I just received the Speirs report.
SMALL-CAP STOCK ANALYST
June 1996
Triquanta Investments Ltd
1. Fundamentals
1.1 Introduction
Triquanta Investments Ltd (TQT.A) through its fifty percent owned subsidiary
Howell International Inc (HII) of Dallas, TX, USA, is involved in the sale
of refurbished AT&T telephone switching equipment in emerging markets
throughout the world.
company name : Triquanta Investments Ltd
symbol : TQT
exchange : Alberta Stock Exchange (ASE)
Stock Exchange Tower
suite 1000, 300 5th Ave SW
Calgary, AB T2P 3C4
Canada
tel:(403)974-7400
fax:(403)237-0450
NASD Bulletin Board: TRQLF
incorporated : 23 July 1991, Alberta
when listed : 7 December 1991
shares outstanding : 9,435,000
shares outstanding
fully-diluted : 9,885,000
shares escrow &
earnout(restricted): 1,850,000
shares held by
lead brokers : 1.2 million
% shares held by
insiders : ~23%, 2 million shares
options : 450,000 @ 75c
private placements : 500,000 units @ C57c per unit ( 500,000
shares become free-trading 15 August 1996,
500,000 warrants exercisable at C60c
per share expire 15 May 1997 )
effective float : 4.4 million
contact : Warren Smith
Investor Relations
tel:1-800-719-9960
fax:1-800-719-9981
------------------
Robert R. Messenger
President & CEO
Triquanta Investments Ltd
2416 McBain Ave
Vancouver, BC V6L 2C4
Canada
tel:(604)732-4354/1-800-565-4408
fax:(604)732-9977
e-mail:TQTAlberta@aol.com
stockgroup.com
banker : Hongkong Bank of Canada
885 West Georgia St
Vancouver, BC V6C 3E8
Canada
auditor : Bruyneel & Co
suite 1008, 510 Hastings St
Vancouver, BC V6B 1L8
Canada
tel:(604)669-7222
fax:(604)683-2984
legal counsel,
TQT.A : William Walker
McLeod & Co
suite 800, 11012 MacLeod Trl S
Calgary, AB T2J 6A5
Canada
tel:(403)278-9411
registrar &
transfer agent : Montreal Trust
suite 600, 538th Ave SW
Calgary, AB T2P 1E7
Canada
SEC 12g 3-2b exemption 382-3511
brokers who
follows TQT.A : Pacific Int'l Securities Inc
P.O.Box 10015
suite 1500, 700 West Georgia St
Vancouver, BC V7Y 1G1
Canada
tel:(604)664-2923 direct
tel:(604)664-2900 main
fax:(604)664-2666
1.2 Business & Projects
By way of its joint venture agreements and acquisitions, TQT.A has been able
to enter the multi-billion dollar international telecommunications business
and believes that each of its corporate partnerships has the potential to be
a multi-million dollar, stand-alone business. TQT.A has concentrated on
countries with limited financial resources who are experiencing unprecedented
economic growth, thereby resulting in the urgent need to update and expand
their telecom systems with reasonably priced and reliable telephone and
switching equipment. TQT.A is making excellent progress in entering these
markets with its telecom equipment because of its very competitive pricing
policies and its aggressive pursuit of international distributors, from whom
it expects to receive several million dollars in orders, during the coming
year.
TQT.A's business is primarily in the emerging world markets such as Buelarus,
Russia, Philippines and South America. TQT.A's corporate strategy for entry
into this industry has been via joint ventures and acquisitions of existing
telecommunications companies.
HII: In May 1995, TQT.A purchased a fifty percent interest in HII ( formed
in 1994 ) of Dallas, TX, for one million common shares of TQT.A and
US$120,000. HII sells modified and refurbished AT&T analog and digital
switching equipment that complies with overseas market specifications. HII
intends to be the provider of the "highest quality, lowest cost" refurbished
equipment in this huge market. It is important to note that HII is able to
sell this equipment for less than half the cost of most systems that are
being offered in these emerging markets, thus giving these emerging economies
access to American made communications technology that they would otherwise
be unable or unwilling to purchase because of cost.
AT&T, Northern Telecom, Siemens and others have to lend credit to developing
nations and companies in order to sell new telephone switching lines at about
US$125 per line. HII sells modified AT&T PABX Dimension switching equipment
for US$15 to US$25 per line and is paid in full upfront FOB. HII's last order
was for 11,000 lines and an additional 30,000 lines is anticipated. Even at
these prices HII's profit margin is over fifty percent. HII has a full
warehouse of product, backlogged orders and are continually hiring. HII has
several smart, innovative and award winning people working it, some who
defected from AT&T to Howell.
Russia/Buelarus: HII has an exclusive agreement with Pavis Inc of Dallas, TX
to market its equipment in Buelarus. Pavis has formed a joint venture in
conjunction with Intelcross Ltd, a Moscow-based company that specializes in
the sales, service and installation of telephone switching equipment.
On Friday 19 January 1996, Intelcross placed its first order with Pavis for
10,956 lines of AT&T Dimension switching equipment. HII's refurbished
Dimension PBX switching equipment ranges from 400 to 2,000 lines and sells
for approximately one-sixth of any new competitive products. The Dimension
equipment was originally manufactured in Denver, CO, USA, by AT&T and is
still being used extensively throughout the world. It is an electronic
switching system that uses a stored program control for call processing and
system diagnostics. The Dimension PBX uses time division switching which
involves sampling signals at the port circuits.
The Russian Federation's telecom industry is expanding rapidly in order to
meet the demands of their customers. The introduction of HII's low cost
American technology will speed this process. In order to meet the demands of
its customers, Pavis has indicated that it will be ordering in excess of C$1
million of switching equipment for the Buelarus market.
TQT.A is the only licensed reseller of refurbished AT&T equipment in Russia,
and it expects big orders throughout 1996 and 1997.
Bulgaria, Czechoslovakia, Hungary, Poland & Romania: In early 1996, HII was
in negotiations with the Jim Sowell Company of Dallas, TX, and their
Hungarian partner Kontrax Kft, in regard to Kontrax distributing HII's
refurbished equipment in these countries. Kontrax has over thirty-eight
offices and approximately 250 employees leasing and selling copier equipment
throughout Eastern Europe. Negotiations had progressed to the point where
Sowell had ordered a demonstration switch to be evaluated and certified for
use. The addition of Sowell/Kontrax to TQT.A's list of distributors would
give HII excellent sales and support coverage in these former eastern bloc
countries. The population of these five countries is in excess of eighty-
eight million, more than eight times that of Buelarus, and considering the
more advanced economies of Czechoslovakia, Hungary and Poland, the potential
for significant sales is excellent.
Ghana, India, Kuwait, The Philippines: During early 1996, distribution
agreements were continuously sought by TQT.A.
On Satursday 20 January 1996, TQT.A announced that HII, had been advised by
their Buelarus-based distributor, that they have received a Purchase Order
for 10,956 lines of modified AT&T-PABX switching equipment. This order
represents the first multi-unit sale of PABX equipment by HII, since it
became affiliated with TQT.A. The purchaser stated that they expected to have
requirements for a further 30,000 lines within forty-five days.
During the last week of March 1996 there were several interesting events.
S.K. Bansal, General Manager of Telecommunications Consultants of India
(TCIL), a Government-owned corporation, met with HII in Dallas, TX. TCIL is
a multi-million dollar organization which sells telecom equipment in India
and throughout Asia and Africa. TCIL has already requested, and been provided
with, quotes on refurbished 400 & 2000 line AT&T Dimension PBXs and an AT&T
system 75 digital switch. Ronald Vincent, CEO of Pavis Inc, announced an
order by the Department of Telecommunications for a SMDR detailed billing
system for shipment to Minsk. Kevin Howell met with the Jim Sowell Group
again, along with their partner in the telecom business in the Ukraine. This
market is very similar to Buelarus, and they feel that there is excellent
potential in the refurbished telecom equipment area. Kontrax, subsequent to
their meetings with Kevin Howell, had asked for quotations from HII to supply
PBXs, and a variety of parts and supplies for digital switching equipment.
On 16 April 1996, Roland Russell, Chairman of Pavis Inc, met with Edward King
of Dallas, TX. Mr. King is the President of King Trade Capital, a company
which provides short-term funding against Letters of Credit, for companies
engaged in exporting. Mr. King was Mr. Russell's guest at a private luncheon
held in Dallas along with Ambassador Yalowitz, the US Ambassador to Buelarus.
In a follow-up letter Mr. Russell stated, "We anticipate that we will be able
to sell and deliver about 200,000 lines ( of switching equipment ) during the
first twelves months in Buelarus alone." He also stated that, "Our permit in
Buelarus permits us to also sell into the Russian market and this is really
exciting. AT&T has the permits to sell new ... systems in Russia. We will be
the only company with a permit to sell Refurbished ... systems in this very
large market." These projections by Mr. Russell exceed TQT.A's internal
projections for the next year for the Buelarus market by a factor of four.
The Russian population is fifteen times larger than Buelarus and will present
a tremendous opportunity for TQT.A. Given sales of this magnitude, Buelarus
alone would provide gross profits in excess of C$2.5 million over the next
twelve months.
On Friday 10 May 1996, TQT.A announced the signing of a definitive Letter of
Intent to purchase the remaining fifty percent of HII. TQT.A also announced
that it had entered into a Consulting Agreement with EBS Inc, of Miami, FL,
USA, to represent HII's line of refurbished PABX equipment in selected
countries in Central and South America. EBS represented HII at the telecom
show in Rio de Janeiro, Brazil, Monday 10 to Saturday 15 June 1996.
There are a number of developing situations in India and Central Africa,
which could have a strong impact on the company's share price.
Analysts have said "A telecommunications revolution is taking shape around
the world". Although it may astound many North Americans, less than half the
people in the world or about three billion of them have never even made a
telephone call. About a billion of these people will have telephones by the
year 2000, according to Michael Mahoney, portfolio manager with GT Capital
Management Inc ( US$15 billion in assets ) of San Francisco, CA, USA. Long
term opportunities for telecom equipment suppliers and service providers are
phenomenal. In North America there are about fifty-five telephone lines for
every one hundred people as compared to only one or two lines in many of
today's developing countries.
1.3 Financials & Structure
On Monday 20 May 1996, TQT.A announced a private placement of 500,000 units
at C57c per unit, each unit consisting of one share and one warrant (
exercisable at C60c, expiring 15 May 1997, ). The placee was: EBC Zurich AG,
a Swiss bank. A finder's fee of C$10,000 was paid to EBC Zurich AG.
1.4 Management & Directors
Robert R. Messenger is President and CEO of TQT.A. He has been involved in
various aspects of the real estate, finance and investment fields. He has
owned his own Limited Market Dealer organization registered with the Ontario
Securities Commission (OSC) and in cooperation with this operation he also
structured and sold tax-oriented real estate syndications and completed other
tax structured investments, valued in excess of C$60 million. Realpro
Consultants Ltd, of which he is president, is engaged in the merger and
acquisition business. Mr. Messenger is a past president of Trac Industries
Inc, a company which is listed on the Toronto Stock Exchange (TSE).
Kevin Howell is President and CEO of HII, and a director of TQT.A. Formerly
vice-president of First Telephone Equipment Co, he formed HII in 1993, and
has over twelve years of experience in the telecommunications industry. His
knowledge, experience and expertise make him well qualified to work with
international customers in the telecommunications industry. He has been
featured in business publications: Dallas Business Journal ( 18 January 1995
), Dallas Morning News, Grand Prairie News ( 26 February to 1 March 1995 ),
Small Business Monthly (June 1995, and has won awards: "1995 International
Small Business Development Centre's [tel:(214)747-1300] Exporter of the
Year".
James Sung Fu Tong is a director of TQT.A. He has been involved in the
investment industry for over fourteen years, and is an investment advisor for
Georgia Pacific Securities Corp.
Irene L. Day is a director of TQT.A. She is a public relations consultant,
specializing in government and business issues.
Warren Smith is Director of Investor Relations for TQT.A.
1.5 Promotion
Aggressive stock promotion activities are expected to commence soon. To date,
journalistic/newsletter coverage includes ( listed alphabetically ):
Investor's Guru
chebucto.ns.ca
Don Wolanchuk
Detroit, MI, USA
1-900-288-6663 (US)
1-800-511-0781 (Canada)
On Saturday 23 March 1996, Robert Messenger, appeared on the Financial Power
Network, a syndicated radio program, which reaches over three million
listeners in markets from Boston to San Diego.
TQT.A is still a relatively unknown special opportunity, but more
presentations will soon be made to analysts, brokers and fund managers,
especially in the US.
2. Technicals ( 01/01/95 to 21/06/96 )
<stock chart>
price (lowest, 1996) : C35c (10/01/96)
price (highest, 1996): C$1.27 (22/05/96)
price (lowest, 1995) : C25c (20/12/95)
price (highest, 1995): C$1.45 (13/02/95)
volume (1996) : 5,700,200
volume (ave/day 1996): 46,723
volume (1995) : 9,749,931
volume (ave/day 1995): 38,690
The stock has been trading within a sideways channel just over C$1, and is
poised for a surge to over C$2.
3. Recommendation
TQT.A:
- has entered new receptive economically-reformed markets and is
poised to dominate them.
- has no competition.
- is able to provide the highest quality products and services at
the lowest prices.
- is an outstanding fundamental play - not just hype.
- has no debt.
- has ample financial resources, and ease of access to additional
financing.
- is seeking support from long-term US investors instead of short
term Canadian traders.
- is being followed by an increasing number of analysts, brokers
and fund managers.
- has an obviously aggressive and reputable management team.
- is continuously seeking new acquisitions, joint ventures,
strategic partners and markets.
Timing is the key to market profits. TQT.A is a small-cap, emerging growth
company, and offers investors a unique vehicle to benefit from the explosive
growth of the international telecom industry.
TQT.A expects a profit of C$2.5 million. With 9,885,000 shares outstanding,
this means a profit of C25c per share. With a conservative growth P/E ratio
of 20, TQT.A should trade at a minimum of C$5 in late 1996, early 1997. Try
to accumulate shares, patiently, since I do not expect this stock to surge,
but appreciate in price gradually and steadily.
Bottomline: TQT.A is a good old boring Peter Lynch type of business. Steady
growth and fantastic profit potential.
-----------------------------------------------------------------------------
This is my formal summary report for TQT.A, which I have been following and
reporting about since February 1996.
4. Bibliography/News Services/Sources of Information
Information provided by TQT.A.
Internet newsgroups: alt.invest.penny-stocks, misc.invest,
misc.invest.canada, misc.invest.stocks
Alberta Securities Commission (ASC)
suite 410, 300 5th Ave SW
Calgary, AB T2P 3C4
Canada
tel:(403)297-6454
fax:(403)297-6156
Canada Newswire Ltd
suite 835, 401 9th Ave SW
Calgary, AB T2P 3C5
Canada
tel:(403)269-7605
fax:(403)263-7888
e-mail:cnw@newswire.ca
newswire.ca
Canadian Corporate Newswire
suite 500, 25 Adelaide St E
Toronto, ON M5C 3A1
Canada
tel:(416)362-7179/1-800-818-0090
fax:(416)362-6669
e-mail:ccn@cdn-news.com
cdn-news.com
Kevin Howell
President & CEO
Howell International Ltd
suite 1907, 1901 S Great Southwest Pkwy
Grand Prairie, TX 75051-3505
USA
fax:(214)641-2501
Intelcross Ltd
220012, Buelarus, Minsk
Surganova St, 30/37
Russia
tel:+7-0172-32-07-69
fax:+7-0172-54-32-39
Robert R. Messenger
President & CEO
Triquanta Investments Ltd
2416 McBain Ave
Vancouver, BC V6L 2C4
Canada
tel:(604)732-4354/1-800-565-4408
fax:(604)732-9977
e-mail:tqtaLberta@aoL.com
stockgroup.com
Ronald Vincent
President & CEO
Pavis Inc
5151 Belt Line Rd
Dallas, TX 75240-7025
USA
tel:(214)458-9495
fax:(214)458-9775
Stockwatch
P.O.Box 10371
Pacific Centre
700 West Georgia St
Vancouver, BC V7Y 1J6
Canada
tel:(604)687-1500/1-800-268-6397
fax:(604)687-2304
e-mail:jwoods@wimsey.com
canada-stockwatch.com
James Tong
apt 904, 4353 Halifax St
Burnaby, BC V5C 5Z4
5. Internet
Additional information ( news releases, stock charts, stock quotes ) about
TQT.A are available via Internet. Internet users are invited to visit the
following Worldwide Web (WWW) pages.
stockgroup.com official WWW page
chebucto.ns.ca TQT.A (unofficial)
chebucto.ns.ca Investor's Guru
chebucto.ns.ca Small-Cap Stock Analyst
chebucto.ns.ca investment WWW links
6. Past Performance ( sample list of recent recommendations )
Recommended Subsequent High
Alantra Venture Corp AVB.V 02/93 $2.75 03/93 $6 1/2 s
Alantra Venture Corp AVB.V 01/94 $1.50 03/94 $2.75 s
Alantra Venture Corp AVB.V 04/94 $1.50 07/94 55c s
Antilles Resources Ltd ARY.V 06/93 60c 06/93 $1.30 s
Aquaterre Mineral Devs AQT.V 08/95 35c 09/95 70c b
Bonaventure Resources BOC.V 08/93 $1.40 n/a $5 1/2 s
BPI Industries Inc BPR.V 01/96 90c 06/96 $7 b
Catalyst Ventures Corp CAZ.V 07/93 $1.40 02/94 $6.20 s
Catalyst Ventures Corp CAZ.V 08/94 $1.28 03/95 $2.00 s
Catalyst Ventures Corp CAZ.V 03/96 20c 04/96 40c b
CKD Ventures Ltd CKU.V 04/95 40c 05/95 69c s
CKD Ventures Ltd CKU.V 01/96 17c n/a n/a b
Castle Rock Explor. Ltd CTP.V 04/95 $1.00 05/95 $1.95 s
Castle Capital Inc CCAP.O 03/93 65c 05/94 $8 7/8 s
Cybersurf Corp CY.A 12/95 70c 12/95 $1.90 s
Delmay Mining Ltd DMY.A 10/93 50c n/a $5 s
Delrina Corp DC.T 10/92 $2.80 04/94 $31 1/4 s
DENA.Q
Desmarais Energy Corp DES.A 04/96 30c 04/96 42c b
Fairmile Acquisitions FLA.A 12/95 $1.00 02/96 $7 b
Gallery Resources Ltd GYR.A 08/95 35c 09/95 $1.90 s
Gallery Resources Ltd GYR.A 10/95 65c 11/95 $2.25 s
Gallery Resources Ltd GYR.A 01/96 66c n/a n/a b
Gothic Resources Ltd GCR.V 08/93 45c n/a 85c s
Knowledge House Pub. KHP.M 06/93 80c 06/93 $2.90 s
InfoInteractive Inc IIA.A 07/95 10c 08/95 $1.15 s
Int'l Broadlands Res IBR.V 08/94 35c 05/96 95c b
( Broadlands Resources Ltd BOD.V & Shorewood Explorations
Ltd SWX.V merged 07/04/95, to form Int'l Broadlands
Resources Ltd IBR.V. )
Int'l Calneva Gold Corp ICG.V 09/93 $2.25 09/93 $3.25 s
Int'l Calneva Gold Corp ICG.V 12/93 $1.10 02/94 $2.25 s
Int'l Calneva Gold Corp ICG.V 06/94 $1.00 07/94 75c s
Int'l Calneva Gold Corp ICG.V 11/94 50c 02/95 $1.00 b
Int'l En-R-Tech Inc INH.V 06/93 $1.50 08/93 $1.40 s
Evergreen Int'l Tech EGN.V 02/93 $1.60 04/93 $6 1/2 s
Inlet Resources Ltd INS.V 04/96 57c 05/96 $1.32 b
Int'l Nesmont Indus. NES.V 03/93 $2.50 10/93 $9 1/4 s
NESMF.Q
Jaba Inc JBA.A 01/96 $1.60 01/96 $2.70 s
Laser Friendly Inc LFI.T 09/93 $3.00 02/94 $17 1/8 s
Mattan Corp MTN.A 10/95 $1.00 11/95 $7 s
Mid-North Resources Ltd MNU.A 04/96 65c 04/96 $1.20 s
Millenium Energy Ltd MLN.A 12/95 13c 03/96 22c b
Motion Works Corp MW.V 09/93 $3.00 10/93 $4.25 s
Motion Works Corp MW.V 06/94 $2.20 10/94 $3.00 b
Navarre Resources Ltd NRV.V 04/95 20c 08/95 $1.37 s
Plentech Electronics PEI.V 10/93 22c 01/94 92c s
Plentech Electronics PEI.V 07/94 50c 11/94 85c s
Plentech Electronics PEI.V 12/95 50c n/a n/a b
Red Sea Oil RSO.A 01/96 40c 04/96 $1.30 s
Solex Capital Corp SOLX.O 12/95 10c 04/96 30c b
Thermo-Tech Tech TTRIF.Q 06/93 $2.80 n/a $14 7/8 b
Tiberon Minerals Ltd TBR.A 03/96 11c 05/96 $1.50 b
Trey International Inc TREY.P 12/95 US50c 01/96 US$1 1/8 s
Triquanta Investments TQT.A 02/96 65c 03/96 $1.19 b
Yogen Frz Canada Inc YF.T 04/95 $1.10 08/95 $2.65 s
b=buy, h=hold, r=research, s=sell/sold
Robert Speirs, Editor, Small-Cap Stock Analyst, 12 Briarwood Cres, Halifax,
NS, B3M 1P3, Canada, tel/fax:(902)443-3965, tel:(902)452-6392 ( after 4pm
ET/5pm AT, plus daytime weekends ), e-mail:ab304@chebucto.ns.ca,
chebucto.ns.ca. Small-Cap Stock Analyst is
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