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I wonder who will license Gidget first?
Good DD post! Could you please provide the link here so I can look up another number?
Thanks!!
G & V
Let's see who's sorry when the License fees and Royalties start coming in!
selling poly/cotton blended 6.5 oz. promotional shirts for $16
How many companies would buy just 1 item? How much does it cost if you buy 800?
Maybe your confusing a polo shirt with a T-shirt. There is a lot of difference in them. A retail apparel company or promotional organization can buy T-shirts from VLXC for just $4.17!
Try at No Fear, Quicksiler, and Roxi too just to name a few!
CAL Another paid basher!
Why don't you leave VLXC alone. They are working hard, attending trade shows, sponsoring surfing events to expand and create more recongnition for Gidget. These people are real and VLXC has good things going for it. You are just working for some hedge fund trying to scare individual investors out of their shares so you can make money on price falls. Granted, the apparel industry is very competitive, but Matin, I think, is the kind of guy that can make good deals happen because he works hard. Bangladesh is going to be O.K. too! Pakistan is working with them to provide cotton, etc.
How much are you being paid Miami?
The only think that I have ever received is free Veltex Apparel worth approx. $15.00 and that was just because I visited the show.
I'm not paid, just an honest shareholder.
Go Gidget & Go Veltex !!!!!!!!
Wow, 3 straight weeks of trade shows!!!
I feel for these guys/girls traveling all over the country to sell Veltex Apparel! No rest for the weary. They are all very friendly and working very hard. I believe one of them also models the clothing too. I met Jordan Ross and he is also very nice. He gave me a shirt that is very comfortable. Like me, he is a little light in the hair department on top. The hat I bought from the website for only $4.50 would have cost me at least $20.00 in some retail store.
Mr. Matin said the next time I want to visit a show, just let him know and He will provide a badge/and or pass.
http://www.veltexapparel.com/PDF/TradeShowCalendar.pdf
I just walked right in!
I had a stack of papers, notepad, etc and I just walked in. It was about 3:30 P.M., so some people were starting to leave already and I just walked in! I was the only person without a badge so I felt a little funny, but hay I'm a shareholder, I felt like I deserved to be there!
Miami are you a paid basher?
Since you allways "claim" to tell the truth, how about answering this? You say you have a seven figure stake. Is that because the organization that you "work" for hires people to bash on stock message boards? These big money players take short positions and then hire people to "bash" them. Unfortunetly, they have been successful with VLXC up to this point. Hopefully, the real truth about what is going on will help the honest shareholders here and force these hedge funds to cover. What is the American stock system coming to? This is plain unfair to individual shareholders!!!!!!!
Go Gidget !!!!!!!!!!!!1
Thanks GratziPrego !!! here is a link about the real life Gidget
http://www.sgmag.com/mindcandy/gidget/
GratziPrego You sound like a great salesperson!!
In the Veltex booth they had signs that read "Hiring Salespeople"!
What about possibly selling licenses to other larger, better funded apparel companies and charge them an upfront License Fee and then collect royalties at a certain percentage of each item sold? Gidget is kind of a "catchy" name isn't it? And at least it's closer to the front of the alphabet. Maybe we should rename Veltex to AAA Veltex. Just kidding on that point.
Here are the 2004 numbers by quarter. This is from my excel spreadsheet and they were taken from PRs that stated the earnings, etc.
Sales (In Millions)
2004
Q1 10.9
Q2 10.1
Q3 9.88
Q4 10.759889
41.639889
Net Earnings (In Millions)
Q1 0.857306
Q2 2
Q3 2.21
Q4 0.967111
6.034417
EPS
Q1 0.11
Q2 0.27
Q3 0.29
Q4 0.13
0.80
GratziPrego
Sorry, I attended the trade show in Las Vegas, and just got back. Veltex's booth was very noticeable since they had banners about 12' in the air. They were one of the larger booths their and they had lots of apparel. Mr Matin was pleasant to talk too. He would not offer information that was not public knowledge. However, he did refer me to
www.gidgetclothing.com
Looks to me like this is the next growth driver! Just my opinion!
The audit has some positives and negatives. I guess we will know more when the 2004 audit comes out, but I think we will have to be patient.
The link didn't work well. You have to search under the name Islam and you can scroll down and find it.
http://www.icab-bd.org
Here is some information on the Bangladesh Auditor:
Member's Name : Islam, Mohammed Nurul
Enrollment Number : 55 (1969)
Membership & Qualification : BCom, FCA (20.1.75)
Designation : Proprietor
Firm/Company Name : M N Islam & Co
Address : Chartered Accountants 123/4 Tejkunipara, Tejgaon Dhaka 1208
Telephone (Off) : +880-2-9113528
Telephone (Res) :
Fax :
Email :
Web :
http://www.grameenjobs.com/icab/show.php3
Thanks for the information!
I might attend this show. It's a 5 hour drive for me. I'd like to see if I can ask Matin some questions and see for myself how the show looks.
Stock issued for services in 2003 was $14,000 par value plus $106,000 Additional paid in capital for a total of $120,000.
Stock issued for cash was $93,354 par value plus $634,702 additional paid in capital for a total of $728,056.
This should have been shown in the "cash flows from Financing Activities".
In 2003 the trucking revenue was correctly classified as operating revenue at that time. But now that the trucking division was discontinued, that revenue has to be shown as a "discontinued operation" and NOT part of operating revenue. That explains
$758,398 of the 4.9 Million difference. I can only speculate that part of the 4.15 additional difference could be "intercompany eliminations". Important part to me is the revenue growth and net earnings which hopefully will be shown in the 2004 audit.
Bangladesh does have auditing standard too you know.
http://www.icab-bd.org/about/
From the Anne Tahim audit, it explained that the "Bangladesh Tax holiday" was good for the first seven years of operation. Thus, I believe that that covers 1999 - 2005. Both the 2002 and 2003 audits said that Velvet Textile Mills was acquired on 09/01/1999. Just my opinion though.
Yes King I agree the additional shares could very well have been used to purchase KCA Garments, purchase the remaining percentage of Velvet Textile Mills that was not owned by Veltex Corporation as of 12/31/2003, and to convert debt to equity.
In the Anne Tahim audit of 12/31/2002, I noticed Loans payable from Stockholders of $3,195,517.
As of 12/31/2004, I am confident that this debt has been satisfied due to the information briefly posted to the Veltex Investor relations page on the afternoon of Monday, 03/28/2005.
This information also included KCA Garments revenue of 16,400,000 and Velvet Textile Mills revenue of 24,600,000.
Net income was $2,284,750 and $3,728,728 respectfully.
Please explain your Investment with Matin
in Bangladesh textiles.
Thanks!!
MM you have a seven figure stake here?
yet you claim to never, ever have traded VLXC or any pink sheet stock.
Are you a Market Maker?
If you told the truth even half the time I might listen to you a little more.
p.s. I don't care about 1996, this is 2005 !!!!!!!!!!!
2004 Revenue will be 41 Million
Just wait and see!!!
Debt has been converted to equity too.
2003 was not very good, but we all knew the trucking division had losses and it was good to get rid of it fast.
I heard that it was you that brokered a deal with Matin for some NEW looms. Turned out the looms were used, but Matin still paid you $100,000 for the looms and had to go back to Bangladesh to clean the matter up. I also heard you spent the money and never paid the seller. Matin won a judgement against you in this deal and you have been hounding him ever since.
He is the investor relations guy and yes I sure hope so !!!!
According to Sifel,the Audit will be published by tommorrow.
How did VLXC survive 2001 with NO Stock Sales?
Answer, because they were and still are making money!!!!
MM keeps claiming no revenue and no earnings, but this simply is NOT POSSIBLE !!!!!!!
Common Stock outstanding at 12/31/2000 27,394,000
Common Stock outstanding at 12/31/2001 27,394,000
pre R/S
As of 12/31/2002, how could stockholders equity be $6,436,803 MORE that the total cash received for ALL stock outstanding? Answer again, EARNINGS and RESERVE FOR Bangladesh Tax "Holiday".
More proof VLXC is real !!!
Sorry bashers, but you really should have done your homework before you decided to short this stock!!
Any chance that you could post the filing here?
I appreciate the link, but $1,200 per year is pretty expensive for me. It may be worth it though.
If you could, I would appreciate it if you could copy & paste the 2004 & 2005 filings.
Thanks a Bunch !!!!!
Thanks ! I've sent an email to request the paper Filings!!
Help. Can anyone find out how to view these documents?
http://www.sec.gov/cgi-bin/browse-edgar?company=Veltex&CIK=&filenum=&State=&SIC=&...
Thanks !!!!!!!!
IS there Anyway to get an update on the float?
Thanks!!
Snow Job:
You guys must be getting paid by UBS Investment Bank to try to keep the price down. With only 1.5 Million shares in the float, you guys want to scare every individual out of their shares so you can reap the benefits when the stock "gaps" up!
You guys should appologize to all the people that you made sell. You are commiting Fraud!!!!!!!
Veltex is a real, growing, profitable company, leave us alone!!!!!!!
Check out all the trade shows Veltex will be attending
A bunch!!!!
http://www.veltexapparel.com/PDF/TradeShowCalendar.pdf
I'll be laughing at you when:
1) Audits are released
2) VLXC begins trading on AMEX
3) Gidget sales begin
4) e sales improve (Web site is improving every day)
5) Tarif on Bangledesh textile/apparel is removed this year.
6) Stock price in double digits
At what point do you buy stocks on a technical basis?
VLXC 20 day avg. 1.28
50 day avg. 1.65
200 day avg. 1.58
Or do you wait for a "break-out"? I'm not sure what the pivot point for VLXC would be. You are better at technicals than me.
At what point do you buy stocks on a technical basis?
VLXC 20 day avg. 1.28
50 day avg. 1.65
200 day avg. 1.58
Or do you wait for a "break-out"? I'm not sure what the pivot point for VLXC would be. You are better at technicals than me.
Remember, Veltex is only about 6 years old:
Matin basically build this company from scratch. Using mostly his own money, he built Velvet Textile Mills. Earnings have been reinvested to grow the company.
Don't make it sound like they have been in business a long time. Here is what I can gather about Net Income/Retained Earnings thru 2002.
1999 .59 Million
2000 .66 Million
2001 1.3 Million
2002 1.65 Million
Total Net income through 2002 $4,181,981 per the Anne Tahim Audit. If you add the four numbers above, it comes out to 4.2 Million (Rounding) correctly shown as "retained earnings" on the Balance Sheet.
How do you expect a company this size to buy a company with about 20 Million in sales with cash? Remember, inventories and Accounts Receivable are increasing too, so your cash balance at the end of 2002 was $2,064,647.
Also, from the Anne Tahim audit, Loans payable to stockholders was about 3.2 million (no interest is given). If you were these guys, wouldn't you want to convert this debt into stock? Especially, if you felt the stock price was eventually going to increase based on improving fundamentals?
Matin hired Aaron Sherman & Associates, Inc. to do the audit of 2001 and 2002. It's too bad these guys didn't understand the Bangladesh "tax holiday" rule. They thought of this as a accounts payable, but really VLXC is not liable for this "tax" if they "reinvest" this money which is what they did with the KCA acquisition. My belief is that since Aaron Sherman & Associates, Inc. did a poor job, Matin hired Anne Tahim to basically "finish" the audit using Aaron's numbers. This way, Matin didn't have to pay for a whole new audit.
Anyway, believe what you want. I believe the tables are turning and VLXC goes up from here!!!