I did a bit of DD and it made me nervouser and nervouser.
First: Looked at each PR (Company changed from one penny company to another in the fall, I guess. Who knows what they did before Nov '04?)
11/19/04: Announce 30 for 1 split ("it will be good to have in hands of more investors, blah blah")Now: 401mil o/s, 712,000 in float (only 712,000 float after 30 for 1? hmmmmm)
12/3/04: Whoops, lets undue that 30 for 1: Insiders Retire 368 mill commons, swap into preferreds. Hey, why exactly (3 days earlier) did you do a 30 for one split? I thought you said it was because... (see 11/19/04 announcement)
12/10/04: Acquires Crobuset Software & Communications. I challenge anyone to find a link to anything about this company outside of the Telatinos Press Releases.
12/14/04 Acquires NETCO Ltd. Claims 250,000 subscribers. Maybe. At least this company has a website and it looks like its been around since 1995. Can't tell anything about the co. since the "english version" of the site doesn't work. Maybe this is legit.
12/16/04: Implements IPxes Service (exclusive XRF Link). OK, sounds techical and convincings; but again, I challenge anyone to find any mention of this technology outside of the pink sheets press releases. The tech sounds revolutionary. Yet, nobody, no publication, no tech geek, absolutely nobody references it anywhere? Don't be confused by search references to IPXes; there's plenty of those and they have nothing to do with Telatinos.
12/23/04: $9mil contract with "one of the major Brazilian sugar producers and exporters". Yeah, well, WHO the heck is it. No company name mentioned!!!
12/23/04 Announce 5 for 1 split. Hey, You just retired 368 mil shares (swapped into insider preferreds, I should say), and that was right after you split 30 to 1. Now another split. Now follow this: When the 368 mil shares were retired, the company pr said the resulting o/s was 32.8 mill (12/3/04 pr). So here we are at end of Dec and tltd announces a 5 for 1 split. That would be approx. 150mil shares o/s right? Wrong:
1/6/05: (...in a bizarre pr release...) Confirms shares outstanding of 32mil. Hey, there was a 5 to 1 split a few days earlier, what happened?
I'll tell you a depressing story. I called the pr firm listed (Focus Partners LLC). Was told PR firm changed to MacReport. I called the guy there (Tom Speciale). Tom was very honest: knows nothing about the company, never spoke to the elusive Jon Anderson, deals on with the investment banker. Tom told me they just picked up tltd and was seriously consider "getting rid" of them. People keep calling and he doesn't have any answers when people say "uh, is this a scam, or what?"
Well, I got the investment bank's name (Berkshire Holding Corporation) and rep: Paul Taylor. I had to dig deeply to find a website (I got there by guessing that this was the same co. associated with a recent Berkshire biotech pr.) The web sit is pathetic; the only companies in it's portfolio look like two other questionable pink sheet stock schemes. If you call the tltd phone number (which you will not get anywhere on their website), it is just an answering machine; doesn't even announce the company (ring ring, pick up, "Leave a message or fax" click.)
There were other pr's that I didn't address. The $22mi contract with the fertilizer company (12/28/04): well, at least I found that there was a company with this name (Nitrotech Industria). But I keep thinking, $22 mil for a net phone hook up? Maybe, who knows.
12/29/04 $8m contract w/ coffee exporters. I think I came up empty on this one.
1/6/05 $8mil contract w/ MJA Servicos (heavy equip mfg). Absolutely nothing on these folks. Searched and searched. Maybe they exist.
Oh, finally, back to the problem of having 32mil shares after the 368 mil retirement (swap) in the beginning of Dec, then a 5 for 1 split, and still having 32 mil o/s in beginning of Jan: Tom (the frustrated pr guy at MacReport), said, "wait a minute, I have a response to that right here that I just got (the investment banker had just faxed this in response to someone else coming up with the question): After the 5 for 1 split, insiders retired all but 32 mil (swapped into more preferred shares). So therein, imo, lies the devilry. I don't quite understand it though. I did say, "Tom, why was a pr released when the 368 mil were being swapped right on the heals of a 30 for 1 split, but no pr when 120 mil were retired on the heals of a 5 for 1 split?". He sighed and said he didn't know. He seems exhasperated with this penny "more trouble than their worth".
And now there's an upcoming 4 for 1 split.
And another thing: Some pr said they're initiating listing on Nasdaq and there 2002 & 2003 financials have been completed for SEC submission. Wait a minute: whatever company they were in 2002 & 2003 has nothing to do with what they're doing now.
Tltd has a market cap of $3.52mil as of 1/18/05 (per Tom Speciale). I'm leaning toward the opinion that that's abour $4 mil too much (I owned 66,550,000 shares). Today I own none.
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