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!
