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Technology Stocks : Thermo Tech Technologies (TTRIF) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Pool who wrote (4805)	10/2/1998 5:12:00 PM
From: Robert J Mullenbach	Read Replies (2) \| Respond to of 6467

Jay Taylor is not a happy camper, he said sell in update. THERMO TECH TECHNOLIGIES I am very sad to say that the news on Thermo Tech, is not good, no matter what the company's public relations people tell you. Some very disturbing developments have recently surfaced which really causes me to conclude that the CEO of this company is conducting business in a highly unscrupulous and immoral manner. I am not a lawyer so I am not sure whether he is breaking the law, I have no doubt now that he is breaking all codes of decency when it comes to taking care of the interests of shareholders. Two very disturbing events have recently come to surface, which blew my confidence in the company's future right out of the water. Both are devastating not only because they could cause our investment to be absolutely worthless. First, the Company has re-assigned its patents from Thermo Tech Waste Systems to three individuals, namely Rene Branconnier, Dan Cumming and Robert Jackson. What this means is that what gives this company value, namely its technology, is no owned by us, the shareholders. Secondly, it was learned last week that there are now 126 million shares outstanding! What! Yes, that'' right! There are 126 million shares outstanding and counting. When I spoke to Branconnier in the middle of the summer he told me there were 85 million shares outstanding. When I asked him how and why all these shares were issued, he said they were issued for the purchase of the two transfer stations in Ontario and for the construction and purchase of the Richmond property but he would not give me any numbers. Detailed numbers is what Mr. Branconnier appears to be afraid of. Now to make an informed decision as to whether or not to buy/sell/hold this stock, one key piece of information we need is to see how much cash flow those assets for which stock was issued, brings to the bottom line. So on July 15th, when I had a conference call with Branconnier and his CFO, I asked him for detailed project by project historical information numbers as well a projections and underlying assumptions with respect to those projections. Reluctantly, Branconnier agreed to provide that information to me in ten business days, which would have been July 29th. A few days before the 29th, I called the company to see if I could expect the numbers by the 29th. They said they were just too busy with activities in Toronto to meet this deadline. Unfortunately, they still have not provided this information as of today! In other words, it is still impossible to make an informed decision about our investment because we simply do not know what the assets for which we have given away a huge percentage of the company are worth! Apparently Branconnier either does not care if you and I know or perhaps he is withholding this information for some other reasons. Could there be some skeletons in the closet that make the economics of this company far less than Branconnier has been claiming? There is no way to know because he does not share information with us. A very important development that I had not previously paid much attention to was the fact that at the last AGM, Branconnier convinced shareholders to allow the company to issue an unlimited number of shares of stock. This was obviously a big mistake as we now see a virtual explosion in the number of shares outstanding. What is most alarming is that Mr. Branconnier is not eager to tell us what we shareholders are getting in exchange for this dilution. What I fear is that this man will dilute each of us into oblivion. I have now reached the unfortunate conclusion that as long as Mr. Branconnier remains at the head of this company, our investment is doomed. I do not have the time or space to outline all of the concerns, though I have shared a couple of the major one with you just now. There are some very substantial shareholders that have launched a dissident shareholder movement. I am now in sympathy with that movement which will attempt to change the management of this company at the October 30th, AGM. I will have more to say about this in my October issue, but for now, if you would like to learn more about this and how you can pledge your shares to this movement, let me suggest you visit the Yahoo thread. Send an e-mail message of and someone behind this movement will get in touch with you to provide additional information and to inform you how you can participate. Let me also suggest that you visit the web site of the dissident movement which is: www.interlock\~ttinfo\.com. About \|\| Bio