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Just for you kingnazzikanazzer
http://www.forteantimes.com/gallery/headburied.shtml
Roger
I have no problem with those beleiving Veltex to be what they say they are. I have no issue with having paid analysts or IR/PR firms on board to help them having their message out there. I do not even have problems with getting answers from people right in there communicating with me (I must say, very appropriately and politely).
The OPINION I voice is that the overall context of this company is, for the moment, only defined by those directly involved and/or rewarded to say what they say.
I consider this environment to be expremely high risk and say it.
I suggest that no poster herein or on the other board KNOW (unless some hidden insiders are posting ... which I doubt).
The "bashers" (mainly on the other board) obviously have an agenda to destroy people and I have no respect for that.
"Beleivers" are hopeful and have faith (I almost wrote "blind" faith) and, if they understand the risk of that situation and did not get their rent money at it, why not?
My point is that, between these two extremes, I sit.
I beleive there is a company called Veltex, I very much doubt it is what the company says it is and I want better sources of information to decide for myself if it's worth "investing in" or not.
Right now the odds do not please me (stricly my opinion after my efforts to figure it out) for me to accept to gamble right now.
As for those having a hard time accepting that someone may be doubtful right now, it's their right but I don't beleive they are very mature. They remind me of the players sitting at the blacjack table shouting "I KNOW the next card will be an ace".
By the way, even if it is not, you may still win ... or loose your bet. Shouting that you know won't change the next card.
Enjoy the game.
Roger
This is an opinion I posted on the other board after reading:
http://www.kiplinger.com/magazine/archives/2003/February/investing/penny.html
referenced in post 11328.
I do not say that Veltex is not what it claims it is I just want to remind all that great prudence is still appropriate...
VLVT is only a few pennies stock but the following comments extracted from the article you referenced put the "news" of this morning in perspective.
GAMBLING on these stocks is fun but be sure not to commit fund you cannot afford to loose with a smile... But who knows? Don't exceptions make the rule?
Abstracts:
Jeff Helleberg is described as a newsletter editor and securities analyst and his report site contains the tiny disclaimer, "This is an advertisement,"and notes that his firm was paid $3,750 for his article.
Anyone investing in penny stocks "is essentially gambling," says Deborah Bortner, director of Washington State's securities division.
Mass e-mails are often just part of a coordinated effort that in some cases includes Internet chat-room posts, analyst reports distributed by paid promoters and a steady diet of press releases heralding new developments.
Adds Andrew Berger, editor of Walker's Manual of Micro-Cap Stocks: "About 85% of these stocks are extremely low quality and have no business being public."
The drumbeat is designed to draw attention to stocks that might not otherwise merit a glance. Those who respond are often "the elderly or low-income people who don't have the money to buy high-priced stocks," says Richard Chen, an accounting professor at Eastern Kentucky University, who has studied penny stocks. "These folks think they can buy stuff for a few pennies and have a 1,000% or 2,000% return."
Kiplinger's tracked 20 other low-priced stocks that were featured in cyber campaigns in 2002. In 18 cases, the stocks were lower three months after we received the initial pitches, and 13 of them were off 50% or more. One stock was up a little and another was up more than 50%. (The market was down for much of this period, but nowhere near 50%.) When the dust settled, who ended up holding the losing stocks?
Roger
I certainly do not claim that Veltex is a scam. All I say is that I doubt that it is, as of now, yhe jewel the company describes and I do not know what value this company will have whenever the information is available.
Unprofessionalim and lack of respect for shareholders by not informing them APPROPRIATELY did turn me off. Matin admitted past errors and appologized for them but obviously he has not proven that he understood from past experience...yet.
I said it earlier, if this is and has been a scam, it did fail miserably up to now, the shares having been sold for peanuts. Adding new shares short term will be seen (by me at least) a trial to repair the failure. I cannot beleive they will try that.
Let's see what the (short term) future will show...
Roger
Very honestly I have no idea where to look anymore and decided to sit on my few (10,000) shares (I do not care loosing the $340 they represent) till something happen that will direct my attention to information worth considering.
That may have to wait till the audit but, who knows, the company may before then try to get credibility by issuing something that we will be able to check and validate.
Now when I assume the audit will be helpfull, I assume it will not have been done by the brother in law of Matin and that whatever it shows will be complete, duly reported and verifyable.
Personally, I have no intent to buy anymore shares till we know more from appropriate neutral sources.
I may have to pay 10 cents or even 20 instead of 4 but, even at 4, my conclusion is that the risk is actually unacceptable.
The numbers covered by Matin on the 23rd (once more) seem to nice to be realistic but if they happen to be for real, whenever we can validate them somewhat, I beleive that shares will still be available at nice prices in a better known, lower risk context. I do not expect the price to go from 4 to 50 cents overnight whatever the audited financials do show.
If I had $100 to spent at roulette in Vegas, I coud put it on the black or read and have a good gain opportunity with minimal risk. I could also go for a big win by betting it all on number 23 but then my odds would be 37 to 1.
I now decided to go and play it at the blackjack table, have some visibility on the cards at play and be able to decide somewhat. I may loose or win but at least, I will have something to decide upon.
The great work many of you did up to now has been very helpful and the dead end we are now in, tells me that some walls will have to be taken away so we, I or anyone else, can move ahead some more, in one direction or another.
Veltex may not be a scam but let's be honest, if it was one, it would not look any different.
I cannot forget that a previous experience (an OTCBB stock) was having regularly audited financials, was regularly reporting to SEC, published a great business plan just before they folded, had a board of directors made of reputed people and was releasing very promissing developments.
VLVT, to my knowledge, offers none of the above except for the last. I cannot anymore convince myself that the risk is worth getting more involved...for the moment.
Let's wait and see.
Roger
If you compare the investorshub to a working place where serious matters are worked on, considering the lack of additional valuable information to debate, workers are taking a well deserved rest (a dozen posts since early 23rd).
To rest they go in a fun and games holiday site and have fun. RB is such a site (over 200 messages during the same period).
Shall be back to work when additional data are available. Till then I go back to the fun and games site...
See you there!
Roger
Great post.
I do not think that this board has died but since herein people seriously exchange ideas and opinions following availability of information we must admit that no new facts justify a serious argumentation actually.
On the other hand, whenever I want to debate like kids do in primary school yard, I use the other board where you have 3 types of posters:
- The "this is a scam" group (very active considering the number of messages I do not see)
- The "Whatever the company claims I accept at face value" group (generates a lot of messages adressing the claim of the previous group)
- The "doubters" as they call them out there (These are perceived to be negative or even bashers by the previous group)
Your post in here would qualify you very well in the "doubters" group.
Again, personally I find you analysis very accurate for people wanting to look at this situation for what it is: a very high risk speculation (doubtful and offering great reward potential at high risk... same as playing roulette by placing it all on a single number: potential to win 35:1 once in 37 times).
Risk management right now is, as you alude to:
-Keep the shares you already have (no recent fact justifying to change your mind)
-Wait for audited financial (best case they will show a FY02 EPS of 6 cents and "assuming a ultiple of 10" buying at 60 cents or less will be possible... I doubt that price will grow from 4 to 60 cents overnight)
We should no better soon (end of Februry said Matin, I read???)
-Plunge in known waters
Roger
I think we are approaching the moment of thruth considering that the company will run out of shares within hours (they had 2,000,000 left yesterday at 10h16 but 800,000 were traded during the day thereafter... I do not say they were sold by the company but...).
This being said, as often expressed, till we get better information coming from credible independant sources, there is no way I can see the bid going up very rapidly (actuall at 3.2 cents). Anyhow, actual fluctuations are meaningless one way or the other since the market will become more an more manipulated by MM's.
One thing is for sure however, if the company get more shares authorized in the next days or weeks, time to leave the ship will have come, whatever wishfull explanations we can read...
I expect the nex 7 days (incl. today) will tell us a lot and look forward to see how the company will behave in this period of time.
Time has now come for them to be seen for who they realy are. The excuse of "Matin not being very competent in communicating with shareholders" is coming to an end.
I honestly cannot justify beleiving Veltex to be a scam (even those supporting that thesis have no proof whatesoever) but also have no way to validate that what the company said is thru (even those accepting blind faith cannot seriously justify it).
I do not know, I doubt and hope this "dream" to come thru for those having trusted the management and their paid partners (after all I still have few shares).
Roger
Update of post #479
July 15, 2002, the number of OS stood at 27,393,808.
As of 12/4/02 OS were 38,928,412
11 Dec 2002, OS were 39,828,412
17 Dec 2002, OS 40,828,412
07 Jan 2003, OS 43,228,412
Shares issued as of 1/16/03 = 44,878,412
Shares issued as of 1/22/2003 = 47,928,412 as of 10:16 AM PST.
Shares issued in 6 months = 20,534,604 for a total value of + or - $ 825,000
At tharecent rate the 50,000,000 shares will have been issued by the end of the current month.
Roger
That may be and I hope those around him will help him so he can sell his shares at a better price (and if better information comes available I will not mind getting back in at a higher price, granted but with a smaller risk. Business as usual then).
Roger
You are absolutely right and make a lot of sense. This is why I cannot understand why he doesn't help those trying to beleive by releasing details we can verify and validate thru sources independant from the company.
Example: Veltex does operate in STATE, under registration number... and is member of ASSOCIATIONS ... or Mr XYZ from (reputed reporting) company XYZ has been named to the BOD or ... Whatever could help us find confirmation of what this outfit realy is.
Reading this board regularly, you are aware that many contributors worked very hard at finding such independant information with no success whatesoever ... up to now. Many of these people are not disparaging nor accusing the company but trying very hard to get better sources helping reduce the risk involved presently in this speculation (cannot be eliminated obviously but reduced somewhat; possible if the company shows a little more transparency).
Roger
Here is what troubles me again (trying hard to beleive but...)
"Mark A. Suleman, Managing Director of OTC Live states, "The Winter Presentation Conference will be great for corporations, as they will both provide and illustrate their products, direction of the company, new proposals, and meet people to gather more awareness for the company."
but,
"Javeed Matin, CEO of Veltex states, "It is an honor to present our company at OTC Live's Winter Presentation Conference to provide investors and brokers with more intensive information, new ideas, and clarifications of this industry that we are in"
Suleman's intent is to have them give attention to their COMPANIES, Matin talks about presenting the INDUSTRY.
It the actual context, it is not appropriate for Matin to behave as if his company was audited, reporting and traded in real stock markets.
I hope Matin will open up some access to means to verify all he released over the last 6 months.
Roger
FWIW: Here is where I stand as of now:
I scanned all possible and imaginable ways to validate the existance of a real Veltex/Multimodal/... company but whatever I do I always come back to the only available source of information... The company itself.
Hard to beleive that so many presumably honest individuals would do that much effort to manage such a scam for less than $1,000,000 to share between them, after such an exposure to everyone to see? Did they fail in getting the price of the shares up, to generate more money? Do they beleive that nowadays whatever you do to steal shareholders, you will not be sued if the proceed of the scam is small enough?
After what I went thru in a previous (gamble) speculation, I think the second option is possible.
The only problem I have is: why would someone like V.Duff (assuming we beleive in her CV as found on internet) get involved in such a mini-profit scam??? Could she beleive she will also walk away with few dollars claiming she also has been fooled??? Could it be that she honestly is being used by others exploiting her? Who knows???
Personnally I still have $2,120 to loose in this affair ($1805 invested in 1999 and presumed lost for 2 years) and I still hold 10,000 shares after I sold 20,000 at 4.7 cents a couple of weeks ago. Assuming there is still a few weeks left before we get to the final outcome, I try to buy 20,000 shares at 3.1 cents ($705, incl. commission) and sell them again at 4.7 cents (net of $855) before it's over... Unless something I do not beleive in anymore happens???
It's only spare money I do not care to loose anyhow.
My view is that the 50,000,000 shares will have been issued (I do not beleive that they are being used to pay bills but sold to generate cash for
those getting them) within a month and either we never will see audited financials (low probability) or we will see some that will reveal anything but what the company forecasted (high probability), issued with great excuses for the differencials. Then there will have been a "management error and/or incompetence"" but no "illegal behavior" worth going to court.
Those involve may then proceed to phase 3 of the history, having 50,000,000 more shares authorised and great forecasts and promises ... again.
Not having a crystal ball, I can only try to foresee what will most likely be the outcome and I HAVE NO WAY TO SAY THAT I KNOW. Therefore do not give me the Smooth Bashing (BS) argumentation since all I do is to expres AN OPINION...nothing more, nothing less.
Roger
I did receive some private messages thru investorshub and I appreciated that. However not being a Premium member I cannot send private replies to the senders. My registration does include my e-mail address if someone is interested in communicating privately.
I also note that we have to be a Premium member to use the message filtering feature.
Roger
Thank you very much!
Roger
I realy can't care less about your opinion but tought important to suggest that you go and stay on the other board where comments like yours should be appeciated.
To bad the ignore function is not available here (unless there is somrthing I do not know).
Roger
Checkpoint
Having read all messages but the crap produced by some I have on ignore on the other board, read and listen to all the company did produce publicly in term of information, contacted them multiple times and done the best DD I could in the circumstances here is my current state of mind (FWIW):
-A lot of information was released by the company and it all point to an outstanding resurection of a company that was in a deep coma for a couple of years.
-After 6 months, DD in view of corrobating this story from unrelated independant sources is leading to dead ends or the emptyness.
-Having put my broker on the case, he could not find any information making this anything but a pure gamble.
-Message boards are full of useless unsuported affirmations, accusations and other BS produced by frustrated people having nothing to bring worth reading.
-Message boards (this one in particular) include interesting messages that do express opinions but most reflect blind faith and unsupported beleifs, one way or the other.
Bottom line, unless you are Matin or one of his very close one, there is absolutely no way to justify your views on what this company is or is not.
Best case is this company is what their releases said it is, worst case it's a scam.
Most probable, considering legal risks and some of the reputation at stake, it will, whenever the story unfolds, end up being something in between, following an unexplained sale of 20,000,000 shares for peanuts (failure or incompetence???).
Bying shares below 3.5 cents with money you are prepare to gamble with high risk of loosing it could be fun but, till we have audited financials (I seriously wonder what they will show), can be justifyable but paying more than that is not.
My prediction (No, Matin is not going to disappear once again) is that the company will normalise its situation, the audited financials will be very disappointing and excuses will be given to explain the difference between the expected heaven and the real purgatory we will have to accept, heaven being further down the road.
More shares will be authorized and additional dillution will be justified (???) by more promisses.
No one will be prosecutable, errors being something you can do without being accused criminally.
This being said, knowing as much as any one on the outside, this is a prevision I cannot support anymore than any other made herein.
Roger
O.K. You are not textileguru. Then you are a disciple of Raël and Textileguru has been cloned...
Cloning not being yet perfect, textileguru's clone spell Matin as Metin (nice try !!!)
Roger
Daniello, Nightstocker,
Thanks for your comments.
This being a message boards, therefore having no way to know who realy is behind aliases (honest people trying to get info, insiders, avengers, naives or whatever) I in no way try to OPENLY put people in anyone of the 3 classes (each classes having extremes to can fit yourself in between) I named (I have feelings but that's all it is, therefore keep it for myself). One exception is for those I did put on ignore on the other board (7) and those turning to insults whenever challenged in their personal opinions.
The fact is that we all have beleifs, opinions and desires shaded by personal motivations and we each know for ourselves what these are with no serious way for others to judge.
Note: I just put out a bid for my 20,000 shares at $0.031 (actual bid= $0.032, ask= $0.036). We shall see.
Roger
Just being curious I did look at the rate the company is letting go its shares (Thanks to regular reports by dunitB4) and try to project when all the 50,000,000 wil have been issued.
July 15, 2002, the number of shares outstanding stood at 27,393,808.
As of 12/4/02 outstanding shares were 38,928,412
11 Dec 2002, Shares outstanding 39,828,412
17 Dec 2002, Current shares issued 40,828,412
07 Jan 2003, OS 43,228,412
Shares issued as of 1/16/03 = 44,878,412
Shares issued in 6 months = 17,484,604 for a total value of + or - $ 700,000 (675,000/week on average, with recent acceleration)
At that rate (675,000 shares/week), the 50,000,000 shares will have been issued by March 8 or so... earlier considering most recent rate.
Audited financials are committed for before April 1,2003.
We seem to be heading toward having all shares issued right about at the time the audited financials may be issued... That also can be interpreted to support your beleif, good or bad.
If we want to assume that this was (is) a scam, of two things one:
- They blew it (less than $1,000,000) by not being able to have the value of the shares grow, whatever they said,
- They are small stupid crooks gangning together for peanuts after the distribution will have been made.
That sounds so non logical to me that I am tempted to beleive these people are realy working hard at doing something worthwhile.
On the other hand, by not helping the market to have access to neutral independant sources, able to confirm whatever information we can easyly get from those directly involved, the company threw away millions of share at ridiculously low prices. Assuming the best, that would not be very impressive.
As for the message boards, we have those shouting that it is a scam but bringing no proofs, we have those being very satisfied to get confirmation of the releases from those having written them in the first place and we have few, trying to get to secondary reliable sources of information and being categorised as subtile bashers ???
Situate yourself in whatever group you feel appropriate but, in my case, at the present time, I am very honestly part of the last group.
Not having realy found reliable independantly produced data, I have great difficulty beleiving that this is what I would like it to be... but I don't know???
In this gambling case, I did average down buying 26,000 more shares at $0.038 (net $1033) less than 3 months ago. Having more doubts than I can accept, I sold 20,000 at 4.7 cents (net $895) yesterday and I plan to buy 20,000 shares at $0.031 if I can (net $665), then sell them again later at 4.7 cents, and repeat that if possible till we find out the outcome.
Then I will have cashed in few dollars reducing my risk on the way... unless something comes up between now and then, confirming the probable outcome, one way or the other.
FWIW...
Roger
Loved your humor...
Seriously, I see the positive side of the situation and try to beleive everything the company released since September.
Appreciated the past availability of V.Duff whose credential are available to all on unternet.
Was impressed by the report made by StockProwler (not paid by the company) last Sept 15th.
This being said, we both agree that at the present time, this is still a speculative situation.
In that context, trying to evaluate the level of risk and getting additional independant sources of information seems the thing to do.
You are right, I demonstrate selectivity ... both ways. I only have one point of view: I do not know and try to find out what this is all about. I make no assumptions erroneous or not. I try to get valid NEUTRAL, INDEPENDANT information from sources other than those directly having interests (as you know I ignored very rapidly the negative posters of the other board obviously having a revenge to consommate).
Cultural, physical or psychological differences have nothing to do with it, even if I envy those having the privilege to live in sunny California...
Respectfully,
Roger
Looking forward to it.
Thank you very much.
Roger
It was a pleasure discussing with you up to that message.
Best of luck. Keep your head in the sand. Who knows, may be no one will kick your butts...
In my case I will continue to keep my head up looking around. Who knows, may be I will see something you will miss.
Just for a second assume this is a scam (WE do not know as of yet, one way or the other), do you realy think calling unknown involved parties will get them to say: "yes we are scewing you and hope you enjoy it".
Don't loose your time asweringt this last message to you.
Roger (in all senses)
Roger
Thanks for the offer.
As I said, Shrotker did ask it by e-mail (swee post # 388 among others).
Yesterday I wrote the following to V.Duff (After I reported I could not reach her at the address I used in the past, I used other ones). Remark that I usually do not copy on the boards exchanges I have off line but this case seems to justify it.
My note: (Subject: Can you help?)
Mrs Duff,
Considering your credentials and your verifyable reputation, you are the only source of reliable information I have access to. I therefore hope to receive some kind of answer from you. I commit not to reproduce your answer on any board (SIC!!!).
At the end of this note, you will see the report made on a message board by a contact of mine, trying to assess the company thru different sources and not being very successful up to now.
The point that concerns me, considering your past responsiveness, is his reference to your not answering his e-mail.
I would appreciate if, in conformity with your constraints and ethics, you could comment on the following.
Thanks beforehand,
Roger ...
Attachment: (The note of
First thing I did was call a friend who owns a trucking company that handles only liquid freight. He is the only one I know in the business and thought I might take a chance that he's heard of them. He said that he'd never heard of them, but that might not be unusual as he doesn't deal with what he called "refer or box" haulers. He looked further and contacted the Virginia DOT, why that state I don't know, perhaps his company is a Virgina company and said that they told him that they had never heard of Veltex or Multi-Modal. He lives in Pennsylvania. I did not mention All Coast at the time. He suggested that I check with Freighthandlers.com and Bulknet.com. I am unable to access Bulknet.com but the other site had no listing.
Second. I e-mailed Veltex and asked for a source for independent verification of the trucking operation. Specifically a trade journal or organization like ATA, the American Trucking Association. I have not received a response as of this writting.
Next. I sent an e-mail to the Tennessee DOT. This is the state in which Multi-Modal exists, if they haven't heard of them I'd have a problem. I received an e-mail back indicating that the e-mail address to which I made my request only issued permits for oversized loads. They said that they had not issued these permits to these companies and suggested that I contact the "safety" division of the TN. DOT. I have done that and have not yet received an answer.
I do not find it unusual that there are no oversize permits on the records or I would have sold my shares. I am concerned that I cannot find independent verification of the company through industry sources, but I am willing to continue to try and ask everyone's help in that effort.
I am concerned that those who seem to be so positive cannot provide that information and end my concerns once and for all. I am concerned that Ms. Duff has not answered me regarding this issue.
I give no creedence to the OTC company as I am sure that Veltex is paying for this show. Many companies do it when they are starting out and I do not think it's a bad thing either.
I will write to the Better Business Bureaus and Chambers Of Commerce in Memphis and Diamond Bar California.
The answer I did receive last night at 7.53 last night (Eastern or Western time?)
Roy,
I am really busy right now and will get back to you as soon as I can.
Victoria
Roger
I certainly hope you to be right and me to be wrong and I respect our exchange of views. Thanks.
However, I have no doubt that by calling those involved (MM, GoVacations or Veltex) I will have the story they wrote. Then why call. Can I realy expect to learn from it?
Let's try something. Can we get the company to give us the answer to a simple question (the one asked by Shrotker and then by me):
"Can you give us a source for independent verification of the trucking operation. Specifically a trade journal or organization like ATA, the American Trucking Association,..."
Couldn't that help the DD of anyone of us?
Roger
There are always two sides to a medal and it's the same in a speculative situation.
Based on your message, we have pretty much the same background as shareholders of Veltex and till recently your argumentation was the one side of the equation that kept me in at the level I was prepare to put in this speculation. Therefore I am not going to blame you for your logic.
However, my evaluation of the risk became more worrying with time (I DO NOT PRETEND TO KNOW ONE WAY OR THE OTHER) not getting answers from neutral sources to many my questions.
The perception of the risk started to increase when I saw the handout of Matin, presenting to SCIA (see RB message #7870 on the other board). It was so vague, confusing or incomplete that I started wondering what was the justification for him not to give critical details supporting his views and described acheivements.
Then other questions came up:
1- Why hide the name of the respected auditing firm hired 2 months ago? The excuses I read did not satisfy me.
2- Veltex announced the hiring of a IR team on November 21... Why did they feel necessary to announce it again this week?
3- Why did the company let go of millions of shares at 4 cents (+ or -) having interesting liquidities as of Sept 30th and generating "strong cash flow"?. Why did they not issue details creating confidence, thereby better market value for these shares?
4- How was an unaudited, non reporting company able to get the initial cash and the level of financing they presumably got or were planning to get to purchase these trucks? (from a fleet of 46 trucks on hand on Nov 25, they planned to be up to 66 one week later, to 106 by the end of December, to 206 before next April 1). As per Matin's saying (Dec 5) this meant a down payment of $21,600,000 ($135,000/truck) plus financing. The funds generated from the shares plus the cash on hand as of Sept 30th made up less than $1,500,00. Where did the remaining come from?
5- Assuming these acquisition be for real, why was Shrotker's recent DD generating the kind of answers he got ("called the Business Tax Office in Memphis and they have not heard of Veltex or MultiModal. They say it is necessary to be registered with them in order to do business in Memphis")
6- Why didn't he get an answer from the up to recently very responsive V.Duff, asking "for a source for independent verification of the trucking operation. Specifically a trade journal or organization like ATA, the American Trucking Association". Trying myself I had the same result ... up to now.
...
In summary, if you want to be a beleiver, the facts you list are valid. On the other hand if you want to not beleive, the above questions will justify you.
In my case balancing both sides, in time, I went from "the ris is acceptable" to "yes but at a lower level". Let's see what will come up next and re-evaluate.
The info we get from the company makes this "dream" incredibly attracting. What makes it much less attracting is the lack of credible confirmation sources, supporting something seemingly incredible.
Roger
Then stop making accusations (ulterior motives) and asking questions (share with us your story) if you do not want answers...
Posted by: kingnazzikanazzer
In reply to: pual who wrote msg# 385
Date:1/15/2003 7:54:38 AM
Post #of 417
... what makes me aware of the fact that you must have ulterior motives,...
Why don't you just come clean with the board and share with us your story.
Roger
You can beleive whatever you want to, relative to my presumed ulterior motives but my real motive, whatever my opinion on the value of message boards, is to share my information and/or toughts with those involved, unless they justify me to put them on ignore (on the other board).
Since you ask, my history with Veltex (I assume you do not want me to cover my childhood) is very simple
-Bouth in (investing) in 1999 and assumed it was lost thereafter.
-Following resurection of the activity, an article by unpaid Stockprowler and interesting releases by the company, I tought there was potential for a SPECULATION and averaged down last October 23rd
-Being able to find the credentials of V.Duff on internet and communicating a few time with her I did get more confident and SPECULATED some more, averaging down again on November 6th
Since then, I was troubled by the incomplete and confusing information available from the company relative to an otherwise outstanding claimed plan and actions reported. I did express this concern multiple time herein and never was able to understand why the company was not more precise and transparent, considering they had to use their shares valued at few pennies???
Notwithstanding the bashing of many people I ignored a long time ago, some messages herein and reports herein of serious DD done by some added to my own, I decided that this speculation was becomming to high a risk and decided to pull back.
I still do not know what Veltex is all about but my beleif is that it is of three things one:
- A scam (how much of a scam remain to be seen)
- A real new beginning of an abandoned business as per Matin's own admission (will it be much less important than the unverifyable acheivements claimed in recent releases? That remains to be seen)
- A fantastic opportunity to make a lot within few months? I now consider that possibility to be quite remote.
By pulling back (my cost went from 43, to 9.5 back to 34 cents):
-I reduced my risk considering the first possibility,
-Kept a foot in the door to be close by whenever the second possibility is better understood (I then may be able to speculate again in a smaller risk environment)
-Remain a shareholder that will add to his investment as soon as the third one is confirmed somewhat (granted at more than 4.7 cents I got yesterday, but in a more serious context).
There you are.
If you beleive that to be bashing with ulterior hidden motivation, it is your right but whatever your beleif, unless you are an insider very close to Matin himself, you know as much as anyone about the real future value of your shares.
Sincerely, I have no motivation whatsoever to see this speculation to be desastrous once again...On the contrary.
Roger
Thanks
I am not looking for a comaprison of CV`s but As I often said, I contacted the company multiple time and got appropriate answers very rapidly.
However having access to neutral independant sources was not something I was able to do over the last many months.
Now, still having doubts (I never said this was anything but a speculation) I cannot get access or answer from my usual company source.
Shrotker`s reports definitely influenced me (In particular his not getting answer from V.Duff and or the company, to very reasonnable questions). By the way, him and I have been burnt in a similar speculation in the past.
That's why I decided to step back somewhat. I do not mind the risk related to speculation but after a while I must get informations from neutral sources or I may even flip a coin.
Just for a second, assume this is a scam (It does happen and it is a possibility). Do you seriously think that calling those directly involved could be useful?
I do not know what this is all about, I do not say it's a scam and I do not say it is not. All I say is to many unreasonnable beleifs are still required after months to continue minimizing the risk.
This being sai I wish you and every honest posters herein well. After all I am still involved.
Roger
I agree... THE e-mail by itself is not A reason to worry but added to multiple unanswered interrogations, unverifiable information, hard to beleive acheivements and DD ending up in dead ends, I now feel the odds to be to big to keep as committed as I was.
You have to remember my single most important reason to keep my speculation on the table.
Seriously and very honestly (after all I still am in) I hope to be wrong.
Roger
Not to alarm anyone, there may be a good reason for it but after multiple exchanges of e-mail with V.Duff at
Veltex Victoria Duff
E-mail Address(es):
vduff@speakeasy.net
Trying (twice) to contact her again today i received the following:
"This Message was undeliverable due to the following reason:
Your message was not delivered because the return address was refused."
My e-mail address is right and our last exchanges were cordial...
I wonder whay that is???
Roger
If the TG is who I think you refer to, I have put this person on ignore the second or third day he started posting his garbage on the other board. I however (unfortunately) read thru the answers some feel appropriate to write.
I understand what you say, respect it but, in all due respect disagree with your analysis.
Never mind the shareholders like you and I, the company not doing the maximum to get better value for THEIR SHARES doesn<t make sense to me.
They gave all the coordinates of their directly involved partners (OTC, V.Duff, MM, Go Vacations, ...) and did not seem concern about doing it. I sincerely do not understand why they resist giving out those of the only important "partner" or "service supplier" relative to hagiven more value to the ressources (share) they used.
Sorry, but that makes no sense to a business person having be 33 years in the business domain.
Respecfully,
Roger
Thanks for your effort. That's what I call a usefull message.
Best of luck in your search
Roger
Thanks and same from me to you.
Roger
All we could ask is: "Are you mandated by Veltex to audit their books?". You may even ask in what timeframe their report can be expected".
As a matter of fact, you should not even have to ask. A joint release BY BOTH PARTIES would be very appropriate:
"The XYZ audit firm and Veltex confirmed that they entered in an agreement aim at regularizing the situation of Veltex by producing audited financials to be used in reporting normally to SEC"
Matin declared: "We will start our United States audit with
firm XYZ in the first quarter of 2003. Once that is complete, we will become fully reporting to the Securities and Exchange Commission, and move to the appropriate stock exchange." (Dec.2,2002)
Mr Matin continued: "While I was in Bangladesh building the revenue producing base for Veltex Corporation, I am sorry to say our efforts to get information out to the shareholders and public were simply not good enough. This resulted in a decline in the stock price and the stock remained neglected for two years" (Nov 21,2002)
Note: In this Nov 21 release, Matin mentionned that he ha hire an IR firm. Since he named the firm and to my knowledge their telephone lines are not jammed...
Roger
Now you are right, partially.
This being totally speculative, I have days I feel good about it (releases, answers received from questions to the company,...) and days I realy wonder if this is not another scam (I already lived thru a few in the past.
I never pump the company (how could I not KNOWING) neighter do I say it's a scam (even if it could be).
I share my views, negative and positives, and look for opinions from others, trying to get feedback.
What else do you expect from an honest contributor to these boards, considering the state of the company?
Roger
You should not trust anything you read on these boards anyhow. These boards are very usefull to help you do your own DD, using means suggested by involved contributor. The rest is for the fun of exchanging ideas.
For the record, I am an "investor" who allocates 5 to 8% of his portfolio to speculative stocks presenting high risk on one hand and great potential on the other.
In this part of my activity, I stay up to when the situation unfolds, one way or the other. I have lost some, I have won some and some others went from the speculation part of my portfolio to the investment section.
FWIW, your beleif that I have ulterior motives are completely wrong. I however recognise your right to beleive it.
Roger
I certainly agree that you can still speak up when something doesn't feel right to you. A s matter of fact That's what I hope we all do in here.
What troubles me however is the certitude that those promoting the scam scenario contributes absolutely no evidence that there theory is valid (except raising ghost of 1999) and those wanting to beleive in this speculation demonstrate reluctance to get, one way or the other access to FACTS independanly verifyable.
I also made relevant contacts and, at the risk of being naive, have come to the conclusion that V.Duff in particular has verifyable credentials (assuming internet to be credible in some cases). This is by far the most important reason for me to keep my position at the present time.
As for the others, it is very difficult to do such research. As an example, following yesterday's release (still do not know its justification since OTC was involved before) I seached credentials for Stephen Taylor or Mark Suleman (OTC Live inc) but found nothing...again. Calling them personally would be useless. What do you expect calling them, they are part of and directly involved in the story.
I have no doubts whatesoever that a company does exist but I look for confirmation that what it says it is realy is, at least partially.
If someone searches DOT to validate that the transport section (critical) does exist, it seems very appropriate to me. If someone wants to find out from a neighbor what activities they see, if any, at the Veltex' offices, it seems to me quite relevant.
Why then do some people try to make such DD activities irrelevant.
If the company, as busy as they may be, was helping some more, we would not have to do a detective's job to try to figure out what is realy going on. Additionally, this attitude certainly help yhem obtain more (services or $$$) for the shares they are issuing.
You write: "I am beyond the stage of questioning whether or not the offices are really there." So am I. What I want to know is what is going on in these offices.
We may have a couple of months to wait to find out what our shares are realy worth but till then trying to get validated information is very appropriate whatever the non-illegal way of getting to it.
Peace!
Roger
Quite disappointed...I seriously start to wonder why you always find a way to justify the current lack of verifyable info offered by the company.
We both know this is a high risk speculation but after 6 months of wonderfull announcements by the company, we still have no way to verify if this company is or not for real, from an independant source.
The azzholes on the other board certainly did not justify their thesis of a scam...granted but let's be honest, we have not get much more to justify faith in the company.
Roger
That's the problem with this speculation. The info you get cannot be verified by any INDEPENDANT source (an reputed auditing firm as an example).
And the often said BS about not giving it to prevent millions of calls to the said firm if identified is just that BS...
Roger