What is this "long" silence all about???
The following is just a dumping of ideas I am presently trying to clarify.
Assuming Veltex is effectively what the company said it is (my position is well known as LONG, HOLD and SPECULATIVE) I wonder what is realy going on, out of sight???
The last release goes back to Dec 23rd ("Veltex expects to issue updates on the continued growth of our trucking division
and the progress on the audit, to be completed early next year.").
As I said earlier: "Why should VLVT put out any more news releases at this time." (post 291)
IF this is for real, I am developping a feeling (just that, a feeling !!!) that the next release may very well be related to audited financials. The question is: when is "EARLY next year" ???
Releases previous to Dec 23rd said:
-"We are also in the process of purchasing 80 more trucks by year end," (Dec 5th)
-"More key announcements are expected to be made in the next month. (Dec 5th)
-"significant announcements with be forthcoming as soon as they become available, which the company expects to happen in the near future." (Dec 2nd)
-"100 trucks will be acquired during the First Quarter 2003" (Nov 25th)
...
Not realy having followed thru in details on these, could be worrying if we adopt the "scam scenario" but on the other hand, it would still be logical at this time, if we beleive in a more positive possibility. As I said: "Short of producing committed actions to normalise our situation, any new news would be close to useless." (post 291)
55 working days left in the first quarter. The question is: "when will the promissed audited financials be released".
If Veltex realy is a serious potential, I assume that the management will definitely try to deliver on their commitment much sooner than by the end of that window (first quarter 2003)... FWIW...
Still, one thing (among others) troubles me.
The company said: "company currently has over $500,000 of cash on the books. Veltex has over $11 million in total assets with very minimal debt." and "We expect to continue to announce record profits for the remainder of the year and into 2003"(Dec 2nd)
In this context, why did they have, since then, to dump millions of shares in the market at between 3 and 4 cents? (Each 1,000,000 only generated only $35,000 or so ???).
I read: "Veltex has recently issued shares for the acquisitions it has completed and for other corporate purposes. The shares issued will be kept to a minimum." (Dec23rd)
I still wonder why,this was required, considering what they had on hand on Dec 2nd and what they must have generated since?
This part worries me somewhat. To me, it doesn't make much sense.
Whatever, this remains a speculative pink sheet stock and great prudence is required so potential losses are kept at an acceptable level, even considering the profit potential if ...
Roger
