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They could be in tremendous debt. In the last year and a half, they claim they have paid off $3 million in debt with $16 million in revenue the last two years. Yet they still claim they have about the same profitability they had in 2004 and 2005, when they made no claims of paying off debt and had about the same revenue as 2006 snd 2007. The president of the company says he has no idea how much debt the company has on its books, because he has never seen them and takes whatever the company tells him at face value. This is after KNOWING they have made false claims about owning a power plant, mining vanadium, and having tens of millions of dollars in contracts that were "works-in-progress" that they did not show in their backlog and just disappeared.
Why won't the company file financials with the SEC? Won-Gil Choe told me it was because they didn't have enough money to do an audit that would be acceptable to the SEC.
Reuters says they have been losing millions of dollars and have had negative margins and horrendous losses for at least the last five years. The company says they've been profitable by a couple of hundred thousand dollars every year. They have had about a million dollar market cap since getting listed. The stock price has gone from over $2 since they were first listed to .003 when the company got some of their biggest shareholders to sell, and then took it back to about a penny again. Their highest revenue was four years ago. Anyone who says they're growing and are profitable have only what the company says to go on.
TTCM China is not listed on any website I could locate as being a legitimate water pipe company in China. I have found references to dozens of other Chinese "water" companies, but I couldn't find any reference to TTCM China. That doesn't mean it isn't an ongoing business, but if it is, it must be so small that news agencies and Chinese websites that discuss water issues in China don't think it's worth mentioning. The only references I can find about TTCM China come from TTCM China and Won-Gil Choe.
TTCM is losing millions of dollars according to Reuters.
Name: TTCM China
P/E: N/A
ANNUAL EBITDA(M): $(0.8M)
ANNUAL EBIT(M): $(1.8M)
Revenue is down from three years earlier.
2004 Revenue $9.7M
2007 Revenue $8.6M
Their "claimed" revenue has been between $6M and $10M the last four years, with their "claimed" highest revenue being $9.7M in 2004.
TTCM China reported lower revenue this past year than they reported four years ago. In the last four years, they have claimed to have produced about the same revenue each year, with a few hundred thousand dollars in profit. According to Reuters, they are losing millions of dollars. This last year they claimed to have gotten financing to complete their back orders, and still reported about the same revenue as the year before.
TTCM's revenue is much smaller than their previous contracts and claims of having 30% market share would suggest. Just more evidence of their ongoing fraudulent claims.
Bid and Ask spread was 50%. Total TTCH traded today was about $500. Yeah, everything seems to be on the up and up with this company and its stock.
I can't find ANYTHING about TTCM China that doesn't come from TTCM China and Dr. Choe. Again, it may be a "real" company, but why is there so much information on the internet about many other companies that manufacture pipes in China, and NOTHING about TTCM China that didn't originate from the company? Anyone who thinks this company has 30% of the market, as the company has claimed several times, is going on faith that what the company says is true. If their "30%" claim is false, which appears obvious, it's just another of many false claims that TTCM China and Dr. Choe have made.
Source of AA Rating Unknown...
(a previous poster who looked into it wrote this)
"I haven’t found much yet, but here are a few tidbits.
1) It’s interesting to hear that Mr. Choe did not know where the AAA rating came from.
2) Here is a list of the ratings on the Bank of China from 2006. Note the difference between the western agencies’ ratings and the rating from the Chinese agency.
Credit Ratings (Long Term)
Standard & Poor’s BBB+
Moody’s Investors Services A2
Fitch Ratings A-
Rating and Investment Information, Inc. A-
Dagong Global Credit Rating Co., Ltd AAA
Based upon this, we can at least be pretty certain that the AAA rating on TTCH came from a domestic Chinese agency of some sort."
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That's the closest anyone has come up with relating to the company's AAA rating from what I could find.
Won-Gil Choe admits he doesn't know the specific source of the AAA rating. He will try to bamboozle you with a general response, but if you ask him to please give you the specific source of the AAA rating so you can check it out to see if it is credible, he will admit he doesn't know the name of the source.
These "deals" aren't listed on China websites either. In checking several news sources in China that deal with water and companies that are in the "water business", I couldn't find ANYTHING about TTCM China. They may be a legitimate company, but they are so small and appear to be losing so much money that news outlets don't discuss anything about them.
How's this for starters to get the investigation ball rolling?
TTCM China claimed they owned a power plant.
TTCM China claimed the power plant was generating electricty.
TTCM China claimed they expected $1.5 million in revenue from the power plant within a year.
TTCM China now admits they never owned a power plant.
TTCM China never explained that discrepancy.
TTCM China claimed they had the rights to mine and were going to begin mining vanadium.
TTCM China claimed they expected $7 million in revenue and $5 million in profit within a year.
TTCM China now admits they never mined vanadium.
TTCM China has never explained that discrepancy.
TTCM China claimed to be growing "faster than expected" and had a much larger backlog than the $25 million backlog they had the year before.
TTCM China then issued a series of press releases in late 2006 through early 2007, claiming they were negotiating and had signed some of the largest contracts in their company's history.
TTCM China claimed that several of these contracts were "work-in-progress".
TTCM China then issued a press release several months later indicating they had an almost identical revenue to the previous year.
TTCM China then made an announcement several months later that they had $23 million in backlog that did not include a number of the contracts they claimed they had signed six months earlier. (contracts that totaled around $100 million)
TTCM China has never explained those discrepancies.
There are many other discrepancies.
I believe any independent and objective reviewer of the facts would agree this company needs to be investigated because of what the company itself has said.
I believe the data from Reuters is by itself enough of a reason to investigate the company. According to the Reuters charts, TTCM China is losing money hand over fist, has terrible margins, and, surprise surprise, horrible management effectiveness.
Any objective reviewer of these FACTS would say an investigation is in order. IMO the company should be suspended from issuing shares immediately because of the facts that are already known.
If they want to get rid of disgruntled long term shareholders, the company could buy them out by spiking the price. I doubt they will do it, but it could save them a lawsuit or two. I still haven't decided if I'm going to seek legal counsel, because these shams of companies have already researched the laws and regulations, and know they can get away with fraud most of the time, and even if they're caught may get off lightly if they receive any punishment at all. It's unbelievable that U.S. laws and regulations can be flaunted so easily, even by foreign companies.
Why are they losing so much money if their pipes are in such high demand? Why did they get almost $10 million in revenue four years ago, and have never reached $10 million in revenue in the last three years?
$150 moved the pps almost 20%.
The Reuters #s look terrible for TTCM China.
Why does Reuters show they're losing $?
Posted by: Spark
In reply to: None
Date:1/29/2008 3:29:10 PM
I asked my broker at ACAP to call the company and he was told that OS was 83M and the float 33M. NOT BAD!
Posted by: sweetpepperjam
In reply to: None
Date:1/30/2008 12:57:14 AM
FYI - Float = 28,341,414 shares...
From: "Won" <won@gansemi.com>
Subject: Re: Share structure for TTCH
Date: Tue, 29 Jan 2008 10:44:26 -0800
To: XXXXX
Dear Mr. XXXXX:
Thank you for your interest in the company.
Authorized shares: 220,000,000 shares
Restricted shares: 55,000,000 shares, approximately
Total Outstanding shares: 83,341,414 as of August 28, 2007
TTCM China is losing tons of money, according to Reuters. Who do you trust - a company that claims to have been profitable every year for at least the last four years but refuses to file financials with the SEC, or the data from Reuters?
Did you get a chance to ask Dr. Choe why he has never purchased the stock of any company? He told me it was because he didn't trust the management of companies that issue stock. He also told me the reason he doesn't want to step down is because, "I (he) don't trust them" (management in China), and wants to keep his leverage as president.
Why doesn't Won-Gil Choe know how much money they have been losing.? Has anyone asked him yet why he has never looked at the company's financial statements?
Does anyone know how much money TTCM China has been losing over the last few years?
Well, they more than doubled the a/s in less than a year. If they do that this year, they will have over 500 million authorized shares within one year, not two.
My guess is over 500M will be authorized within two years.
Thanks for trying. So the only other public company, past or present, that Won-Gil Choe has been affiliated with and is still in business may be Nayna Networks, which is selling for .001. TTCM China had 100 million authorized shares this time last year. Then they quit telling anyone how many shares they had for about eight months. Now it appears there are 220 million authorized shares. Do you have any idea what they plan to do with the extra 120 million shares they authorized in less than a year?
Does ANYONE have a rational explanation for a company president and former Chief Financial Officer with a Master's Degree in finance NOT to want to see the financial statements of the company for which he serves as president? Does ANYONE know why any president would not know if his company is expanding, what the company's short term debt is, or if it is profitable? Why would a president of any company NOT WANT TO KNOW the financial details of his company?
"Won has served as CFO for several NASDAQ listed companies."
Is there any other public company (besides TTCM) he's with currently in addition to Nayna Networks (NAYN)? The pps for NAYN has been around .001 for a year, but at least they haven't been issuing misleading press releases in the meantime. Do you know what happened to the NASDAQ companies he worked with, and what they were? Is any one of them still listed or still in business?
Thanks for the news that there's a water crisis in China. I don't think anyone knew that, because no one else has ever mentioned it, and this was your first post to let people know there's a water shortage. You're really doing a great service by letting people know all the FACTS about TTCM China.
He will probably tell you the company is well-positioned in the market to take advantage of the water shortages in China.
He will tell you the company is looking for new financing.
Won-Gil Choe has no idea what the revenue projections are for 2008.
Only one person works for TTCM China in the U.S., and that is Won-Gil Choe, the president. I don't know what questions you can ask him that he can answer, because he NOW says he has never seen the company's books, does not know how much debt they have, does not know if they are profitable, doesn't know how much money they are losing, doesn't know if the company is expanding, and doesn't know if they are ever going to file their financials with the SEC.
Spark.. That water project was the last contract they announced for more than seven months, after "announcing" many contracts before that one that never showed up in their current records. Why do you think they had no contracts to announce for more than seven months, until they started "talking" about their contracts again, and many previous contracts have never been addressed?
I think they'll do worse, especially if they are investigated to determine what happened to their backlog, what happened to their contracts they signed that are no longer around, and to find out if their books confirm whether they are or are not profitable.
How does anyone explain the discrepancy between their claims of annual net profitability for at least the last four years and the independent charts from Reuters that show they have been losing money at a rapid pace over the last five years?
This was TTCM China's last PR about a power company. They claimed they already owned the power plant and it was beginning to produce electricity. Unfortunately, the press release was false. According to the president, Won-Gil Choe, they never owned a power company:
MOUNTAIN VIEW, Calif., May 5, 2005 (PRIMEZONE) -- TTCM China, Inc. (Pink Sheets:TTCH), a leading supplier of glass-reinforced plastic pipes, announced that its newly built Liao Ning Carbonization Power Plant, has turned on power production with initial capacity of 150 thousand tons. The plant will be fully operational by the end of the year with total capacity of 400 thousand tons.
"This is a significant move for TTCM into the energy market," said Mr. Wang, Chairman of TTCM. "This is just one of our vertical business expansion strategies, which directly complements our core business of pipeline product. This exciting announcement highlights just the beginning of our planned domestic and international expansion."
The power plant will initially contribute approximately $1.5 million in incremental revenues in 2005...