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Microcap & Penny Stocks : DCH Technologies (DCH) -- Ignore unavailable to you. Want to Upgrade?

To: trader who wrote (1820)	7/7/1999 2:46:00 PM
From: Sid Turtlman	Read Replies (2) \| Respond to of 2513

trader: Following ERC got me interested in fuel cells, and from that I got interested in any public company having anything to do with fuel cells. You will note that I have posted ten times as many posts on Ballard over the years than I ever have on DCHT, and my MKTY (Plug Power) posts probably exceed that of DCHT. Many of these posts are over on Yahoo, where I post under the name of CSMultrum, named after a humorous fictional character. I have another hobby, which is exposing overpromoted, phony companies that cook their books. You can look up DHMG on SI, starting in mid 1997, for an example of one such company whose false and misleading accounting I exposed. RMIL and SOLV are two others in that category that I posted on here, although I didn't take the lead in exposing the scam as I did on DHMG. When "Dr. Harvey" started spamming DCHT all over the web early this year, it attracted my attention because it involved both fuel cells and stock promotion. Of all the fuel cell companies out there, the one that would be least affected by any success or failure of DCHT would be ERC. ERC specializes in very large carbonate fuel cells (250 kW to 2 MW) for utility applications. DCHT is working at the other extreme of size, unpressurized portable PEM fc's with, so far, barely enough power to run a respectable light bulb. I know Ballard is working on portable applications, and so your theory could conceivably make sense only if you thought that I worked for Ballard, not ERC. My interest in seeing the DCHT 10-K is no different than that of any student who submits an exam and wants to see what grade was awarded. Many months ago, based on some extremely limited financial material on DCHT's website, I posted an analysis (post 587 here) of what I believed the company's balance sheet and income statement would look like, if they were ever released. I used a mixture of my knowledge of accounting and 30+ years of business experience to make some gutsy predictions, such as my assertion that audited statements would show gross margins no higher than 30%, versus the 87% that the company claimed on its website. I also predicted a very weak balance sheet, and probably lower shipments in 1999 than expected because of a probable lack of financial resources to support those sales. Will I be right? I think so, but maybe not. I would like to find out already. I also told Steve that I could see myself buying the stock, because I am very bullish on the whole field, but certainly not before I have a close look at the financials. Frankly, the stock price is looking awfully cheap on the surface; I would rather have the numbers be available now, so if I feel comfortable with the finances I could buy the stock cheap, than have it go up first. Is that unreasonable?