Was away grom my screen for a few days and what a nice set of exchange to read. As usual I want to add my input to these exchanges and share with you my Veltex experience.
NOTE: Just finish dumping my mind and found out I wrote a lloooonnnnggggg nessage!!! You should skip if you are busy.
First I must say I bought my first 4000 shares in Sept 1999 at $0.43 and saw this then presumed investment gradually fade out. For years thereafter, all I had was a capital loss opportunity and a darn line in my portfolios report showing 4000 shares at $0.001 = $4.00.
When I found that Veltex was coming alive again (looking at my report) in October 2002, I started some new DD on this old stock of mine and decided to send an e-mail to the company asking what was going on. To my total surprise, a woman gave me a call at 10 o'clock at night (Western time) and entertained me for over 20 minutes on the pros and cons of the situation, INSISTING THAT THIS HAD TO BE CONSIDERED AS AN HIGHLY SPECULATIVE, HIGH RISK INVESTMENT.
At the time I tought that this was more than reasonnable answer to an e-mail,and suspected that the reason for the verbal answer was not to leave any trace of it. (Finding out I had frustrated the said caller, I later appologized to the her for having written that much on the other board at the time)
I then found out that the said female voice was the one of a certain V.Duff and then read about her impressive credencials on internet. I somehow then decided that averaging down somewhat wasn't that bad a decision (or blind date) after all (11,000 more shares at $0.05).
From there on the history of Veltex has been the closest thing to a joke, but the V.Duff, with who I had multiple additional exchanges thereafter, seemed to always stick around somewhat. In a message I received from her, she outlined a plan that seemed more realistic than those generally offered by the company.
Here is an example of what I refer to (November 5th 2002):
ME: "Once the auditing process is complete and Veltex is a fully reporting company, the company will seek a listing on another exchange. Could you give more precisions?"
V"DUFF: "There isn't really much more to say.
-A U.S. auditor has been retained. Although the auditing firm in Bangladesh is one of the top ones in that country, foreign audits are not accepted by U.S. securities exchanges.
-Once the U.S. firm has completed the audit, Veltex will file reports.
-Once the reports are filed and accepted Veltex will begin negotiations with the appropriate exchanges. In order to trade on NASDAQ or AMEX, the stock price must be trading above a certain level for a period of time.
So, you can see it is a long and involved process, and the stock must be trading at $3/share or above to be listed on AMEX ."
That realistic outline of a plan suggested to me that if this V.Duff effectively was what and who she seems to be, there may very well be something real behind this incredible story.
With this in mind, buying some and selling some multiple times, I ended up having a "bet" worth 150,000 times $0.0296. (I do not intend to add to my bet and shall take whatever card is dealt to me from here on).
However I still have no clue where this is going. I could justify high hope by focussing on numerous peices of information I cannot realy validate or, support a very negative scenario based on similar informations.
The best evidence that I have, that there may be a jewel in the rough with this Veltex, is the apparently still present V.Duff.
However, I cannot say for sure that I KNOW her even if I sincerely want to trust her.
During a previous experience where I did make a similar "bet" or "speculation", we (me and other "investors???") had a "male V.Duff" having quite a credibility, having a reputation of being a success (we even were able to visit his "mansion" on internet) and we still got cleaned out.
As we say in french "chat échaudé craint l'eau froide" ("Cat having been burnt by hot water is suspicious of cold water").
Therefore, notwithstanding V.Duff's (presumed???) contributions, with all due respect, I still consider Veltex to be a HIGH RISK SPECULATIVE BET.
Only a verifyable set of audited financials and normal reporting can convince me that Veltex is more than an interesting dream.
Till then, I enjoy this board (thanks to the contributors) and enjoy giving a look at the activity of this stock in the market, during my dayly following up of stocks I am "invested" in.
As I said before, I think current volumes are meaningless and strictly reflect the activity of people fooling around with lots of 100,000 to 1,000,000 shares to make 1 or 2 tenths of a penny/share ($100 to $2000 profit) now and then (That's what day traders try to make their living out of).
This being said, I certainly hope the company will be able to find something to release soon. After all, they have released nothing for the last 6 weeks (june 10th) when they wrote:
"Veltex Corporation (OTC: VLVT) announces today that business continues to be on target and sales are starting to pick up as the economy seems to be getting stronger and demand is picking up in our industries.
The progress with the audit continues to move ahead but is taking longer than anticipated. So far, there have been no accounting irregularities found and everything is going as intended. Veltex has decided not to set a finishing date
for the audit, but will keep investors informed as the audit is near completion.
Veltex continues to invest as demand grows to better serve our customers.
Javeed Matin, CEO of Veltex Corporation quotes, "We are working hard to improve sales and profits, as well as the financial strength of the company. Once everything falls into place in 3-6 months (That's mid Sept to mid Dec.), investors will take notice of Veltex and we can take that big step in becoming a more respectable company."
END OF ABSTRACT
Therefore we may not see much in term of release till automn or even winter.
However, I must say that this release sounded pretty much like what V.Duff wrote to me last November???
The Veltex story looks like a film that we would be looking at in slow motion.
The final punch will definitely be found, but we will have to wait much longer before we finally can find out if the guy will marry the girl!!!
On that note, it's time to go to bed (For those on the East coast)!!!
Good night and have nice dreams (as an example, dream of what you would do if this stock was to become a $3 or $5 stock (without a reverse split), assuming you would not have sold at $0.10 or $1.00 between now and then. Dream of a Veltex having 100,000,000 O/S and a profit of $20,000,000 (EPS of 20 cents and multiplier of 15 to 25)??????????????????
