Thermo Tech's run-ins with the BCSC and regulatory authorities. It should be noted that Thermo Tech was kicked off the VSE -- and ironically they went on to list on the NASDAQ big board (if Canadian standards are lax, and they were kicked off the VSE -- what does that say about the NASDAQ?):
Fin Times says BC judge questions Branconnier's credibility
Thermo Tech Technologies Inc TTR
Shares issued 8,177,508
1995-01-31 close $3.5
Monday Feb 6 1995
The Financial Times says in its February 4 issue that it worries about the stock market prospects of Thermo Tech Technologies after a perusal of court files. Reporter Alan Bayless says New York investment banker Ray Dirks Research issued a buy on Thermo Tech January 9 at $4.38, forecasting net income of US$0.68 a share in the fiscal year ending April 30, 1997, up from US$0.37 in fiscal 1996 and a loss of US$0.17 in the current fiscal year, based on nine plants in operation by 1997. However, the Times says it is concerned, based on several lawsuits filed in Vancouver against Thermo Tech and its president, Rene Branconnier. The Times says most have settled out of court, but one came to judgement. In a contract dispute, Justice Cathy Ryan noted the case turns on the credibility of Mr Branconnier, and she did not accept his evidence as his version of events was not correct.
(c) Copyright 1999 Canjex Publishing Ltd.
canada-stockwatch.com
Van Sun says BC regulators' concerns are laughable
Vancouver Stock Exchange VSE
Tuesday Oct 10 1995
See BC Securities Commission (BCSEC) In the News
The Vancouver Sun reports in its Saturday edition that BC securities commission chairman Doug Hyndman and outgoing VSE president Don Hudson are critical of Ontario securities commission proposals to change the rules for small business equity financing. Reporter David Baines says their concerns would be laudable if they had a demonstrated track record of controlling the worst excesses of the Vancouver market. Mr Baines says in the circumstances of reality, the concerns of the BC regulators are laughable. The Sun notes Thermo Tech Technologies issued a tout sheet projecting $79 million net income within three years, with no regulatory repercussions whatsoever. Thermo Tech dutifully filed quarterly reports, but failed to disclose until its audited year end that its only plant was not really operating. Mr Baines says God forbid that Ontario investors get the same level of protection as in BC.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Van Sun says BCSC head quiet on Thermo Tech
Thermo Tech Technologies Inc TTR
Shares issued 8,177,508
1995-01-31 close $3.5
Monday Apr 3 1995
Also BC Securities Commission (BCSEC)
The Vancouver Sun reports in its Saturday edition that Doug Hyndman,
chairman of the BC securities commission, says that news media and public investors should feel confident that his staff acts properly, in good faith and in the public interest in every case they deal with. Reporter David Baines says Mr Hyndman made the remark in a letter to the Sun in which he declined to answer questions about the conduct of commission staff in the matter of Thermo Tech Technologies. The Sun says many of the 17 questions it asked related specifically to why Mr Hyndman's staff did not ensure certain information be made public. The official says the work of his staff and the other investigating agencies involved will determine whether or not the Sun's views on various Thermo Tech irregularities are correct and whether or not the public interest and the law demands further action.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
