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I held three million shares before I sold, and the president told me there were many other retail investors who had more shares than I did. Do the math. Unless he was lying, (which is very likely), there are a lot more shares in the float than they are claiming.
What makes you think that is really the float?
What are you going to say if they stop telling shareholders how many a/s and o/s there are like they did almost a year ago when they wouldn't even let the transfer agent disclose the numbers, and the president wouldn't tell anyone how many shares there were for many months?
220 million authorized shares and 83 million issued shares... Before they stopped telling shareholders how many authorized and outstanding shares there were this time last year, they said there were 100 million authorized shares and around 70 million outstanding shares. 120 million more authorized shares in a year doesn't look like a profitable company that is able to stand on its own, and that's probably why they quit telling shareholders how many shares the company had.
Look for a positive financial statement tomorrow or Wednesday. Believe any of it at your own risk.
They were able to dump millions of shares @ 3 cents last year after issuing a slew of misleading press releases spiked the stock price. It looks like their series of press releases this year hasn't been able to spike the price that high this time, and they are dumping shares @ around a penny. If they pull the table out from under everyone like they did last year, and quit issuing any news for many months, a penny will look like an awfully good price this time next year.
Disagree 100%! Nothing this company or its president says can be trusted.
Previous Financials According to TTCM China:
Revenue
2004 Revenue $9.7M
2005 Revenue $6.9M
2006 Revenue $7.5M
Net Profit
2004 Net Profit $497,530
2005 Net Profit $578,598
2006 Net Profit $134,549
Net Profit Margins
2004 5.1%
2005 8.4%
2006 1.8%
According to Reuters, however, they lost over a million dollars at a time when the company was saying they had a profit. They also said they were "growing faster than expected" at the end of 2006 when they claimed to have a backlog of $25M, announced around $100M in contracts signed and being negotiated, and then six months later said they had a backlog of $23M. The company's president has claimed that TTCM had a 7% or 8% Net Profit Margin. Yet he has admitted he doesn't know if the company has been profitable or if it is losing money.
How can anyone know that TTCM China's short-term debt is almost paid off if they don't know what the company's short-term debt is?
What did Won-Gil Choe tell you is TTCM China's current short term debt?
I am not making up stories. Won-Gil Choe, TTCM China's president, is the only company representative in the United States. He told me he has no idea what the company's debt is, because he has never asked what it is and has never tried to find out what it is. How could he tell you the company's short term debt is almost paid off when he told me he has no idea what the company's debt is?
The president is the only company representative in the United States. He told me that he had no idea what their short term debt was. He told me he never checked the company's financial statements. When I asked him if he knew if the debt was closer to one million dollars or ten million dollars, he told me he didn't know because he never asked and never checked. Are you claiming he told you how much debt the company has remaining? If so, how much debt did he say they had? Again, how could he have told you that TTCM China has almost paid down all of their debt when he told me he did not know what the company's debt was, and never asked and never tried to find out?
How could they say they are almost finished paying down their short term debt when the president doesn't know what the company's debt is?
Those negative numbers are much worse than the numbers I found before.
I just found these numbers for TTCM China by searching TTCM CHINA REUTERS RATINGS (although I'm not sure if these are Reuters' #s).
Return On Assets (TTM) -109.78
Return On Assets - 5 Yr. Avg. -57.10
Return On Investment (TTM) -598.49
Return On Investment - 5 Yr. Avg. -119.90
According to Reuters, TTCM China had a negative $.8M EBIT and a negative $1.8M EBITDA last year.
Another thing no one knows is TTCM China's debt. They have issued a couple of press releases claiming they are paying down their short term debt, and one time they said they reduced the debt by 2 1/2 million dollars because of the company's improving financial condition. Then a few months later the company released a PR that showed their lowest total revenue in several years. If you ask the president what TTCM China's debt is, he will tell you he has no idea. If you ask him if it is closer to $1M or $10M or $50M, he will tell you he doesn't know because he has never asked or tried to find out.
TTCM China hasn't released financials for 2007, so now that this is out my guess is they will issue financials in a week or so. For several years the company has claimed to be profitable, and the president, Won-Gil Choe, has been interviewed more than once claiming the company is profitable. When pressed however he will admit he has no idea if the company is profitable because he has never seen their books or checked any other source to determine what the financial status of the company really is.
One of the worst press releases they made was to tell everyone they were growing faster than expected because they were signing the biggest contracts in their company's history, and within six months released financials that indicated their last year's revenue was LOWER than the previous two years.
Another red flag...
Won-Gil Choe, the company's president, has said on several occasions that TTCM China has been profitable for years. However, he now claims that he has never known if the company has been profitable, because he says he has never seen their financial statements.
In 2005 the company "disclosed" profitable financials in mid-2005 and again for the entire year of 2005 in March, 2006. For the year 2006, they did not issue mid-year financials, but announced profitable full year financials for 2006 in March, 2007. For 2007 they have not issued financials yet. However, according to a Reuters Ranking list, TTCM China has been losing money.
How can the president of any company claim his company has been profitable for years, and then claim he has no idea if his company is profitable, while never finding out if his company is profitable or is losing money? The answer is obvious.
Exactly the opposite... They claimed they were signing and negotiating the biggest contracts in their company's history totaling around $100 million, and said their backlog was substantially higher than the $25 million they had the year before. Months later they announced a backlog of $23 million, and never said what happened to all of those contracts that were the biggest in their company's history that were missing from the backlog. Then they quit issuing press releases for seven months, and the president wouldn't even tell (or let the transfer agent tell) shareholders how many shares were outstanding or authorized. Alleged contracts vanished into thin air, and they waited until their shareholders sold before starting their new run of press releases.
The company issued other misleading press releases in addition to these. They claimed they had (or were negotiating) around $100 million in contracts, and then a few months later issued a press release saying they had around $23 million in backlog. This was after issuing a press release saying they had $25 million in backlog a year earlier, and that the backlog had "grown substantially" since then.
TTCM China Reports Additional Order Worth $12.8 Million With LiaoNan-DaLien Project in LiaoNing Province
MOUNTAIN VIEW, CA; Publication: Business Wire; Feb 15, 2007; TTCM China, Inc. (Pink Sheets:TTCH), a leading producer and supplier of glass-reinforced plastic pipes, today announced that they have signed a contract worth $12.8 million with LiaoNan, DaLien in LiaoNing Province, and that the branch operation is established and the project is in the work-in-process stage.
Dr. Won-Gil Choe, the President of TTCM China, said, "This is a part of the company's strategic campaign to penetrate the market place in the southern and southeastern regions as well as the northeastern region of the country by establishing operations in LiaoNing Province. With a population of approximately 40 million, often called 'the Golden Triangle' because of its strategic location, it includes boundaries with the Yellow Sea, the Bohai Gulf and the Yalu River, the closest gateway to the Korean Peninsula. The contract is another indication of growing demand for our pipes to provide industrial water, drinking water, sewer systems and flood control systems to the rapidly growing regions."
TTCM China Reports Backlog of Orders Worth $23.5 Million
TIANJIN, China--(BUSINESS WIRE)—June 14, 2007--TTCM China, Inc. (Pink Sheets:TTCH), a leading producer and supplier of glass-reinforced fiber plastic pipes, today announced an outstanding backlog of orders. Some of these projects were previously reported but the following is the most up-to-date list:
1. PanJin City, LiaoNing Province Water Supply Project: Initial qualification and testing of proposed pipes is completed and plan to go into production starting July, 2007: $13,205,000
2. Fu-Zhou City, Fujian Province Water Supply Projects, Phase-in contract: First phase of: $1,282,000 of total contract of $8,974,000 is work-in-Progress.
3. SiChuan Province Water supply Project: $1,282,000.
Total backlog of orders outstanding: $23,461,000
Mr. Jiqun Wang, Founder and Chairman of TTCM China, said, “TTCM is working to increase its market share nationwide and revenue in 2007 and beyond. The demand for our pipes for water delivery, sewage disposal and treatment plants remains very strong. We expect the growing demand for clean water delivery and flood control systems in China to continue to drive demand for our products.”
TTCM China Reports Contract Negotiation Worth $15.4 Million With Hami Prefecture's Potassic Salt Project
MOUNTAIN VIEW, CA-(MARKET WIRE)-Jan. 30, 2007- TTCM China, Inc., (Other OTC:TTCH.PK – News), a leading producer and supplier of glass-reinforced plastic pipes, today announced that they are negotiating a contract value of $15.4 million with Hami Prefecture's Potassic Salt Project (Potash fertilizer). The contract calls for approximately 124 miles of 2.3 feet diameter of the Company's pipe products.
Mr. Jiqun Wang, Founder and Chairman of TTCM China, said, "This is the strategic project of Chinese government to greatly reduce China's potash fertilizer imports and it calls for the company's pipe to transport such potassic salt for the processing of the fertilizer. The contract is another indication of growing demand for our pipes to provide industrial water, drinking water, sewer systems and flood control systems to rapidly growing areas."
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TTCM China Reports Additional Order Worth $12.8 Million With LiaoNan, DaLien Project in LiaoNing Province
MOUNTAIN VIEW, CA-(MARKET WIRE)-Feb. 15, 2007- TTCM China, Inc., (Other OTC:TTCH.PK – News), a leading producer and supplier of glass-reinforced plastic pipes, today announced that they have signed a contract worth $12.8 million with LiaoNan, DaLien in LiaoNing Province, and that the branch operation is established and the project is in the work-in-process stage.
Dr. Won-Gil Choe, the President of TTCM China, said, "This is a part of the company's strategic campaign to penetrate the marketplace in the southern and southeastern regions as well as the northeastern region of the country by establishing operations in LiaoNing Province. With a population of approximately 40 million, often called 'the Golden Triangle' because of its strategic location, it includes boundaries with the Yellow Sea, the Bohai Gulf and the Yalu River, the closest gateway to the Korean Peninsula. The contract is another indication of growing demand for our pipes to provide industrial water, drinking water, sewer systems and flood control systems to the rapidly growing regions."
TTCM China Reports Booking and Work-in-Progress of Largest Order Worth $15.4 Million
MOUNTAIN VIEW, CA--(MARKET WIRE)--Jan 8, 2007 -- TTCM China, Inc. (Other OTC:TTCH.PK - News), a leading producer and supplier of glass-reinforced plastic pipes, today announced that they have signed a contract worth $15.4 million with Dong-Wan City, Yue-Dong, GuangDong Province, and that the project is in a "work-in-progress" phase. The contract is a part of the company's southern strategy to penetrate the market place in the fastest growing southern regions of China, including the Guang Dong Province surrounding Hong Kong.
Mr. Jiqun Wang, Founder and Chairman of TTCM China, said, "It is the strategy of the Company to move forward in expanding its business in the southern and southeastern regions of China where the economic growth is even faster than the rest of the country. The contract is the largest contract in the company's history. Once again it proves that there is growing demand for our pipes in China, particularly to provide water to rapidly growing areas as well as flood control systems. Because our pipes are more lightweight and cost efficient than other conventional types, they are suitable for large-scale projects such as this one in Guang Dong Province in south China where many heavy industries are concentrated."
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TTCM China Reports Additional Order Worth $12.8 Million for Work-in-Progress
MOUNTAIN VIEW, CA-(MARKET WIRE)-Jan. 16, 2007--TTCM China, Inc., (Other OTC:TTCH.PK – News), a leading producer and supplier of glass-reinforced plastic pipes, today announced that they have signed a contract worth $12.8 million from Cuong-Dong Jhe-Nan of FuJian-JheJiang Provinces and the project is partially completed and the balance is a Work-in-Progress.
The contract is a part of the company’s southern strategy to penetrate the marketplace in the fastest growing southern regions including Fujian, Guang-Dong and ZheJiang Provinces.
Mr. Jiqun Wang, Founder and Chairman of TTCM China, said, “This is the strategy of the Company to move forward in expanding with its business in the southern and southeastern regions where the economic growth is even faster than the rest of the country. The contract is another indication of growing demand for our high-tech pipes in China, particularly to provide water to rapidly growing areas as well as the flood control systems. Because our pipes are more lightweight and cost efficient, they are suitable for large-scale projects such as this one in FuJian-JheJiang Provinces in the southern region of China where many heavy industries are concentrated."
TTCM China Announces $12,600,000 Contract Negotiation With the City of GuangZhou (Canton) in the Fastest Growing Region of China
MOUNTAIN VIEW, CA -- (MARKET WIRE) -- November 29, 2006 -- TTCM China, Inc. (PINKSHEETS: TTCH), a leading producer and supplier of glass-reinforced fiber plastic pipes for water supply, sewer system and flood control, today announced the company is negotiating contracts in excess of $12.6 million with water resource companies in the city of GwangZhou in the Gwang-Dong Province, the richest province in China with a population in excess of 83 million, near Hong Kong. These latest negotiations come soon after the October 2006 announcement from the company that it booked its largest ever order of $12.9 million with the Liao Ning Water Reservoir and water supply company in the northeast of China. Pending what the company hopes will be a successful resolution to these latest negotiations, TTCM China expects to add to its backlog of orders that at the beginning of the year was in excess of $24.5 million, and has grown substantially in 2006.
The Company is advancing its business model, expanding into new regions, cultivating new relationships, and developing new markets for its products. In particular, TTCM China is aggressively pursuing opportunities in the southern and southeastern regions of China, where economic growth is on an even more rapid pace than in the rest of the country. In addition to the current negotiations with companies in GuangZhou, other negotiations are in progress with companies in the GwangXi province (with a population of 49 million) across from HaiNan Island, and in the FuJian Province (with a population of 35 million) across from Taiwan. The tremendous population pressures, exacerbated by sustained economic growth and industrialization, have strained the infrastructure of the country, and these conditions are even more pronounced in the southern and southeastern provinces.
Mr. Jiqun Wang, Founder and Chairman of TTCM China, said, "This is a further indication of the strategy of the Company to move forward, expanding business in the southern and southeastern regions where the economic growth is even faster than the rest of the country. Once again it demonstrates clearly that there is growing demand for our high technology pipes in China, particularly to provide water to rapidly growing areas as well as the flood control systems. Because our pipes are more lightweight and cost efficient, they are suitable for large-scale projects such as those in the GwangXi, GwangDong and FuJian Provinces. We expect to see growing momentum in 2007 and into 2008 to meet the tremendous demand for clean water delivery and flood control systems in China."
TTCM China Expanding Into GwangXi and FuJian Provinces
MOUNTAIN VIEW, CA--(MARKET WIRE)--Nov 13, 2006 -- TTCM China, Inc. (Other OTC:TTCH.PK - News), a leading producer and supplier of glass-reinforced fiber plastic pipes, today announced they are negotiating contracts in excess of $12 million with water resource companies in the GwangXi and FuJian Provinces of China. These latest negotiations follow closely after the recent announcement from the company that it booked its largest ever order of $12.9 million in October, 2006 with the Liao Ning Water Reservoir and Water Supply. Pending what the company hopes will be a successful resolution to these latest negotiations, TTCM China anticipates adding to its backlog of orders that at the beginning of the year were in excess of $24.5 million, and has grown substantially in 2006.
The Company is advancing its business model, expanding into new regions, cultivating new relationships, and developing new markets for its products, particularly in the southern and southeastern regions of China where economic growth is on an even more rapid pace than the rest of the country. The current negotiations are with companies in the GwangXi province, with a population of 49 million, across from HaiNan Island, and in the FuJian Province, with a population of 35 million across from Taiwan. The tremendous population pressures, exacerbated by sustained economic growth and industrialization, have strained the infrastructure of the country, and these conditions are even more pronounced in the southern and southeastern provinces.
Mr. Jiqun Wang, Founder and Chairman of TTCM China, said, "The strategy of the Company is to move forward, expanding business in the southern and southeastern regions where the economic growth is even faster than the rest of the country. Once again it demonstrates clearly that there is growing demand for our high technology pipes in China, particularly to provide water to rapidly growing areas as well as the flood control systems. Because our pipes are more lightweight and cost efficient, they are suitable for large-scale project such as those in the GwangXI and FuJian Provinces. We expect to see growing momentum in 2007 and into 2008 to meet the tremendous demand for clean water delivery and flood control systems in China."
TTCM China Making Good on Plans to Go Global
MOUNTAIN VIEW, CA -- (MARKET WIRE) -- October 05, 2006 -- TTCM China, Inc. (PINKSHEETS: TTCH), China's leading supplier of glass-reinforced plastic piping and associated products, is moving forward with its global expansion strategy in conjunction with its subsidiary Tianjin Tianlian Composite Material Company, Ltd.
Founded in 1995, TTCM's core business is the production, processing and sales of glass-reinforced plastic pipes wrapped with sand inclusion and other glass-reinforced plastic products. Its primary products include various types of regular and high-pressure pipes, fittings, round containers, cooling towers, and fans. The company is also engaged in the development and production of new high polymer synthetic material.
In 2004 alone, TTCM supplied approximately 600km of its glass-reinforced Fiber Plastic
Pipes. These projects accounted for more than 30% of the total market share, ranking TTCM China first in its industry in the entire country of China.
This growth is already attested, as the company has enjoyed fast growth over the past several years, and has recorded annual revenues of over $6.8 million (unaudited) in 2005. TTCM expects growth to continue on its strong pace domestically and international growth opportunities.
The customer base is increasing and with additional revenue in maintenance, upgrades and the expansion of the company's distribution lines, TTCM's global strategy will take shape through new partnerships, additional government and private contracts. While the Chinese market continues to grow rapidly, particularly with regard to infrastructure and real estate development, the demand for water pipelines is constant and also growing in proportion to the expansion in China.
"TTCM is prepared to respond to the demand for its products. We are positioned to continue to be a major player in the market place," Wang continued. "We also have the capability and capacity to expand our product lines into the sewer, gas and oil distribution markets." Further, "Other factors that may affect the company's financial performances is the ability to secure sufficient working capital to ship the record backlog of orders reported earlier."
TTCM China Growing Faster Than Expected
MOUNTAIN VIEW, CA -- (MARKET WIRE) -- October 03, 2006 -- TTCM China, Inc. (PINKSHEETS: TTCH) announced today that it is revising its growth projections upwards to adjust for the company's exceptional success in implementing its business plan. Last year alone, TTCM China reported sales of $6.8 million and net profit of $578,000 on margins of 8.5% after taxes. The Chinese producer and supplier of glass-reinforced plastic products and piping announced yesterday that it updated its list of current projects for which it had signed contracts or already initiated construction.
Based on the same margins under which the company operated last year, the company's current projects would be much higher than that of last year for TTCM China. These current backlogs of orders are presently valued at more than $25 million, and represent an impressive rate of expansion of its already strong position in China. In 2004, TTCM supplied approximately 600km of sand-inclusion pipes respectively for a variety of water, sewage, and water management projects in China, representing over 30% of the total market share, ranking the company first in its industry in China.
Another factor that may affect the company's financial performance is the ability to secure enough working capital to ship the record backlog of orders.
With the continued expansion of the Chinese economy, combined with growing industrialization and population pressures that drive the demand for water delivery and sewage disposal, TTCM China is understandably optimistic about its future prospects. According to company founder and Chairman Mr. Jiqun Wang, "From last June we've had tremendous progression in regards to our current projects. Demand has never been better."
TTCM China Broadens Market, Makes Its Superior Water Pipe Available for Oil & Gas and Targets The Energy Industry in China and the World!
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug. 25, 2005--TTCM China, Inc. (Pink Sheets:TTCH) developed a superior pipe for water systems, and swiftly captured 30% of the Chinese market. Now the company has perfected its patented pipes for use in oil and gas applications as well, broadening its market for pipes to at least double, according to Jiqun Wang, Chairman and President.
"The fast-rising demand for energy in China has created an energy industry need for technologically advanced pipes that is virtually unlimited. Add to that need, the requirements of the mushrooming international energy industry, and what TTCM China will serve, is a vast untapped market of huge profitability," Wang said.
TTCM's products for both water and oil & gas have attracted international attention from buyers and distributors in every part of the world, including, but not limited to, the United States.
The superiority of TTCM's glass-reinforced plastic pipe was the result of a decade of research and invention, harnessing new material and production technologies to the demand of the 21st century. The company revolutionized water systems with pipelines of high quality, long life cycle and efficiency. TTCM holds three patents on the pipe, and more are pending.
The pipe boasts smooth inner walls that offer minimal resistance to liquid flow, reducing the energy cost of transmission to a level much lower than concrete and metallic piping. TTCM's pipes receive benefits from the company's unique wet sand inclusion technique, which resolves any problems of gumming and pollution, and all other types of problems that may be present. Its Nanotechnology increases the pipe's strength and helps prevent the breeding of bacteria.
"TTCM'S technological inventions, in both material and production process, enable us to deliver superior products to our customers and ensure our solid market position in our space. Our product lines now can be used for much broader applications, such as gas lines and oil lines. We are committed to maintaining our technological advantage and competitive edge to allow us to grow in both vertical and horizontal markets," Wang said.
"This is just the beginning!" the TTCM president states.
Nothing this company says can be believed.
Please check the many press releases (if you can find them) at the end of 2006 through early 2007. Most of them turned out to be false. Then they quit issuing press releases for seven months until a couple of months ago, and they are back to issuing a press release every week. This series of press releases show lower contracts numbers and are more vague, and that's probably because they know they left themselves open to lawsuits for their many previous fraudulent statements, and are being more cautious for this go around of PRs in an attempt to get a few gullible people to believe them so they can dump their stock. Before they quit telling shareholders how many shares were authorized and outstanding about a year ago, there were 100M authorized shares. Now there are 200M. I wonder why.
They already claimed to own a power company, and bragged that it was beginning to produce electricity. Unfortunately, they lied. They have never owned a power company, according to the company's president. He claims the press release claiming that TTCM China owned a power company was issued before he became president, but he also issued many that were false. At least this time they have given themselves the wiggle room of claiming they are "negotiating" to acquire a power company. I don't know of any contract they said they were "negotiating" that turned out to come true. Maybe this will be their first.
This company and its president are involved in fraud.
A little over a year ago TTCM China claimed to be negotiating several of the largest contracts in their company's history, although none of those contracts was reported in their backlog last June, and none of them appears to have been signed.
They have been "talking" about international contacts, connections, and business for years. Has anyone researched how much international business they have done?
From their website:
"On an international market, TTCM China, Inc. has established business connections with various countries, including South Africa, Afghanistan, Kuwait, Singapore, and Iraq with prospects of expansion into the United States, India and Arabic Countries."
Would anyone be surprised to know how many contracts they have signed outside of China, and how many projects they have completed? Would anyone be surprised to learn that the company president has admitted he has never done anything to pave the way for the company to do business in the U.S., and he doesn't know of anything that has been done by the company to conduct business in the U.S.?