If (and a big one) this is not a scam or what I refer to as a reversed scam, this Matin must be one idiot of a kind.
He shows no respect whatesoever for his shareholders and has delivered nothing he ever promised over the last year.
As for the outstanding shares I would be very surprised if we did not have 100,000,000 out there.(". As of July 15, 2002, the number of shares outstanding stood at 27,393,808). Let's assume 75,000,000 were issued since (avg of 2 cents) it would have generated $1,500,000 over 12 months. Wherever that money went it's only $30,000 per week on average. I realy wonder if that justified the effort, if we assume this to only be a scam???
My only wonder is for how long this "game" will keep running before we can find the thruth about what realy has been going on.
Just for fun here are few abstract from Veltex Business plan as it was described last December 4th:
"Each subsidiary will be responsible for providing audited year-end financials to Veltex for inclusion in audited consolidated financials of the holding company.
A meeting of the Board of Directors of Veltex Corporation will be held Quarterly. At each meeting, the subsidiaries will present their reports and the Board of Directors will review the operations, plans, marketing efforts, etc. of the subsidiaries."
"At the rate of growth experienced during the year 2002, projected Revenue for Velvet Textile Mills is $15-million with an expected $2.5-million Net Income Before Taxes for the 12 months ended December 2002."
". During most of the period 1999 through 2002 the stock traded in the area of $0.01 or lower owing to the absence of investor relations efforts while the CEO was living in Bangladesh building up the company. Communications between Bangladesh and the United States are difficult at best,..." (Communications within U.S. seem pretty bad also!!!).
And the closing remark:
", the company anticipates a stock price of at least $2.00 to $5.00 per share by the end of the First Quarter 2003" ... Whoops, may be the secratary (they are always the scape goats in these situations) wanted to type 3002???).
Personally, stock price at 20 to 50 cents by the end of 2003 would realy please me enough!!!
Is that a joke or what???
