Actually Multi-Modal was running the trucks for Veltex. The trucks were owned by Veltex but later reposessed or returned. To the best of my recolection there were as many as two trucks remaining after the fiasco with Multi-Modal. I believe that Mr. Matin got burned pretty well by them. The problem with the trucking division was that nothing was made public except for many statements issued in PRs that said how wonderful things were. As I have said before the best I ever did to verify that it ever existed was to track down an insurance office in OK. that confirmed they had got the trucks registered. Not one single trade journal contained any reference to them. The better business bureau in whatever town in was in Tennessee had ever heard of them. Nothing was transparant.
His idea was very good in my opinion. He was making the fabric and some of the goods at the mill. He wanted to buy some more speciality clothing fabricators (MLK?) and then deliver the goods himself. The trucking industry had too much experience for him in my opinion and it was a losing proposition and he was better off getting out. Some believe that this was the use of many of the additional 100 million shares that were authorized on 6/30/03. I don't know.
What he is doing now is selling to sellers if that makes any sense. Matin told me that there were something like 13 companies like his. He explained that a seller goes to a company lke the GAP for instance and sells them on buying 100,000 pairs of pants of some kind. This seller already knows that he can get the pants from Veltex for a certain price and make a profit. This is the audience he looks to attract at the trade shows. You won't see any Veltex labels in items the make for now because these things are labeled to order by the retailer.
Recent PRs mention their private label and their getting into the surf wafre market. If this happens I suspect that it will be under the Veltex name or something else they create with some more appeal like Quicksilver. All of this is possible if everything Matin says is true and so far his track record sux.
Three days for the audit and I don't think I could get anyone to take a bet that it won't be out before 1/1/05 if I offered 1000 to 1 odds.
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