Tuesday, December 28, 2004 5:15:25 PM
His idea was very good in my opinion. He was making the fabric and some of the goods at the mill. He wanted to buy some more speciality clothing fabricators (MLK?) and then deliver the goods himself. The trucking industry had too much experience for him in my opinion and it was a losing proposition and he was better off getting out. Some believe that this was the use of many of the additional 100 million shares that were authorized on 6/30/03. I don't know.
What he is doing now is selling to sellers if that makes any sense. Matin told me that there were something like 13 companies like his. He explained that a seller goes to a company lke the GAP for instance and sells them on buying 100,000 pairs of pants of some kind. This seller already knows that he can get the pants from Veltex for a certain price and make a profit. This is the audience he looks to attract at the trade shows. You won't see any Veltex labels in items the make for now because these things are labeled to order by the retailer.
Recent PRs mention their private label and their getting into the surf wafre market. If this happens I suspect that it will be under the Veltex name or something else they create with some more appeal like Quicksilver. All of this is possible if everything Matin says is true and so far his track record sux.
Three days for the audit and I don't think I could get anyone to take a bet that it won't be out before 1/1/05 if I offered 1000 to 1 odds.
Then there was "GO Vacations". No more.
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