. Short of it, giving shareholders information about that firm helping shareholders to find out about them would have been better than nothing (what we got).
O.K. they made an error (who doesn't?). Fine. Then correct it by either updating your release (frequently done by many) or issue a new release addressing the valid concern of the market.
The alternative: 24 hours after the release of an otherwise great one, your stock trades (bid) at current EPS, never mind the forecasted EPS.
In all due respect.
Here is what I posted yesterday (1084) morning at around 9h14 (45 minutes after the release came out):
Posted by: pual
In reply to: None Date:4/15/2003 9:14:14 AM
Post #of 1095
Interesting
Revenue increase 2001-2002 = 38%
projected increase 2003 = 150%
35,000,000 or 42,000,000 shares outstanding (???)
EPS = $0.03
BV/share = $0.23
Share repurchase program coming
Looking for
Who is Aaron Sherman & Associates, Inc?
No comment about getting listed on another stock market???
I feel much better about this "bet" but look forward to obtain credencials of the auditing firm to declare it a speculative investment.
Will be real happy that being done and the stock being taken on a real stock market.
Great, I hope you get that soon.
And if I may add, Saying that they plan to buyback shares wasn't to impressive either. You either shut up or announce you will buyback let's say X% of the current O/S within the next x months (which would be very smart considering the market to be at a "1" or so claimed multiplier ???
Sorry to get you mad but with that an awaited release I would have expected them to yes repeat critical information. They certainly felt important to talk about projections they also had mentionned multiple times before.
Second, The only way our stocks will go up seriously is when this pink sheet company will have obtained some credibility and that you do not get only by claiming things released by people who do not have a past leading to it (Matin admitted that earlier). In this context how did they decide to have the awaited audit done by a firm that nobody seems to have aver heard from and cannot be traced on internet.
Do not take me wrong, I hope this to become a serious stock but realy, do you expect investors to jump in because Matin says everything is great and have close to anonymous an audit firm NAMED in his release.
From what I read today (and I was enthousiastic enough to post it herein, very rapidly this morning)this release confirms and updates the one issued last September (stand to be corrected)and add the name of an unknown unfindable audit firm.
Hope someone will be able to help finding some kind of credible source(s) of information so we (more importantly others) can have some educated (vs blind) faith in this outfit.
If what we read this morning is what it looks to be, the management of this outfit seems to be great at letting the market totally insecure by keeping out of the releases they issue, critical details so they obtain credibility.
This time, they left out any usefull information related to Aaron Sherman & Associates, Inc (Who the heck are they?)
No comments made about when they intend to report to SEC.
Notwithstanding past releases they did not make any comment about getting listed on another market?
Apart from mentionning the name of an impossible to check auditing firm, what more do we know today from what we knew some time last year when Matin came out with similar numbers?
Beleiving these people to not be stupid, I wonder why they always just enough to leave us wondering if what they say should or not be beleived.
I think the market reflects this situation by keeping the share value close to = the EPS and less than 20% the presumed BV of the company.
May be we will find more if they soon issue results for the first quarter 2003 and use this opportunity to inform us all appropriately.
For the moment, it LOOKS LIKE one step has been made in the right direction, but regularizing the legal status of the company is required for me (at least) to congratulate them for a (apparently) great acheivement.
We shall se...
Interesting
Revenue increase 2001-2002 = 38%
projected increase 2003 = 150%
35,000,000 or 42,000,000 shares outstanding (???)
EPS = $0.03
BV/share = $0.23
Share repurchase program coming
Looking for
Who is Aaron Sherman & Associates, Inc?
No comment about getting listed on another stock market???
I feel much better about this "bet" but look forward to obtain credencials of the auditing firm to declare it a speculative investment.
Will be real happy that being done and the stock being taken on a real stock market.
Anyone found a site for : Aaron Sherman & Associates, Inc. yet?
Veltex Corporation Publishes Audited Financials for 2001 & 2002, Veltex Earns 3 Cents EPS for 2002
DIAMOND BAR, Calif., Apr 15, 2003 /PRNewswire-FirstCall via COMTEX/ -- Veltex
Corporation (OTC: VLVT) has announced its results for the Year 2002. Total
revenues for the Year 2002 were $13,770,987, up $3,816,105 from 2001, or up over
38%. Earnings per share were .03 based on roughly 35 million shares issued and
outstanding. Veltex ended 2002 with a book value of approximately 23 cents per
share. These financials represent results from all divisions of Veltex
Corporation and have been audited by Aaron Sherman & Associates, Inc.
"The audit has produced no surprises and we expect our shareholders will be
pleased with the results," commented Javeed Matin, Chairman and CEO of Veltex
Corporation. "We are having a good experience reorganizing Veltex Transportation
and future results should be in line with our projections. We expect 2003
revenue of $35 million, comprised of $5 million from apparel, $15 million from
trucking, and $15 million from textiles. This revenue increase will be more than
100% from last year."
Asked about plans for 2003, Matin said, "We expect to continue good earnings in
both trucking and apparel. Veltex Transportation will add 60 more trucks over
the year to the current line of 40 in operation. Our experience has been profits
of approximately 10% of revenue, or $2,000 a month per truck. Veltex Apparel is
pursuing some excellent projects that will likely add significant revenues over
the year. We are looking to hire experienced managers in all our divisions."
"We have made a few mistakes and have learned from those mistakes," continued
Matin, "but we are also proud of the fact that we moved quickly to correct any
problems. Most of all, we are grateful for our patient shareholders who have
supported our every effort to grow our company. In the coming months we expect
to start a share repurchase program which will demonstrate our gratitude."
Fixed Assets at December 31, 2002 consisted of the following:
Land and Improvements $1,516,355
Buildings 1,053,783
Plant and Equipment 8,218,217
Trucks 263,248
Less accumulated depreciation (1,490,470)
$9,561,133
Depreciation expense for the years ended December 31, 2002 and 2001 was $816,967
and $673,503, respectively.
VELTEX CORPORATION
Statements of Cash Flows
For the Years Ended
December 31,
2002 2001
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $1,138,713 $1,565,920
Adjustments to reconcile net loss
to net cash used by operating
activities:
Common stock issued for services
and contributions 78,400 --
Depreciation expense 816,967 673,503
Changes in operating assets and
liabilities:
(Increase) decrease - in accounts
receivable (380,513) (658,176)
(Increase) decrease - inventory (826,808) (446,621)
(Increase) decrease - prepaid expenses 47,359 59,198
Increase (decrease) - in accounts
payable and accrued expenses 990,508 788,332
Net Cash Provided by
Operating Activities 1,864,626 1,982,156
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of other assets (13,070) 2,353
Purchase of fixed assets (1,710,744) (1,407,658)
Net Cash Used by Investing Activities (1,723,814) (1,405,305)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable 360,766 --
Payments on notes payable (12,520) --
Proceeds from notes payable -
related parties 611,436 66,719
Common stock issued for cash 397,760 --
Net Cash Provided by
Financing Activities 1,357,442 66,719
NET CHANGE IN CASH 1,511,324 643,570
CASH AT BEGINNING OF YEAR 541,696 867,764
CASH AT END OF YEAR 2,053,020 1,511,324
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Interest paid $6,397 $--
Income taxes paid $-- $--
SCHEDULE OF NON-CASH FINANCING ACTIVITIES
Common stock issued for services $78,400 $--
VELTEX CORPORATION
Statements of Operations
For the Years Ended
December 31,
2002 2001
REVENUE
Sales, net $13,770,987 $9,954,882
Cost of sales 9,705,986 7,024,418
Gross Margin 4,065,001 2,930,464
EXPENSES
General and administrative expenses 2,088,481 693,435
Total Expenses 2,088,481 693,435
INCOME FROM OPERATIONS 1,976,520 2,237,029
OTHER INCOME (EXPENSE)
Interest expense 6,397 --
NET INCOME BEFORE INCOME TAXES 1,970,123 2,237,029
INCOME TAX EXPENSE 831,410 671,109
NET INCOME $1,138,713 $1,565,920
BASIC EARNINGS PER SHARE
Earnings per share $ 0.032 $0.06
WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING 34,786,110 27,393,808
VELTEX CORPORATION
Statements of Stockholders' Equity
Additional
Common Stock Paid-In Retained
Shares Amount Capital Earnings
Balance
December 31, 2000 27,393,808 $27,394 $5,016,084 $1,414,470
Net income for the
year ended
December 31, 2001 -- -- -- 1,565,920
Balance
December 31, 2001 27,393,808 27,394 5,016,084 2,980,390
Common stock
issued for cash
at an average price
of $0.032 per share 12,334,604 12,334 385,426 --
Common stock
issued for services
at an average price
of $0.032 per share 2,450,000 2,450 75,950 --
Net income for the
year ended
December 31, 2002 -- -- -- 1,138,713
Balance,
December 31, 2002 42,178,412 $42,178 $5,477,460 $4,119,103
VELTEX CORPORATION
BALANCE SHEET
ASSETS
December 31,
2002
CURRENT ASSETS
Cash $2,053,020
Accounts receivable - trade, net 1,488,835
Inventory 2,815,145
Prepaid expenses 189,436
Total Current Assets 6,546,436
FIXED ASSETS, NET 9,561,133
OTHER ASSETS
Other assets 30,683
Total Other Assets 30,683
TOTAL ASSETS $16,138,252
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses $2,594,949
Current portion of long-term debt 97,518
LONG-TERM DEBT 2,692,467
Notes payable 250,728
Related party payable 3,556,316
Total Long-term Debt 3,807,044
Total Liabilities 6,499,511
Commitments and Contingencies --
STOCKHOLDERS' EQUITY
Common stock: $0.001 par value
70,000,000 shares authorized;
42,178,412 shares issued and
outstanding 42,178
Additional paid-in capital 5,477,460
Retained earnings 4,119,103
Total Stockholders' Equity 9,638,741
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $16,138,252
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.
Safe Harbor forward-looking statements: Except for historical information
contained herein, the statements in this Press Release are forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reforms Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties which may cause the company's actual
results in future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, volatility of market
prices, product demand, market competition, risks inherent in the Company's
international operations, and the Company's ability to replace and expand.
For further information, please contact: Brad Morris of BJM and Assoc,
+1-810-923-0455, for Veltex Corporation.
SOURCE Veltex Corporation
CONTACT: Brad Morris of BJM and Assoc, +1-810-923-0455, for Veltex
Corporation
(VLVT)
Thanks. Looking forward to read it.
Having some time to spare (I still work full time out of town) I went to visit the other board after an absence of almost 3 months (If possible it's even worse than it was then).
However out of this garbage I read that someone talked to the company and was told to expect audited results by tomorrow.
FWIW!!!
I do not see much action recently and I do not expect to see much till the audit is out. Then people will have reasons to move one way or the other.
Till then, few will keep taking back or throwing in their few hundred dollars bets.
My observation over the last days is that, the price staying at 2 cents or so after the last PR and previous promissing releases, the credibility of the management is very low (not to say non-existent). Even those close to the action do not seem to get agressive in adding to their positions (unless they can do it at 2 cents or less).
That does put a stop to my desire to beleive that great news are ahead ???
I would be happy if we get news by sometime during the month (not even sure of that) and if the news is not to bad.
The general behavior and communication skill demonstrated by the VLVT management team, certainly do not help me trying to beleive that they acheived great successes over the last year or so.
I however do not mind being proven wrong !!!