Veltex Corporation (VLXC)

[pual]

I stnd corrected and notice that the balance sheet shows 2 items:

- Retained earnings-unrestricted ($ 4,181,981) and
- Retained earnings-restricted for tax holiday-Bengladesh ($ 1,859,158)

This second item represents (1,859,158/(4,181,981+1,859,158)) 30.7% of total retained earnings.

Therefore you are very likely right and I assume that the $1,859,158 is a reserve kept in relation with the potential obligation of Veltex if they decide to export money to U.S.

Then the only not accounted for obligation of Veltex, if they import money will be whatever taxes are applicable in U.S., 35% being the worst case.

Even better than I tought.

Assuming all this information to be for real, we own something worth (total shareholder's equity) $11,260,618 or $0.07/share, included restricted retained earnings.

The PPS seems frozen at 1 penny or so.

I wonder what the market would accept as capitalisation of such a company, if Matin could get some credibility and our stock was to become listed on a real market (as Matin said he want to do some day). For the momement our capitalisation is about $ 2,000,000.

Tough to beleive that this is only a scam. Much easier to imagine that we are part of what could be considered to be a reversed scam that will be justified by troubles the company effectively had to face in U.S. in 2003.

Who knows? Future will tell...