Veltex Corporation (VLXC)

[dagnyish]

I was having dinner tonight with a very experienced person retired from Ernst & Young. I asked about how long it would take a company with a subsidiary in Bangladesh and subsidiaries here in the US to do its first SEC-appropriate audit, covering 2001 and 2002. Now, I don't know if this audit is for filing with the SEC, but Matin certainly wants to see VLVT trading on a higher exchange ... so I also asked if it was advisable to have that thorough an audit.

My friend said that it would not be unusual at all for such an audit to take a year because of the difficulty in verifying information from Asian countries ... not so much verifying the information's truth as just the time it takes to get the government agencies to respond with the requested documents. EY has many branches in Asia and I believe has a branch in or serving Bangladesh. My friend also said that it was his opinion that it would be a waste of money not to do this magnatude of audit in the most thorough manner, acceptable to the SEC.