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Before I bought TTCH shares in late February 2007, I called Won-Gil Choe and said I was interested in investing in his company, but I said I was hesitant to do so because their many press releases claiming their backlog was getting much larger, that TTCM China "was growing faster than expected", and the announcements that they were signing many contracts that included several $10+ million contracts that were the largest in their company's history, SEEMED TOO GOOD TO BE TRUE. He assured me that the press releases were accurate, that the company was profitable, and that the founder of the company was a former military officer who "would have to commit suicide" if anything the company claimed to be true turned out to be false. "Dr." Choe also told me that he would never be involved with any company that deceived investors, and that TTCM China had been profitable for many years and the founder did not believe in having any debt. I also told Won-Gil Choe that I was worried about dilution and that the company would issue shares to raise money, and he told me the company would never do that, because "around 70%" of the shares were owned by insiders, and "we would just be diluting ourselves" if the company issued shares to raise capital. He also said the company would never dilute their shares because the stock price was much too low (around 3 cents at the time), and they would be getting much too little for their shares, because the company was severely undervalued. He seemed honest. I did as much of a background check on him as I could and didn't find anything to show he was a fraud, and I bought the stock. Within weeks of my buying he began to tell me (and everyone else) less and less about the company. When I told him I was suspicious of him and the company and was thinking about selling, he assured me again that "we will all go to jail if we are lying", and the founder "will have to commit suicide" if the company's claims are false. He also asked me not to sell, and said, "don't sell now. You'll lose your money." After 7 months of no announcements and no information from Dr. Choe, the share price plummeted. I asked him, "Am I going to lose all my money?" That is when he said "maybe" and told me he didn't trust the company's management in China, and has never bought the stock of ANY public company because you can't trust them. I sold, and within a couple of days Dr. Choe resumed issuing a press release every week for thirteen weeks. It was only after word was getting out that he is a fraud that Dr. Choe stopped issuing press releases. New buyers, beware!
REUTERS no longer lists TTCM China anywhere as far as I can tell. Until recently they had charts that showed TTCM China has been losing millions of dollars over the last five years with extremely high negative margins. How does that match up with TTCM China's claims of profitability every year for the last four or five years? Why did REUTERS pull those charts? Why is TTCM China listed nowhere on the internet that doesn't come from information provided by the company? Why won't Won-Gil Choe look at their company's financial statements? Why does he continue to put out press releases claiming they are profitable but has never had any curiosity to see their books? I know he's only the President of the company. But if the President of a company who has a Master's degree in business doesn't see the need to look at his company's books, what does that tell you?
Won-Gil Choe told me that TTCM China won't file financials with the SEC because the company doesn't have enough money. My guess is it's also because they don't want any "outsiders" to have access to their books. He is the president of TTCM China and has an advanced degree in business, but claims he's never seen the company's books, and doesn't know if they're really profitable or if they're expanding or how much short term debt they have. It's obvious he doesn't want the SEC to see their books either. He may think this will inoculate him and the company from being prosecuted for fraud. If he does, he may be wrong. I hope he is.
This company has made more false claims by their president and in their press releases than any other company I have ever seen.
How can companies get away with this in the United States of America?
Only news about TTCM China comes from TTCM China. Does ANYONE know ANY information about TTCM China that does not come from the company?
TTCM info only comes from TTCM. There appears to be NO NEWS ANYWHERE about TTCM China that doesn't come from TTCM's press releases.
I made a copy of the charts. You know REUTERS has been showing TTCM China has had horrendous negative margins and has been losing millions of dollars over the last five years. What I don't know is why REUTERS no longer lists TTCM China at all. By the way, if you don't know by now, Won-Gil Choe has admitted that he has never seen the company's books, does not know if the company is expanding, or how large their debt is, or if it is profitable, because he claims he only says and writes what the company tells him to. He thinks by saying this he can escape responsibility for their false claims. If a court believes he provided false information, knowing that the company has issued false information in the past, he may be surprised one day if/when the company is sanctioned.
One of REUTERS charts had the following for TTCM China before the chart was removed:
TTCM China Inc
Annual EBITDA(M) $(0.8M)
Annual EBIT(M) $(1.8M)
According to this chart, TTCM China lost almost $2 million the previous year. Another Reuters chart showed they have been losing millions of dollars for at least the previous five years. ANYONE want to guess what happened to those charts, and why TTCM China is no longer listed anywhere on REUTERS (as far as I can tell)?
TTCM China is not mentioned anywhere that I can find that doesn't come from the company's press releases, now that Reuters no longer appears to list it as a viable company anywhere? Can anyone find ANYTHING about TTCM China that does not come from TTCM China itself? Why doesn't Reuters list TTCM China anymore? Until recently TTCM China was listed with terrible negative margins and millions of dollars in losses over many years.
TTCM China is not even listed on Reuters anymore. Reuters indicated that TTCM China was losing millions of dollars for at least the last five years. Now TTCM China is not even listed. Why?
Won-Gil Choe and his company must be prosecuted for disseminating false information and inaccurate and misleading press releases in order to deceive people and get them to buy TTCM China's stock.
What power company? The last time they said anything about a power company was in a press release claiming they already owned a power plant that was producing electricity that would provide about $1.5 million in revenue the first year. Won-Gil Choe admitted to me that TTCM China NEVER owned a power plant. He said that claim was made before he became president, which means he KNOWS that TTCM China has made false claims and continues to issue press releases for them. He and the company must not be allowed to escape responsibility for their false claims.
Before I bought TTCH shares in late February 2007, I called Won-Gil Choe and said I was interested in investing in his company, but I said I was hesitant to do so because their many press releases claiming their backlog was getting much larger, that TTCM China "was growing faster than expected", and the announcements that they were signing many contracts that included several $10+ million contracts that were the largest in their company's history, SEEMED TOO GOOD TO BE TRUE. He assured me that the press releases were accurate, that the company was profitable, and that the founder of the company was a former military officer who "would have to commit suicide" if anything the company claimed to be true turned out to be false. "Dr." Choe also told me that he would never be involved with any company that deceived investors, and that TTCM China had been profitable for many years and the founder did not believe in having any debt. I also told Won-Gil Choe that I was worried about dilution and that the company would issue shares to raise money, and he told me the company would never do that, because "around 70%" of the shares were owned by insiders, and "we would just be diluting ourselves" if the company issued shares to raise capital. He also said the company would never dilute their shares because the stock price was much too low (around 3 cents at the time), and they would be getting much too little for their shares, because the company was severely undervalued. He seemed honest. I did as much of a background check on him as I could and didn't find anything to show he was a fraud, and I bought the stock. Within weeks of my buying he began to tell me (and everyone else) less and less about the company. When I told him I was suspicious of him and the company and was thinking about selling, he assured me again that "we will all go to jail if we are lying", and the founder "will have to commit suicide" if the company's claims are false. He also asked me not to sell, and said, "don't sell now. You'll lose your money." After 7 months of no announcements and no information from Dr. Choe, the share price plummeted. I asked him, "Am I going to lose all my money?" That is when he said "maybe" and told me he didn't trust the company's management in China, and has never bought the stock of ANY public company because you can't trust them. I sold, and within a couple of days Dr. Choe resumed issuing a press release every week for thirteen weeks. It was only after word was getting out that he is a fraud that Dr. Choe stopped issuing press releases. New buyers, beware!
Has Dr. Choe been associated with ANY reputable company in the last five years? If so, please name one.
TTCM has lost over 99% of its value since going public.
Won-Gil Choe, the president of TTCM China, is on the BOD of Nayna Networks, which appears to be the only other public company he is affiliated with. NAYN is currently selling for .001 and has a market cap under $100 thousand. There is no public company that Won-Gil Choe has been affiliated with that made money for its shareholders as far as I could find. Won-Gil Choe claims that he has "never" purchased shares of ANY public company, because he does not believe what they have to say about their profitability and financials. He also told me that "I (he) don't trust them" (meaning TTCM China's management in China). He told me this when I asked him if he was considering retiring or stepping down as president for medical or any other reasons. He said "No" because he wanted to maintain his leverage with the executives in China because "I (he) don't trust them." Yet only days after telling me that he began issuing a press release every week on behalf of the company after issing NO press releases for seven months. What does that tell you about his credibility?
The last six posts have been about another company, ITT, and predictions that it may buy TTCM China for 50 cents a share, and that it has a P/E of 1.3. All of these comments about ITT and predictions that it may be getting ready to buy TTCM China for over 50 times the current share price are diversions from the FACTS about TTCM China. Anyone who predicts any stock is about to go up over 50 times its current share price within a few months should never be taken seriously.
TTCM China said it was "growing faster than expected" and had a much GREATER backlog than the $25 million in backlog they had the previous year, and then announced about the same revenue with a LOWER backlog of $23 million six months later.
Does ANYONE believe that indicates they were telling the truth when they claimed they had a higher backlog and then announced a lower backlog? What happened to the backlog that they said was substantially higher then their previous backlog? Your guess is as good as TTCM China's president, because he says he doesn't know why the backlog was lower after the company claimed it was higher.
Does ANYONE know if TTCM China is expanding or hiring more employees?
Their president doesn't.
Does ANYONE know why TTCM China claimed in a press release that it owned an electric power plant that it never owned?
Their president doesn't.
Does ANYONE know why TTCM China began issuing a press release every week for 13 weeks within days of their largest shareholders selling, after issuing NO press releases for 7 months?
Their president doesn't.
Does ANYONE know why the transfer agent wasn't allowed to tell shareholders how many shares the company had for seven months?
Their president won't say.
Does ANYONE know why Won-Gil Choe would not tell shareholders how many shares TTCM China had for seven months?
Their president said he didn't want to be misquoted.
Does ANYONE know what happened to the "largest contracts in their company's history" totaling about $100 million, some being negotiated and some that were "works-in-progress", that disappeared from the projects in their backlog they announced months later?
Their president doesn't.
Does ANYONE know why TTCM China claimed it was beginning to mine vanadium and expected $5 million the first year and then NEVER mined any vanadium?
Their president doesn't.
Does ANYONE know why REUTERS says TTCM is unprofitable and that it has been losing millions of dollars the last five years while the company claims it has been profitable every year for the last five years?
Their president doesn't.
Does ANYONE know if the company is losing money?
Their president doesn't.
Does ANYONE know how much debt TTCM China has?
Their president doesn't.
Won-Gil Choe claims to know little about the company NOW other than what their products are. Has anyone asked him what TTCM China's debt is? He used to say the company's founder does not believe in having any debt, so the company is debt free. Yet when you ask him NOW how much debt the company has, he will tell you he does not know. When you ask him how the company got $3 million to pay off their short term debt, he will say it is from normal operations. Yet when you ask him how the company is still profitable after paying off millions of dollars in debt on the same revenue they had when they made no claim of paying off debt and barely broke even, he will tell you he does not know. When you ask him if the remaining short term debt is closer to $1 million or $10 million, he will tell you he does not know. Yet he has gone on record many times saying the company's founder does not want TTCM China to have any debt. When you ask him how to explain the discrepancy that Reuters shows TTCM China is losing millions of dollars while the company is saying it is profitable, he will tell you he doesn't know. When you ask Won-Gil Choe if he knows if the company is profitable, he will NOW tell you he does not know because he has never looked at their financial statements and only says and writes what the company tells him to say and write. Yet when you ask him why the company won't file financial statements with the SEC he will tell you it is because the company cannot afford to. If you ask him if the company is expanding or hiring more employees, he will tell you he doesn't know. As president of the company he must know he is going to be held responsible for the company's false announcements and statements, regardless of how ignorant of the company he NOW claims to be.
Is the president of TTCM China, Won-Gil Choe, associated with any other public company besides Nayna Networks, where he is on their Board of Directors? Nayna Networks is also selling on the Pink Sheets, has a current share price of .0008, and a market cap under $100,000. Is there any current successful company, either public or private, that Won-Gil Choe "assists"?
The time has come for their trading privileges to be revoked based on their many false claims and misleading and inaccurate statements by the company and Won-Gil Choe.
Is this also a lie or the truth?
"On the international market, TTCM has established business relationships with buyers in Singapore, Kuwait, Iraq, Afghanistan, and South Africa; developing valuable technical exchanges and opportunities for TTCM to expand internationally."
I just picked that ONE press release at random. Yet there are at least four misstatements and false claims in it, probably more. TTCM China in this press release said they have done business with "BUYERS in Singapore, Kuwait, Iraq, Afghanistan, and South Africa." Does ANYBODY believe that they have sold even one of their pipes to those countries? Of course not. Yet they have been able to continue making false claims since they became listed in the U.S. several years ago. How does the SEC allow this to happen?
Is this part of that PR inaccurate also?
"...The company having exhausted much of the Chinese market is now looking to form alliances and partnerships in the Balkans and in the Americas..."
The company has EXHAUSTED much of the Chinese market according to them. That was three years ago. How could they have EXHAUSTED much of the Chinese market?
And, as we all know, their predictions about expanding into the Balkans and the Americas has really gone well with NO SALES EVER. Won-Gil Choe has even admitted no one from the company, including himself, has done ANYTHING to expand into the U.S. Of course they have no shame in CLAIMING they're expanding into the U.S. to try to get U.S. citizens to buy their stock.
It seems that almost every press release they make is inaccurate or misleading.
How many false claims or misleading statements can you find in this press release from 2005? I found four.
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"TTCM, China's Leading GRP Piping Company Expands to North America
TTCM China, Inc. and its subsidiary, Tianjin Tianlian Composite Material Company, Ltd. (collectively TTCM), China's leading supplier of glass-reinforced plastic piping and associated products, is looking to the Americas to broaden its market.
Founded in 1995, TTCM's core business is the production, processing and sales of glass-reinforced plastic pipes wrapped with sand inclusion and 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.
The company having exhausted much of the Chinese market is now looking to form alliances and partnerships in the Balkans and in the Americas.
In 2004, TTCM delivered over 30% of the total market share, ranking it first in its industry in China. On the international market, TTCM has established business relationships with buyers in Singapore, Kuwait, Iraq, Afghanistan, and South Africa; developing valuable technical exchanges and opportunities for TTCM to expand internationally.
"Broadening our international business will prove invaluable as we begin to penetrate the US market," said Mr. Jiqun Wang, Chairman and President of TTCM. "We are very excited about the opportunity to grow, which allows TTCM to grow more rapidly and become a true international corporation."
TTCM has enjoyed double-digit growth consistently over the past several years and recorded annual revenues of over $10 million on an unaudited basis. TTCM expects growth in 2005 to be strong through its plans of acquisitions and international growth.
While the China market continues to grow at a hot rapid pace, especially with regard to infrastructure and real estate development, the need for water pipelines is ever demanding. At the same time, a massive amount of old pipelines need to be replaced to suit the modernization of the country.
"Our global plan is to continue our rapid growth in China and to enter the North American, Latin American and the Baltic markets through Strategic Alliances, Partnerships and Acquisitions. Our Network already takes us throughout Asia, the Middle East and entering Europe," stated Mr. Wang.
"With our high quality products and our extremely competitive pricing structure, we are confident about our expansion into other markets. Over the coming weeks our plans are to unveil new and exciting products, partnerships and acquisitions.
"TTCM is prepared to respond to the demand for its products. We are positioned to continue to be a major player in this market space," continued Mr. Wang. "We also have the capability and capacity to expand our product lines into the sewer, gas and oil distribution markets."
TTCM China recently announced details of a newly built Liao Ning Carbonization Power Plant, with an initial capacity of 150 thousand tons. The plant will be fully operational by the end of 2005 with total capacity of 400 thousand tons."
They have been making NO inroads, even according to them. Have they announced even one contract overseas in the last three years? I wouldn't believe them if they did, but the answer is NO.
TTCM China does no business overseas.
For the last three years they have had this on 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."
Have they done ANY business outside of China? Have they made even one sale outside of China? Won-Gil Choe was asked what the company has done to do business in the U.S., and he said he and they have done "nothing". Won-Gil Choe had not even made any preliminary discussions or research or inquiries. He said it would cost too much money for the company to do business in the U.S., and that's why he and the company have never tried. Yet since they went public in the U.S. they have been telling potential U.S. investors in their company that they are on the verge of doing business in the U.S. How can a company expand somewhere if they are doing NOTHING to expand there? How can they get away with lying to the public?
Why isn't TTCM China listed anywhere else in addition to sites that report TTCM China's and Dr. Choe's announcements? Does ANYONE know? The ONLY third party sites I could find with independent information about TTCM China indicate the company is losing millions of dollars.
The PPS has dropped over 99% since TTCM China went public three years ago. The PPS when it went public was over $2.00. Lately it's been around a penny. The market cap is under $1 million. In the meantime the company has announced over $100 million in contracts, has said it was growing faster than expected, and claims it has been profitable every year for many years. The contracts disappeared. Their claimed revenue is about the same year to year, and their claims of profitability are contradicted by all third party charts I could find. Can ANYONE find ANY information about TTCM China from an independent third party? ANY INFO especially showing they are profitable when Reuters shows they have been losing millions of dollars would be helpful. I wonder why NO ONE can find anything about the company that doesn't come from TTCM China and Dr. Choe.
That PR doesn't make sense.
According to the press release,
"... TTCM China announced the negotiation to acquire JianXin Electrical Power Company in HongYa Xian in Sichuan Province. The company was established in 2005 with load capacity of 7,660KW of which 630KW went into production in 2006; the balance is scheduled to go into production this year."
The last time they had a press release about a power company, they claimed they already owned the power plant and it was already producing electricity. They said they expected $1.5 million in revenue from the power plant the first year. Dr. Choe finally admitted to me that TTCM China never owned that or any other power plant.
In the latest press release, they say they are in "negotiation" to acquire a power company that has been in existence 3 years. They say it "was established (in 2005) with a load capacity of 7,660KW." Then they claim the first output of electricity wasn't until 2006 when they produced 640KW of electricity, and "the balance (over 7,000KW) is sceduled to go into production this year (2008)."
What happened to the company in 2007? According to the press release, the only electricity produced so far was 630KW in 2006 (out of 7,660KW). Nothing was mentioned about their production in 2007, only that "the balance is scheduled to go into production this year."
The numbers they provided in the PR make no sense. Didn't they produce any electricity last year? If not, why not? But at least they are leaving wiggle room to say it is only under "negotiation". Last time they said they already owned the power plant, which turned out to be a fraudulent claim.