Veltex Corporation (VLXC)

[shrotker]

The reason for the R/S seems obvious. Matin needed to issue shares for KCA and as a way to attract investment. With only 200 million authorized and 200 million outstanding how would he get shares for investors? As I've stated, he offered me shares at a 50% discount if I agreed to hold them for 3 months. One of the disagreements we had was when I explained to him that if I gave him $1,000,000.00 I would control the company. At the time the shares were selling for .012 and that would have equated to $1,000,000.00 divided by .006 (the discount) which would have yielded 166,666,666 shares. He said not to wory about that he would not lose control of the company. I asked him to explain that, but he would not. I never gave him any funding.


Whe he orchestrated the R/S he kept the A/S at 200 million, but now there were only 2 million outstanding. The million dollar investment that he was looking for would have only yielded 1.66 million shares. Hardly enough to wrest control. Especially if you consider his desire to issue 18 million post r/s shares for the mill. I know he did not do it, but it illustrates my point.

Let me congratulate the pumpers here. The posts about the vendors worked well. Some were convinced to buy. Let's hope for everyone's sake that we get the audit as promised and the sales are verified.