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Freedom of Speech ... It's a beautiful thing!!
From the 10-Q Subsequent Events, BIG change seems to be happening:
1) Outside TTEG shareholders are in discussions with current mgmt. on potential changes to the board, officers and Sr. management;
2) $513,000 of accrued payroll and salary debt for current management is forgiven and coming off the balance sheet;
3) Current mgmt. has rescinded the rights to 2.1m shares of stock options;
4) CEO's 5m share termination clause is rescinded;
5) CEO's 500k Preferred Class A shares with majority voting rights representing 153m share are gone and converted to 500k common shares;
6) Effective July 1, 2014, no more accrued salary for anyone currently at TTE.
These items seem to indicate significant change driven by outside shareholders.
Finally, TTE partners with an American company!!
Noticed someone on the thread said BluGen has 1 employee and is 1 year old … well with a lil effort and diligence some true facts are available on the web:
1. BluGen, Inc, an active California corp was formed in June 2011. The co. website (http://www.blugen.com/index.html) shows mgmt alone has 9 people. Notice the quote on the bottom of the mgmt page "BluGen Inc. works with over 250 technical consultants globally on as required basis." Review the BluGen projects and that of the company mentioned in para 3 below ... one can get a sense of the level of offerings in the cos portfolio. BluGen and its partner cos are players its just that they are private entities so a bit under the radar.
2. Per the Calif Bar Association, the BluGen CEO W. Bruce Voss has maintained a law license in continuous good standing since June 1975. No complaints and not a single indication anywhere (including the SEC) of any involvement in a stock scam or Pump-and-dump.
3. Additionally, Bruce Voss is a primary principal in an active Arizona LLC, NEPSUS Environmental (http://www.nepsus.com/index.html) formed in Sep 2009.
4.A very significant point on NEPSUS is one of Bruce Voss’ primary partners is Jim Chamberlain, the CEO of Sunstate Builders (http://www.sunstatebuilders.com/) a design and builder since 1973 of many of Arizona’s largest business parks and Class A office Buildings ... how many commercial builders are still in business since 1973??
These are not people that partner unless they have conducted deep diligence ... they have way too much to lose and have a deep track record of pursuing only the projects with a high likelihood of success.
No doubt, TTE and us shareholders have traveled a rough road to date, but this particular venture is the first that is based with U.S.partners with verifiable success in their ventures ... legit consideration to be “cautiously optimistic”.
10Q for Q3 (Aug-Sep 2012) filed 11/23/12 with SEC on EDGAR....assuming this means you have not read the most recent Q...some of your questions might very well have answers in the Q!!
Downward Stock Pressure Opinion For Consideration...
In the 2011 10k (pp. 51) and in the 1Q12 10Q (pp. 9) under the paragraph titled "Derivative Liability" is a reference to a $42,500 convertible promissory note issued Nov 11, 2011 which matures (principal & interest) August 9, 2012.
Per the 10k and 10q, the "conversion option price associated with the note has a 41 percent discount to the market price of the stock. The market price is based on the average of the three lowest trading prices during a ten day period prior to conversion."
The action of TTEG stock price the last couple weeks has all the earmarks of the note holder manipulating the price down (primarily thru crossing shares or with a market maker in their pocket) so as to be able to convert at the lowest possible price.
From previous experience with these type notes, the conversion is eligible to occur anytime the note holder chooses (after 3 - 6 months) from the date the convertible note is issued.
If I am on target, once the shenanigans are over, the note is completely converted or paid in full and the company announces some sort of better quality funding, then in most all cases this superficial downward pressure usually ricochets back up rapidly.
An anonymous poster (Denfish) claims a sudden inability to complete a transaction (doesn't say if buy or sell) with his/her broker even though he/she holds shares thru "slow accumulation" with same broker. If any of us had shares on account and our broker suddenly tells us no-trading allowed because of "fraud", no doubt the last place we would go for an answer is an anonymous financial msg board where quality diligence is suspect at best.
Only place to go for legit diligence is the company for 1st hand information about such a potential issue, the SEC, recent 10k or 10q, or a strong effort follow-up with one's broker to get answers.
Come on people, wake-up, this post is all about finding a way to try and attach the word "FRAUD" with TTEG. While TTEG's business model has taken way longer than any legit shareholder prefers, there has never been a hint of fraud with TTEG.
Find it an interesting coincidence that both "Denfish" and "Bluebird50" have multiple posts on another msg board (LBSR:PK) and suddenly show-up on TTEG simultaneously.
runner12 .. The next required SEC financial filing for TTEG is the 10K (FY11 Annual). As an Non-accelerated Filer with a public float of less $75MM, TTEG is not required to file its 10K until 90 days from the end of its fiscal year. See this link:
http://www.sec.gov/answers/form10k.htm
Quality diligence and knowledge is very valuable in investing - basic knowledge is a must. All the knowledge is avail to conduct quality diligence, it just requires effort!!!
Not necessarily -- just not all are compelled to post much, if at all. Also, I suspect more will join the party one day soon!!
Bewenched is Correct ... while quiet lots of upward potential exists for TTEG.
For those with a "crying towel" -- speak for yourself.
Two part answer, to your question, for consideration:
Part 1:
From the Aug 30, 2011 Press release, the LOI with Megrant is ... "that the two companies wish to organize a company specific to the manufacturing, marketing and installation of TTE's on-demand hydrogen (H2) generator technology. Other details reveal that the two entities will formalize their intentions by signing a Joint Venture Contract Agreement within 90 days of the signing of the LOI or within 30 days subsequent to the completion of a satisfactory due diligence examination, whichever comes first."
** On a second note** -- I read some posters that are using a 90-day time frame for status on the LOI with Megrant, pls note the above quote as it clearly defines 2 specific events that start the clock to cement the joint venture, all based on a "satisfactory due diligence examination."
Part 2:
The company that invented and controls the hydrogen generator is Hydrogen Union Energy Co., Ltd ( a a division of Energy Technology Services Co., Ltd. Taiwan -- website http://www.energyservice.com.tw/). If you take the time to conduct diligence you will see on the Energy Services website a link to "latest Information" which discusses some very legitimate delays, as follows:
July 28, 2011: first 200 m3 / h hydrogen boiler combustion system is manufactured.
Sept 22, 2011: For the 200 m3 / h hydrogen burning boiler system some very special parts being imported from abroad were delayed. Taiwan does not offer these special parts category. Taiwan's Ministry of Economic Affairs (MOEA) approved parts for import but the handling procedures required about two to three months add-on thus the parts failed to show at the scheduled time.
Oct 25, 2011: 200 m3 / h of hydrogen burning boiler system installed to complete, began to enter the test phase.
** SPECIAL NOTE** -- On website for Energy Technology Services, Inc is a picture of new unit received in warehouse, Taiwan
Conclusion: Appears to be @ an 8 week delay in having the newest operating unit (in Taiwan) installed and running effectively for testing and display. Given the LOI btwn TTEG and MeGrant allows for "satisfactory due diligence examination" , expect that is now underway and we should learn more in early to mid Jan 2012 -- just reading the tea leaves!!!
tteg420... HELLO, take a step back and think about what you post. You are reaching big time!! To answer your question -- NO it is not possible.
From the Aug 30, 2011 Press release, the LOI with Megrant is ... "that the two companies wish to organize a company specific to the manufacturing, marketing and installation of TTE's on-demand hydrogen (H2) generator technology. Other details reveal that the two entities will formalize their intentions by signing a Joint Venture Contract Agreement within 90 days of the signing of the LOI or within 30 days subsequent to the completion of a satisfactory due diligence examination, whichever comes first."
** On a second note** -- I read some posters that are using a 90-day time frame for status on the LOI with Megrant, pls note the above quote as it clearly defines 2 specific events that start the clock to cement the joint venture, all based on a "satisfactory due diligence examination".
When you view the available info (from both TTEG and Energy Services websites as well as Megrant CEO's quote), I fully anticipate a successful conclusion -- but it doesn't have to be within 90 days from Aug 30, 2011.
xc_runner .... Google Chrome (not mozilla or IE) is the only browser that correctly translates and provides the real content of the Energy Services website. I tried them all. If you view the website with google chrome, up by the bars it will ask if you want to translate to English, I did and it worked.
Good catch on looking this up as it is the parent of HUE.
EcoMike .. 10k (Annual Report) for 2010 is next (due mid April 2011). The next 10Q will be filed Mid May for 1Q2011 (Jan-Mar '11).
Not clear what you mean -- this time of year shows a history of the 10k (annual report) due by mid-April.
No 10Q is due, pls explain.
xr4ti5647 -- didn't I just say that!!
Go to the following website:
http://www.dailyfinance.com/company/turbine-truck-engines-inc/tteg/nab/insider-transactions
Notice that both Alpha Engines and Michael Rouse submit this form (as insiders) on a quarterly basis. This process is required for insiders in case they choose to sell. Each filing is only good for 90 days after filing then expires. If they do not file, they cannot sell.
The reality is that while both insiders have been filing these forms consistently for years, the total # of shares sold by insiders over the last 5 years is 72,009 shares (click on the 5 year link towards the top to confirm this).
Given how many shares each insider holds, the filed totals for potential sale is @ 5 percent of current holdings for both insiders. The total sold over the last 5 years is 72k of 10mil shares.
This filing is a non-event except to note that each insider has NOT been selling even though they have been filing for 5+ years!!
EcoMike - IRT your statement "makes one wonder why the stock is so cheap" the answer is simple ... manipulation by Golden Gate, LLC so they can convert their debenture balance as close to .15 cents as possible. Many a price action over the last couple months backs this reality up.
As mentioned in an earlier post (#2227 of Sep 23)..... The June 30, 2010 quarterly (10Q) noted a couple amendments to the debenture agreement with Golden Gate, LLC. One amendment was an increase of the minimum conversion price to 15 cents. Not sure of the conversion formula, but it is quite common to base it on the 20 day moving average at a 25-35 percent discount which means that @.22 cents with a 30 percent discount, the conversion would be very close to the .15 minimum.
During the last 6-8 weeks (while REG SHO has reported a high percentage of the daily volume as short), I have submitted a number of different BUY orders at the ask or a little higher and it gets filled below the ask. Now if the entity shorting was solely interested in profiting from a short position, they would jump all over my "Buy Offer" at the ask or higher. But time after time my order was filled down below the ask (good for me not the entity selling short).
Also, it is very common for the Golden Gate's of the world to have a desk (within a market maker) capable of manipulating the bid/ask to advantage a long time (many a previous deal) client. Clearly, TTEG's share price has seen many an odd bid/ask spread and price action the last couple months.
BlueBird50 - If you really cared about the answer to your "snide" question all you have to do is go read page 19 of the June 30, 2010 quarterly (10Q) Turbine Truck Engines filed with the SEC on Aug 16, 2010.
Counting on an investment message board for one's diligence is (fill in the blank)!!
One of the more recent 10Q's noted a couple amendments to the debenture agreement with Golden Gate, LLC. One amendment was an increase of the minimum conversion price to 15 cents. Not sure of the conversion formula, but it is quite common to base it on the 20 day moving average at a 25-35 percent discount which means that @.22 cents with a 30 percent discount, the conversion would be very close to the .15 minimum.
Is this just a coincidence to the stock action, the REG SHO reported "naked" shorting of the last couple months and the current TTEG share price range of .22-.24???
While TTEG has subtly indicated many a positive event very quietly unfolding behind the scenes it is likely Golden Gate is playing its games somewhat unabated. But soon, it seems all the years of R & D, along with new anticipated upcoming mergers (in addition to KingTec) whichever entity is currently playing its games (Golden Gate anyone) will end. Best they convert their remaining current debenture (@ $125k) before one day soon their window to convert at these low prices will "suddenly" close.
Just to bring some real data to my belief this has been Golden Gate driving the price lower -- During the last 6-8 weeks (while REG SHO has reported a high percentage of the daily volume as short), I have submitted a number of different BUY orders at the ask or a little higher and it gets filled below the ask. Now if the entity shorting was solely interested in profiting from a short position, they would jump all over my "Buy Offer" at the ask or higher. But time after time my order was filled down below the ask (good for me not the entity selling short). Also, it is very common for the Golden Gate's of the world to have a desk (within a market maker) willing to manipulate the bid/ask to advantage a long time/many a deal type client. Clearly, TTEG's share price has seen many an odd bid/ask spread and price action the last couple months.
Soon, these games will end as TTEG (and its shareholders) begin to realize return on their investment!!
Just another day at the U.S. Stock Market (Casino):
Have a BUY order with a max limit of .28 -- Unexplicably today we saw a 3,000 share transaction @ .25 and it was not a fill of my order!! Only a direct or indirect market maker relationship can pull that transaction off. As a side note, with my order to BUY (max limit of .28) I find it distorting to see the Bid reported at .19 -- it's been this way for quite a while.
And then, out of nowhere, comes the sudden drop to .16 on volume of 50,000 of which my current order was filled for over half that amount. Yes, shenanigans are alive and well. And a spread of .32 (ask) to .16 (bid). Gotta love the land of regulation and rules, they work so well!!!
Clearly, shenanigans are at play. My personal favorite suspect is an indirect link to Golden Gate Investments, LLC.
Suspect the window of opportunity for whomever is holding the price down (most likely for conversion) will slam shut sooner than later -- hopefully catching the manipulating entity vulnerable.