FOR WHATEVER VALUE YOU INDIVIDUALLY WILL GIVE IT
I finally found some information about Veltex. Granted I do not give my reference (as per the request of my contact) but you may be interested in reading what I found.
I understand the following to be something that you will interpret whatever way you want but let's remember that this is a message board and therefore quite a bad way (anonymous) to make any investing (betting, speculating, ...) decision.
All those following this message board know that I DO NOT KNOW if Veltex is or not a good "bet" I therefore do not write the following trying to promote or not the company. I just want to share what I got with you.
For whatever it's worth, here is what I recently did and found.
Thru a contact of mine in US (has absolutely nothing to do with Veltex, he is not even a shareholder of the company) I obtained the e-mail address of someone that my contact knows, someone who for whatever reason dealt with Veltex and Mr Matin in recent past.
I WROTE the following to this referenced contact (abstract):
"... I have invested part of my "gambling" or "speculating" funds (5% of my total portfolio spread over 8 different risky stocks) in Veltex.
Notwithstanding all the "opinions" (pros and cons) expressed in anonymous message boards (???), I admit that I am in total darkness relative to Mr Matin's operation. On one hand the official releases of the company up to June 10th lead me to beleive that Veltex was a real company having, for whatever reasons, difficulties getting their acts (audited financials among other things) together.
On the otherhand, all but the last commitment (June 10th release mentionned possible additional delay of 3 to 6 months) of the company have not been met and this renders the situation very speculative to say the least.
All DD leads to company generated information one way or the other and I all I found (thru our common freind), up to now, is that you have somewhat been involved with Veltex. Mr ... that refered me to you suggests you would not put your reputation at stake by lying about a sub-penny-stock scam.
I therefore would like to ask you two questions:
1- Are you still inform somewhat relative to Veltex? (If you accept to define your involvment it will be appreciated). My understanding is that you are, among other things, holding few shares in Veltex.
2- Do you beleive that Veltex has a future, granted, one presenting risk? (If you were to define your vision it also would be very much appreciated).
Presuming you will accept to respond to these questions, I would like to know if you prefer or not this exchange between us to remain confidencial. I commit to respect your desire. (He did request not to be identified but had no objection having his opinions mentionned).
Thanks beforehand for your attention."
Here is an abstract of WHAT I RECEIVED as an answer:
"...it seems Mr Matin is taking some steps in the right direction. I just meet with Veltex now and then. I know very little about what is going on inside the company except for a little information I personally obtain thru contacts of mine, close to the company and Mr Matin.
Regarding the future of the company, all I can say is that I am not selling my few shares. I believe there is lots of value in the Apparel company because Veltex is one of the few vertically integrated [textile mills/sewing shops/US distribution] companies and that is the Holy Grail of the apparel industry. It is almost impossible to do and takes real foresight, and I credit Mr Matin with putting it all together. Unfortunately, as he was adding the final coup, the trucking, he got 'coup-ed'. The trucking business is full of thieves and it cost him a LOT of money, mostly all the money he raised through his stocks. [I think he has the trucking business under some semblance of control, now, though it was definitely out of control for a while.
The truth is he has little money to play with, but the apparel will, IMHO, pull him out of trouble. Contrary to what many do say, he is very bright If he knew a little more about our business and stock market cultures, he would be King of the Mountain. Unfortunately, he had some lessons to learn.
Therefore, I'd hate to see us selling out when, IMHO, the worst is behind the company now.
