Veltex Corporation (VLXC)

[pual]

All we know has been audited is the USA operation and this generated no revenues in 2001, $261,000 in 2002 (Anne Tahim) and no revenues in 2003.

We also know that a lot of marketing activities have been conducted since then and we can presume that some revenues were generated from these. Hopefully Fy2004 audit will help us understand where this startup stands at least stood 3 months ago.

On that basis, our stock may be worth some % of the current PPS.

The key to the affair is the status of the out of country business referred to by Matin and the legal relationship there is between this and the US operation.

Any discussion based on the acceptance of figures claimed by Matin and not verified (audited) by a credible source we can find about, is pure speculation.

I still wonder what Matin did (or not) following his attempt to buy "the portion" of the Bengladesh's operation we tought we owned up to then.

Till this is cleared, I assume I own shares in a SMALL startup seemingly doing a lot of things right and apparently starting (this morning PR) to get results of significance.

For this startup to justify a capitalization of $ 7,000,000, a bottom line of $500,000 and an outlook of reasonnable growth in the next 21 months should be more than enough.

As for the other financials measured in tens of millions, I personally prefer to better understand what they are all about and whose ownership they are.