Thanks Larry ... I have learned my lessons on pinkies and usually would not be involved with a stock like Veltex ... but in this case my intuition was screaming at me to pay attention.
When I started doing my research and came up with many pluses based on current operations ... and many unsubstantiated accusations and outright fabrications spread on RB and elsewhere several years ago relating to this being a scam ... VLVT came up as probably the most unusual situation I have ever encountered.
On the negative side we are still lacking financials audited in the US (audits were done in Bangladesh) and the stock is not listed. There is also a (+/-) 2 year period from mid-2000 to mid-2002 when IR was as poor as it could get.
To me what was accomplished during those 2 years is the important thing. When Mr. Matin closed up shop in the US and went to Bangladesh in 2000 the mills there were producing at a rate of around $3,000,000. per year ... when he returned to the US this year they were producing at a rate of around $15,000,000. per year. It is obvious to me that his purpose and intent in being there was to "grow" the company.
A major point of interest IMO is that I think it is the collateral value of the 1/2 million or so in cash accumulated in the Veltex account in Bangladesh during those 2 years that is making possible the financing of the trucks now.
There are still many unknowns, but assuming Mr. Matin learned his lessons about the necessity for good IR, including a full disclosure policy, this could turn out to be one of those "one in a million" situations. Time will tell.
daniello
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