Veltex Corporation (VLXC)

[Growth And Value]

Hang in there Texastex

I know you are taking a lot of grief from these guys. I'm staying the course. The Financial Statements from the Auditor in Diamond Bar and Anne Tahim have some minor errors in them, but nothing that says "scam". Anne Tahim may have overstated income by $78,400 in 2002 as this dollar amount of common stock was issued for services in 2002. Instead of 1.65 Million, the true number may be 1.575 Million for 2002 net income. The Diamond Bar CA. audit firm Aaron Sherman & Associates audited all the divisions of Veltex Corporation. Matin changed to Anne Tahim probably because see was a bigger firm and A.S.A. made a mistake of not understanding the Bangladesh "tax holiday" and thus overstated accounts payable and understated "Retained Earnings"-Restricted-tax holiday.

Why am I bringing this up? These auditors have been bashed hard and yes they made some errors. However, as long as they verified cash and accounts receivables, and ALL auditors do, VLXC IS Profitable! Cash flow IS VERIFIED And it proves profitability!

I would not be surprised if the recent additional shares are for a new acquisition. It makes sense to me that Matin would not release any news on it until the audits are complete. Also to keep the growth rate high, one or more acquisitions are probably necessary. Hopefully, Gidget will take off and the e sales will start working better!