another cut and paste from Raging Bull
I spoke to Mr. Choe this week again.
I had another pleasant conversation with Mr. Choe on Monday.
FINANCIALS
-- Short-term debt: $6 million
-- The rest of liabilities are material and labor payables (a bit unsettling)
-- Management of the company “does not believe in” long-term debt (also a bit unsettling)
-- 2006 financials should be out “any minute”
-- I asked why the June ’06 six-month results were not published last year (as they were for June ’05). Mr. Choe said he did not know, but they should have been.
NOTE: I gather that Mr. Choe’s Stanford Venture Group took TTCM China public through a reverse merger and that Mr. Choe is helping the company in the U.S. and that he does not have an active role in managing the company. (This is merely a belief on my part.)
SEC
-- TTCH filed the Section 12(g) report because the company they reverse merged into was an SEC filer, but pink sheet companies do not have to file with the SEC (From a previous phone conversation.)
STOCK
-- 70-80% insider ownership (same as mfitrader’s info)
-- none of the insiders have any intention of selling their shares
-- 63 million outstanding
-- about 10 million shares were issued recently under Rule 504 ( why it went from 54 to 63 million outstanding)
CONTRACTS
-- The 2/15 announced LiaoNing contract is a new contract, not a duplication of the October-announced one.
-- I asked how they can get so many large contracts if they cannot fulfill them. He said that it takes a long time to make each pipe – winding all those filaments. (I understood this to mean that going slowly is expected and these are long-term contracts.)
-- These enormous pipes are hard to ship, that is why they set up factories near the customer. Setting them up is not difficult.
COMPANY NAME
-- He confirmed that Hebei Tianlian Industry Company is the same company.
EMPLOYEES
-- About 120 per video on ttcmchina[dot]com
-- 1000 per tianlianpipe[dot]com[dot]cn/
-- 300 per Mr. Choe in one of his wallst. net interviews
-- He said key (regular) employees number about 300, but the amount can vary depending on the amount of work
PRODUCTION LINES
-- Video: 5
-- 26 per tianlianpipe[dot]com[dot]cn/
-- Fluctuates per Mr. Choe
OTHER
-- The vanadium mine deal did not go through
PHONE NUMBER IN CHINA
-- There is a phone number in China on the tianlianpipe[dot]com[dot]cn/ site. I called at noon EST about a week ago just to see if it would go through. To my surprise, a pleasant, English-speaking Chinese person answered the phone – at about midnight their time. He said I could e-mail him with questions, which I have not yet done.
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