The Curious Case of Transfer Technology International Corp (PINK:TTIN)
2008 in sunny Florida. An evil man is plotting a scheme which will result in a lot of retirees losing their money. The man in question is called Neal Smalbach and he is serving as Vice President of a publicly traded company called Transfer Technology International Corp (PINK:TTIN). He intends to trick some elderly citizens into investing their life savings in TTIN by promising them that the ticker will soon skyrocket because the company owns some pretty cool patents, that will soon bring hundreds of thousands of dollars in revenue. You can read all about the climax of this compelling story here and here.
Mr. Smalbach is gone now and so are the interesting patents but for the last couple of days we have been witnessing something pretty similar. This time the burden of convincing people that TTIN is a good investment alternative is carried by paid promoters. For the last couple of days we have been receiving emails from newsletters like Inside Bulls, Penny Play of the Day, Whisper From Wall Street and OTC Stock Exchange and while it’s definitely no easy task getting TTIN off the ground, we have seen some movement.
The ticker was pretty much forgotten until Tuesday but when the emails started flying around, it took off, increasing the price from $0.025 before the pump to $0.045 at the close yesterday.
That said, TTIN also helped with a couple of announcements that were designed to get investors all excited and, according to them, the company is now in the process of changing the name and field of operations for the umpteenth time. This time, they are entering the business of lawn and landscape designing and they talk at length about how profitable it’s going to be. That’s all well and good but we have seen it before and every single time they decide that they need a change, the results are pretty appalling.
That’s not the only problem, either. A new venture into uncharted grounds will mean that there are some investments to be made. We opened TTIN‘s latest financial statement to see if they will be able to make those investments. Here’s where they stood as of September 30, 2012:
- cash: $383
- current assets: $2,574
- current liabilities: $2 million
- revenue: $10 thousand
- net loss: $9 thousand
The more you read from their report, the more depressing it gets. We can see that the liabilities are humongous and they are getting worse by the minute because of a number of notes on which TTIN have defaulted. Some grumpy shareholders (while it’s not specified, we reckon that they are part of the retirees that got burned on Mr. Smalbach’s scam) wanted their investments back and while TTIN agreed to return their money in monthly installments, they were only able to make a couple of payments which means that they are in default on that agreement as well.
Try as we might, we couldn’t find a single thing that could make TTIN look as even a remotely safe place for your money. Things get downright comical when you look up the address of their corporate headquarters on the Internet.
We would advise you to be extremely careful when making your decision on TTIN. The risks are quite high and you can see that people have already suffered from a scam connected to the ticker. Looking at the facts right now, and having in mind the paid pump for them, there is little to stop history from repeating itself.