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News Release Today From Veltex:
(Post from RB)
Veltex Corporation Issues Clarification
Friday April 18, 9:01 pm ET
DIAMOND BAR, Calif., April 18 /PRNewswire-FirstCall/ -- Veltex Corporation (OTC: VLVT - News) issues a clarification on the April 15, 2003 press release. The numbers released were the preliminary financials and the audited financials will be available to the public in about 2 weeks. Veltex apologizes for the confusion. The error was a communication mistake.
Veltex continues to grow all businesses, and profits are funding the rapid expansion in our trucking division. Please visit our web sites for more information.
http://www.veltexcorp.com
http://www.veltexapparel.com
http://www.veltextransportation.com
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.
I posted this to the RB Forum today. I encourage investors to consider that the poster, Almostout0, may have his own agenda in posting the information he said he was given by calling several times. It just doesn't ring true, imo. Check out his posts on his member profile page. Certainly does not sound like an investor, to me. I think we should be very wary of this type of posting. Perhaps I am wrong, but ... then again, perhaps I'm right.
By: basherpatrol4
17 Apr 2003, 06:56 PM EDT Msg. 16861 of 16864
Believe whatever you must, but ..
I don't know that I am willing to take the word of a poster who has posted to four boards since July 2001, a total of 168 posts, and each and everyone of those posts were either bashing the company he writes about, or bashing an investor in those companies.
>>Who today said he talked to Aaron P. Sharma: Almostout0
(He posted he was told no audit has been done)#16815
>>Who today said he spoke with Veltex secretary and was told administrators were in a conference call?
Almostout0 #16817
>>Who today said that he spoke with Investor Relations and was told by Brad Morris that the auditors name was incorrect, then was given the correct name and phone# Almostout0 #16822
>>Who today said that he called and talked with a person from Veltex Trucking, who told him that the auditor was not Arron Sharma, but someone named Gordon? Almostout0 #16855
>>Who posted on April 16 that he is a Long, and owns 20,000 shares, but in 30 posts here, has done NOTHING but try to influence posters in negative ways? Almostout0 #16703
Who, in common sense, would invest in 20,000 shares of a company, then bash that company in every post?
Mikealan, in post 16854, posted that he called the company and was told the audit was done. Mikealan has shown himself to be a trusted poster here, IMO.
In conclusion, was there an audit, or not? The company says yes, Almostout0 says no. This is what I think: I think everyone should clik on Almostout's alias, look at his member profile, and read at least the opening sentence of his posts. In VLVT, clik on the last 30 and read those. Get a sense of the pattern of those posts. Decide if you think he is a Long Investor, or a clever paid basher. IMO, it's obvious. I think I will just wait and see. I am disturbed by the blatant and almost vicious way he attacks other posters. Judge for yourself. I am not willing to believe, on the strength of the calls he is reporting that he made, to believe the audit has not been made. Dagnylish said it best, yesterday. Investors are being brainwashed with negativism. I agree. Time will tell.
bp4
LOL! Who Cares?!!
Who cares? Everyone except you, advise/guru.
Of course you do not want your vitrolic and demented posts brought here. Well . . guess what . . we investors don't want that either. But you chose to bring your own post, from your own country, accusing Mr. Matin of child molesting; a poison pen letter of incredible unsubstianted lies, and post it to RB VLVT. What did you expect; no one would go to the site you provided and look?! Just how dumb do you think Americans are, for goodness sake?
Now hear this, message board terrorist . . the more you vilify and demean VLVT and its administrators . . the more your own posts in your own words are going to come back to haunt you. And there are plenty of them. People in America do not sit idly by and overlook the kind of character assignation you are trying to pull off. And in particular, when their investments are concerned!
bp4
If anyone feels they can put one iota
of credibility in the postings of textileguru/freeadvise . . please read these posts.
http://ragingbull.lycos.com/mboard/boards.cgi?board=VLVT&read=13030
http://ragingbull.lycos.com/mboard/boards.cgi?board=VLVT&read=13033
http://ragingbull.lycos.com/mboard/boards.cgi?board=VLVT&read=13034
bp4
Nightstocker, some "free advise" for you . .
do not post the requested information here;
let the fraudulent textileguru find it for himself.
Thank you NS .. Graciously accepted
bp4
NightStocker; My comments were my opinion only . .
Your former post:
"Good honest discussion is good for us all. Keep up the commentary and lets get to the bottom of things and make some money."
JR
- - - - - - -
I took that to mean that you feel we all are welcome to post our opinions on this board and that they would be received with the same consideration and good manners usually so prevalent here.
Please re-read my post. I respectfully suggest that you mis-interpreted it.
bp4
My thoughts on questioning office neighbors . .
First thing . . sorry, it seems rather sneaky.
Next: If I were a neighbor of another business nearby; how would I be certain the person on the phone is legitimate? With the world as it is today, people are getting very wary of answering the questions of strangers on the phone; and if they are not . . they surely should be. What would the questions be, anyway? Would the caller just be asking whether or not someone occupies the offices with the name Veltex? We already know that. I'm sorry, this just doesn't sound Kosher to me.
bp4
HA!! Tooo funny!
bp
Thanks and Kudos to Daniello and Pual
for the honest and sensitive postings regarding the past history of VLVT management. It is inconceivable to me that anyone could take the ranting and raving of the poster textileguru on RB seriously, but it surely could give a potential investor pause. If indeed all the injustices have transpired posted herein; I sincerely hope that those responsible get their just dues, and SOON!
bp
Some fireworks . .
for those who are staying home for a safe and sane New Years' Eve tonight.
http://doody36.home.attbi.com/liberty.htm
Daniello; beautiful sentiments in post 219!
HAPPY NEW YEAR AND A GOOD EVERYTHING TO VELTEX INVESTORS!
bp
Guess what you can do . .
with your (lol) "free advise", textiledummy
Vol. now at 620,100 . . .
and with no news, incredible.
And the mm's games have begun; shaking out the weak hands!
Daniello, thanks for that "Hot Button" tip, didn't see that before, interesting.
bp4
"Oh, what a tangled web . . ."
SEC nominee Donaldson also has penny stock experience
2002-12-20 17:44 PT - Street Wire
by Brent Mudry
In an embarrassing triple-whammy for the United States Securities and Exchange Commission, Gregory Earls, the penny stock financier who indirectly led to the downfall of SEC chairman Harvey Pitt and accounting oversight committee head William Webster, has been arrested in a criminal case and charged in a civil SEC action on Thursday, the same day the General Accounting Office released a scathing report on the debacle revealing no-one at the highest levels of the SEC did even a basic Edgar search before Mr. Webster was nominated.
Meanwhile, William Donaldson, the nominee to replace Mr. Pitt as head of the SEC, brings his own penny stock experience to the top stock market watchdog job. Mr. Donaldson served as director of Mail.com when the penny stock promotion hired penny tout John M. Dutton for a paid research report.
Even more peculiar, a fellow director of Mail.com, who serves as its president of international operations, is George Abi Zeid, an indirect former business associate of fugitive Thai financier Rakesh Saxena, a long-time close ally of Saudi arms merchant Adnan Khashoggi. (Mail.com was renamed EasyLink.) Prior to joining EasyLink in early 2001, Mr. Abi Zeid was best known as a senior executive of Xpedite Systems Inc., which vended in three telecommunications companies from Mr. Saxena in a transaction at the heart of Thailand's criminal charges against the fugitive financier. There are no allegations of any wrongdoing on the part of Mr. Abi Zeid.
In the Pitt debacle, C. Gregory Earls, the former chief executive officer of U.S. Technologies Inc., was arrested and charged Thursday with 10 counts of securities fraud in a $13.8-million fraud he allegedly perpetrated on investors in the company through USV Partners, his private company. The SEC filed a parallel civil action.
The U.S. Technologies case made headlines this fall when The New York Times revealed that Mr. Webster served on the company's audit committee and fired auditors BDO Seidman when they issued a negative report citing concerns about irregularities and shoddy accounting relating to Mr. Earls.
Before they joined the board of U.S. Technologies, it is unclear how much due diligence was done by Washington beltway heavyweights Judge Webster, a former CIA chief who also headed the FBI for nine years, veteran Senator George Mitchell, the former Senate majority leader, or Beth Dozoretz, a former finance head for the Democratic National Committee. (Mr. Mitchell, Ms. Dozoretz and four other directors resigned from the board of U.S. Technologies, now virtually insolvent, in April, while Mr. Webster followed in June.)
Stockwatch revealed that U.S. Technologies features strong Howe Street roots; its former controlling shareholder is a shell company in the secretive offshore enclave of the Turks and Caicos Islands; several former directors were previously key figures in Pan Pacific Gold Corp., a controversial VSE promotion, and one former key shareholder held U.S. Technologies shares in accounts at eight different brokerages over a 2-1/2-year period.
In late October, Mr. Pitt came under heavy fire for pushing Mr. Webster as head of a new SEC accounting oversight board, the Public Companies Accounting Oversight Board, after the judge informed him of his U.S. Technologies baggage, and forgetting to tell fellow SEC commissioners about his favoured candidate's corporate governance troubles before the commission voted 3-2 to support the Webster nomination. Both Mr. Pitt and Mr. Webster subsequently resigned.
The GAO, the investigative arm of Congress, was scathing of the highest levels of SEC management in its detailed 32-page report on the Pitt-Webster debacle, released Thursday.
"The SEC chairman and the other commissioners told us that they learned for the first time of reported 'allegations of fraud' against U.S. Technologies and that the company had dismissed its external auditor following an audit that uncovered material internal control weaknesses from a (New York Times) reporter's inquiry on October 30 or from the October 31 newspaper article," states the report.
"Moreover, SEC staff did not consistently search internal databases such as the Name Relationship Search Index (NRSI) and the Eletronic Data Gathering and Retrieval System (EDGAR), or periodical databases such as LexisNexis and Westlaw, for any information on potential candidates."
Mr. Donaldson, who served as chairman, president and chief executive officer of Aetna, joined the board of Mail.com, renamed EasyLink, in April, 1998.
Like Judge Webster, Mr. Donaldson has impressive and impeccable credentials. From 1995 until 2000 he served as senior adviser to Wall Street investment banking firm Donaldson, Lufkin & Jenrette, Inc. (He co-founded DLJ in 1959 and served as its CEO until 1973.) He also recently served as chairman of the Carnegie Endowment for International Peace.
Mr. Donaldson served as chairman and CEO of the New York Stock Exchange from 1991 to 1995, and iIn 1973, he was appointed U.S. Undersecretary of State and subsequently served as Counsel to Vice-President Nelson Rockefeller.
Mr. Donaldson's fellow EasyLink director Mr. Abi Zeid has travelled in different circles. Before joining EasyLink, he served as president of Swift Telecommunications Inc., a company he founded in 1999. Before that, he served as executive vice-president of Xpedite Systems from 1994 until 1998. Mr. Abi Zeid also served as president and CEO of Swift Global from the time he founded the company in 1980 until 1994. (Prior to that, he founded Swift Telex Inc. in 1978.)
By all accounts, Mr. Abi Zeid served Xpedite at an exciting period in the company's history.
Most notably, Mr. Abi Zeid had at least a passing acquaintance with Mr. Saxena, a key figure in the $2-billion collapse of Bangkok Bank of Commerce in mid-1996, the first banking collapse in Thailand, the first country to fall in the Asian economic meltdown. Mr. Saxena was arrested on July 7, 1996, at the luxury ski resort of Whistler, north of Vancouver, three weeks after Stockwatch revealed his presence in the Vancouver area.
Mr. Saxena, along with close associate Mr. Khashoggi and former Bangkok Bank of Commerce head Kirkiat Jalichan, is alleged to be a major player behind scores of dubious loans and bank deals. His specific extradition charge relates to embezzlement of about $88-million (Canadian) to City Trading. The doubtful loan, paid in five instalments in June and July, 1995, was ostensibly made to finance the purchase of shares of three telecommunications companies: Swift Global Communications Inc., Vitel International Holding Co. Inc. and Comwave Communications AG. The Saxena group sold the SVC telecom trio in November, 1995, to Xpedite, a Nasdaq company, for $42.62-million in cash and $14.23-million in Xpedite shares.
To its credit, Xpedite significantly disclosed the Saxena stigma in its regulatory fiings, staring in 1996, soon after the deal was completed.
"The Company has been informed that two foreign individuals, who may be indirect beneficial owners of certain of the entities (the "Former SVC Shareholders") from which the Company acquired the SVC Companies, are the subjects of a criminal investigation in Thailand relating to the alleged embezzlement of funds from the Bangkok Bank of Commerce; and that certain of such funds may have been used by the Former SVC Shareholders to purchase interests in the SVC Companies prior to the sale of the SVC Companies to the Company," states Xpedite in regulatory filings.
" The Company has been informed that such individuals maintain their innocence with regard to all such charges. The Company does not believe that such investigation will have any material adverse effect on the Company."
bmudry@stockwatch.com
A backdoor way to bring the insanity from textileguru to this board, IMO. If you have been reading RB VLVT, and it appears you have, you must know that VLVT investors have already read and discussed those allegations, and that no basis for the claims made there have been brought forth.
bp
No doubt, imM, that a lot of the "persistant pests" currently posting innuendo and cyber-smear have personal agendas, for sure. But I was speaking of those posters who have been around for some years; they post on a plethora of boards; and they never have a positive word to say about any company. In fact, they keep repeating the same tired rhetoric and lies, over and over. Those are the people for whom the "basher handbooks" were written, and IMO, they do exist. Another thought: Yes, there are professional touts posting hype for some companies; so why would there not be professional bashers also? If one reads the boards of such companies as GMXX, GECC, SSPC, PCBM, USXP, BMII, IFTP, just to name a few, the same aliases appear on most of them, always bashing the stock. This is not to say that I am making a suggestion that any of those stocks are scams or are not scams; I don't have investments in any of them and don't know. RB has TOSed several long-time basher aliases; but they just come back as something else; general paresis being one.
My opinion . . bashers and hypers will be around as long as the Penny's and Pinks are. It's the honest investors who have the fortitude to try to create a balance of credibility, IMO.
bp
Dagnyish is So right! It is humamly impossible to ignore the recitations of those who (having been trained in the psychology of how to get into people's minds and cause confusion) post their innuendo and outright lies. Remember that paid basher professionals are very well trained in methods of getting into the mindset of the average person and creating havoc. It's near impossible to NOT give some credence to what they say, and they very well know that. The latest "pro" . . "general paresis" is, IMO, the paid pro basher, "Scion" . . who having been given final walking papers by RB some time back, has found a new way to do damage to companies. I have been reading his posts for the past three years, and the style sounds totally similar.
Whether or not VLVT is a legitmate company . . (I think it is) remains to be seen, but I invested here on the premise that it is after researching everything I could find . . and until it is proven otherwise, I will continue to believe that.
bp
Dagnyish is So right! It is humamly impossible to ignore the recitations of those who (having been trained in the psychology of how to get into people's minds and cause confusion) post their innuendo and outright lies. Remember that paid basher professionals are very well trained in methods of getting into the mindset of the average person and creating havoc. It's near impossible to NOT give some credence to what they say, and they very well know that. The latest "pro" . . "general paresis" is, IMO, the paid pro basher, "Scion" . . who having been given final walking papers by RB some time back, has found a new way to do damage to companies. I have been reading his posts for the past three years, and the style sounds totally similar.
Whether or not VLVT is a legitmate company . . (I think it is) remains to be seen, but I invested here on the premise that it is after researching everything I could find . . and until it is proven otherwise, I will continue to believe that.
bp
Questions and Suggestions: A capital idea, imM! After all, there's that oldie saying that says~ "if you are not a part of the solution, you are part of the problem." (Or something like that, lol.)
Incidentally, fellow posters . . I am getting vibes about the poster (who just got into membership this past Sunday)
"bikggal2000" . . She/he started out seemingly a sincere poster who has just invested a small bonus check in VLVT, and just wants to know what is happening. I think this poster is a "plant" . . It's now only Thursday and already she/he has become a basher, doesn't seem likely for such a short time. It's my feeling that there will be many such "plants" as VLVT becomes more successful. Nasty way to do business, I say!
bp
Thank you, IMM. You have mail.
bp
Well yes, I do have a couple of questions IMM; but looks like I have to register for the "Premium" account to send a PM?
BP
So this is where you guys hang out, hm?
Have room for a feminine-type here?
bp