Veltex Corporation (VLXC)

[Mastman]

I think one thing we all seem to leave out is the acquisition of KCA Garment. Not that I am extolling the virtue of issuing stock, but if most of the additional shares went for this purchase then the earnings per share in 2004 may be lower because they do not include any revenue from KCA as yet.

KCA revenue is expected to approach 20 million a year, and if this is the case then the 5 million or so shares would seem to be well spent as long as there is a reasonable profit margin coming from KCA.