Checkpoint on my view of this "affair"...
I do not know what to think anymore about this stock, except that CREDIBILITY is the single most important handicap we have to face.
- Is what is claimed relative to the Bengladesh's operation accurate and/or for real? We have to remember that the audit was effectively done (presumably) by an unnamed firm.
- How bad were the damages suffered in U.S. with this trucking adventure?
If we accept what we recently were showned, Veltex total shareholder's equity wass (as of 12/31/2002) $ 11,290,618 including $ 4,181,981 in unrestricted retained earnings. As per Matin's earlier statement, 2003 should have increased these numbers.
Whatever way you look at it, a capitalisation of (160,000,000 X $0.011) $ 1,760,000 doesn't make any sense in such a context. The pet shop of my brother should justify a better capitalisation than that.
Today again, more than 5,000,000 shares will change hands (or find hands) and PPS is stable at an illogical level (if we beleive what was released).
Of 2 things 1:
1- This is a ridiculous scam (Have a very hard time beleiving it personally)
2- We will keep living the current ridiculous situation till, somehow:
a) Matin can address the enormous credibility issue we face (connot understand why this is not yet a priority considering his personnal interest and his apparent cash requirements in U.S.,
AND
b) he does whatever is needed (reporting normally among other things) to get out of this PS market and get listed at least on OTCBB (preferably on AMEX).
I must conclude that after years of a stupid behavior, Matin needs to do something (recruit someone bringing credibility to this affair) so he can put behind him and us, his reputation of total unreliability.
Till then, whatever he does and says will remin totally not trustworthy and therefore PPS will not grow significantly.
I hope he figures that out one of these ... months ... unless, something much more ludicrous is going on behind the doors ??? Who knows ???
In any case, after many years, I certainly intend to see the end of it with all my shares, whatever it will be ... if I live old enough ...
