Veltex Corporation (VLXC)

[Growth And Value]

What we know so far about 2005 revenues:

Veltex-Explorer- exceeding goals of 1 million per month. ($7 Million in 7 months June - Dec. 2005). est. (7*1.08= $7.56 Mil.) Plus new fall line should increase these numbers!!

4/7/2005 West Surfing Products $750,000
4/8/2005 Sun Shirts LLC $161,228
4/8/2005 Sun Shirts LLC $369,000
4/12/2005 Coral Head, Inc. $568,000
Total $1,848,228

I would imagine that we will see more deals like this before this year is over. A conservative estimate is $4 million for 2005.

Approx. 60 days of trade shows. A very conservative estimate would be $6 Million from these. This is difficult to estimate, so this is just a guestimate.

Veltex explorer $7.56 Million
Purchase orders $4.00 Million
Trade Shows $6.00 Million

My North American sales estimate $17.56 Million
Net income @ 14% of sales = $17.56 *.14 = $2.46 Million
$2.46 Million / 10 Million O/S shares = $0.246 per share

$0.246 * conservative P.E. of 10 = $2.46.

Anything from Bangladesh would be in addition to this. Any new acquisitions would be in addition to this.

Does this seem reasonable? I think these are very conservative numbers. This doesn't count John Daly either!!!
These are just my estimates, I don't know for sure!