The following was copied from the other board:
Here is the open letter that I (timespeaks12345) received from Roger Brunetti.
An Open Letter to all of the people who have called, e-mailed and corresponded with me in the past couple of months:
When I terminated my consulting services at Veltex in April of this year I indicated it was "for health & personal reasons to pursue other business opportunities".
My health is very important to me. I have had several heart attacks in the past and 2 bypasses, a quadruple in the past and a triple in 1996. By the beginning of 2003 I began having chest pains and irregular heart beat, in March I completed a Thallium Treadmill test which confirmed further blockages. At that time I was told my by physician that the results of the kind of stress that I was going through at Veltex must be reduced immediately.
My desire for the past two years has been to develop the business of GoVacations.com, a vacation ownership industry business. Indeed when I began consulting with Veltex in the Winter of 2002 it was because management there agreed to provide $100,000 for 50% ownership of GVC to assist in the further development of GoVacations.com.
That commitment was not honored by Veltex, nor were certain other commitments made to me. The other commitments were 1,000,000 shares of Veltex stock and payment each month of $7500 for my services plus any business expenses incurred by me.
Thus, I left, as I said "for health & personal reasons to pursue other business opportunities".
Earlier this year I coordinated efforts for Veltex to borrow $500,000 to cover a cash flow interruption resulting from trucking operations and to pay employees and consultants. Veltex did not provide the audited financial statement as had been promised by management thus the loan negotiation came to a standstill. Moreover, Mr. Matin indicated that if the loan did close the funds would not be used to pay past due compensation. He indicated that I would be paid only by liquidating clothing inventory.
To that end, on behalf of Veltex, I entered into 2 contracts favorable to Veltex for inventory which, in the case of T-shirts had been sitting in a warehouse for many months, and in the case of hats, needed to be moved due to storage costs. These were approved by Mr. Matin and product shipped. In the latter case there was a serious overshipment, it was acknowledged as an overshipment by the buyer, yet he has not returned the excess (to my knowledge). Even though I stopped providing consulting services in April, I have offered to assist as reasonably possible in gaining the buyers cooperation.
Sometime after terminating consulting services, information and allegations came to me from several sources relating to other Veltex business matters. While some of the allegations are potentially serious, if true. I have no personal knowledge of these several matters and wish only to spend my time with the business of GoVacations.com. At this point in time it would be unprofessional for a former consultant to pass along rumors without good reason.
I wish only the best to Veltex and all interested parties. While I have no direct knowledge, I have heard that cash flow has improved these past 2 months.
Sincerely,
Roger Brunetti
