Veltex Corporation (VLXC)

[pual]

I suspect that this is what Matin has planned for, considering he probably tries to minimize diluting us and himself.

I also beleive that he probably already imported some money from Bengladesh to face his trucking problems. I assume he did not get enough from issuing shares at a sub-penny level.

Much of the funding he will require if he proceeds with the recently announced LOI will obviously be taken out of the Bengladesh subsidiary.

Therefore, hedging most likely doesn't offer much potential for the moment.

Till we see what the bottom line was in 2003 and have an insight on what he is doing in 2004, in U.S., we will have a hard time figuring out what we own and what financial alternatives are available to grow the U.S. operation.

I hope that during summer time we finally will understand somewhat what is realy going on. Till then, this remains a high risk, high potential speculation.