Veltex Corporation (VLXC)

[pual]

Very simply put (I was in this for over 6 years) Matin's behavior up to recently destroyed whatever credibility he may have had. I say up to recently because more recent NR's are somewhat verifyable.

Second, the financials Matin does claim do include those from Bengladesh and we have good reasons to beleive that, contrary to what Matin said for years, we do not own this business, at least not 100% of it.

We now can expect,beleive or hope that recent moves in North America have created some business East of the Pacific and therefore are justified to beleive that the $261,000 revenue of 2002 and almost no revenue in 2003, started to grow in 2004 (we still hope we will soon see an audit for 2004 proving it) and it looks as if 2005 could show serious progress.

The "trading at 1x earnings" is explain by this IMHO. "Earnings" is the key in here and till we have serious audits, covering all countries and audited financials get duly reported, CREDIBILITY is the issue.