Veltex Corporation (VLXC)

[invest1980]

tex,

"Veltex is managed from the US"? How can you make that Statement after the 2003 audit. Here is a statement from the audit:

"Due to the restrictions placed on the transfer of funds by the Bangladesh government and due to the seperate management of the Bangladesh operations and US operations, these financial statements are un-consolidated with its subsidiary Veltex Textile Mills, Ltd"

This basically says US management has no control over operations in the Veltex mills and therefore Veltex (which based on the 2003 audit is mostly the Textile Mill) is not managed from the States.