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Tri-Tech Holding Inc. Message Board

alectric 195 posts  |  Last Activity: Mar 31, 2015 1:48 PM Member since: Jan 6, 1998
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  • alectric alectric Mar 31, 2015 1:48 PM Flag

    That is a concern but is it germane to her case? Does it have to do with Sarbanes Oxley? If so, a civil lawsuit is not the venue for that. A complaint with the SEC is.

  • alectric alectric Mar 31, 2015 1:28 PM Flag

    But why is this a civil lawsuit? #1 should be filed with the FTC, #2 is just the result of incompetence and is not criminal, #3 ditto. All of this is not germane as to whether Yan assaulted, berated, and threatened her. Why is the judge not tossing this out? If Ms. Hauser did not record the threatening phone call or has no witnesses to corroborate her story, she is up the creek. 1,2, and 3 do not buttress her case.

  • Reply to

    The End

    by alectric Mar 21, 2015 3:30 AM
    alectric alectric Mar 23, 2015 11:31 AM Flag

    Dumped my shares at .30 via E*Trade, even though I had an order in at .22. Good job, E*Trade. Had contacted Brian McClellan to see what the shareholder equity was, but he didn't have that info on hand. Didn't want to wait to hear back from Tri-Tech in China. The company has always had a cash flow problem with the build, operate, transfer model. This model requires they have the capital up front and they get paid on the back end. Not a good model. Didn't want to hang around to see what shareholders would get in liquidation.

  • Reply to

    The End

    by alectric Mar 21, 2015 3:30 AM
    alectric alectric Mar 22, 2015 11:28 PM Flag

    Doesn't mention what the accounts receivable were, so I wonder what the shareholder equity is.

  • Reply to

    The End

    by alectric Mar 21, 2015 3:30 AM
    alectric alectric Mar 21, 2015 3:34 AM Flag

    March 17, 2015

    Re: Statement of Disagreements between Tri-Tech Holding, Inc. and Yunxiang (Phil) Fan

    Based on my personal judgment as the CEO, I strongly believed that it was very hard for the Company to meet its immediate obligations due to shortage of cash in the foreseeable future. Therefore, I brought up my concerns to the Board of Directors and requested a special board meeting for guidance on Feb 27, 2015. The board meeting was conducted on March 6, 2015. As the CEO, I believe the Company was "going concern", and needed to consider a proper disclosure, and to discuss with our auditor. However, the Board disagreed to my judgment.

    Furthermore, I requested the CFO and Board Auditing Committee by email and/or at the board meeting determine whether or not the Company should discuss with our Auditor since the Company is in the process of annual financial report auditing. I had not received any feedback or reports from the CFO or any other managers, directors until after my resignation.

    My judgment of the Company's going concern was based on the following facts I had received recently:

    1. On Feb 27, 2015, I received an email from General Manager of Tri-Tech's Tennessee Office, with two attachments - Letter - Financial Summary.doc, and Cash Flow - Master.xlsx. He also mentioned in this email that two employees had decided to take a voluntary layoff, effective immediately. In the Letter, he reported that "total due by March 15 is $322,485".

    2. On March 2, 2015, I requested a list of all past-due payables of the Company, excluding Indian Operation from the Company’s Financial Department on March 4, 2015. The total amount past due was RMB 43,445,400 (or approximately US$ 7.12 million);

    3. The Company lost money in the past a couple of years due to bad macro-economic situation, internal and external issues, and shortage of cash to execute or secure new contracts;

    As the CEO, I didn't believe that the Company would able to raise such amount of cash to pay off the immediate obligations in a timely manner even though the Company tried many possible lending sources.


    There were clearly some disagreements between the Board of Directors and me; therefore, I had no other choices but to resign from all my positions within Tri-Tech Holding, Inc. and subsidiaries, including CEO and director of the Board. I informed the Chairman and the Board via email on March 13, 2015.



    Yunxiang (Phil) Fan

    Former CEO and Director of the Board of Tri-Tech Holding, Inc.

  • alectric by alectric Mar 21, 2015 3:30 AM Flag

    6-K filed 3/20/2015 with SEC:

    On March 14, 2015, Mr. Phil Fan tendered his resignation as a director and Chief Executive Officer of the Registrant, effective immediately. At the time of his resignation, Mr. Fan served on the Board of Directors and was Chief Executive Officer of the Registrant. In addition, he also resigned from all official capacities within the Registrant and all its subsidiaries.

    On March 17, 2015, Mr. Warren Zhao was appointed as the Chief Executive Officer of the Registrant in a meeting of the Board of Directors.

    Mr. Fan has stated that his resignation is based on a disagreement between himself and the Registrant regarding its operations, policies and practices. In particular, Mr. Fan states that his resignation was based on his doubt that the Registrant would be able to continue as a going concern. Mr. Fan states that he believed that the Registrant should analyze and discuss with its auditor such issue. In addition, Mr. Fan did not believe the Registrant would be able to raise sufficient funds to repay its immediate obligations in a timely manner. Mr. Fan has provided a formal letter regarding his disagreement with the Registrant, and this letter is attached as an exhibit to this report.

    The Registrant disagrees with Mr. Fan’s suggestion that the Registrant opposed disclosing a going concern issue. Instead, the Registrant is in the midst of preparing its annual report and is in the process of analyzing and discussing with its auditor the going concern issue. Accordingly, the Registrant has not yet reached a conclusion regarding the matter and believes the most prudent course of action is to review the matter fully in connection with its annual report and disclose fully in its audited financial statements.

  • Reply to

    New motion filed by TCPI

    by devrina Mar 17, 2015 5:38 PM
    alectric alectric Mar 18, 2015 5:36 AM Flag

    That's exactly what I was thinking. She claims harassment in the suit, yet she's trying to be a whistleblower, too. If she's attempting to show Yan didn't listen to her re the UL or rebate issue, that doesn't seem to have any bearing on whether he harassed her or not. He could have rejected her advice without harassing her. What she needs are witnesses to her harassment and apparently she doesn't have any willing to come forward. The alleged call to her home by Yan with the veiled threat "you'll be sorry" was not recorded so it's a case of "he said, she said". All I can figure, is that her case is so weak, she is trying to force TCPI to plead guilty by harassing them with threats of a subpoena of their largest customers, which would jeopardize those relationships. Honestly, I don't know why her lawyers don't advise against such a move, and also why they present her case the way they have. The filings come across as hysterical ramblings, not a coherent, well-documented and reasoned case.

    I hope Laura has deep pockets. I doubt her attorneys have taken this case on contingency. She's lost more in her stock value than she will have gained in a settlement. The company can drag this out for years.

  • Reply to

    Today may be day 2 of countdown.

    by renegade5063 Mar 11, 2015 2:59 PM
    alectric alectric Mar 11, 2015 3:24 PM Flag

    You have about 18 months to get the stock above a dollar after appeals. Company could even do a reverse split.

  • Reply to

    Perhaps $60 mil left at year end.

    by renegade5063 Mar 11, 2015 9:07 AM
    alectric alectric Mar 11, 2015 11:10 AM Flag

    The had one tenant in 3 building on last quarter's conference call. That tenant was paying $600k. Apparently, by YE they had completed construction on 16 buildings and are preparing them for leasing out. These buildings are in Shangai and Beijing, all tier 1 cities. I agree this is not the best use of their money, but once they are leased out, at lease the revenue will be predictable. The stock should reflect this at some point.

  • Reply to

    Perhaps $60 mil left at year end.

    by renegade5063 Mar 11, 2015 9:07 AM
    alectric alectric Mar 11, 2015 10:11 AM Flag

    That's why I talked to him about it. I'm not talking about smartphones, where margins are low. I'm talking about cancer treating equipment. That's where the real money is to be made.

  • Reply to

    Perhaps $60 mil left at year end.

    by renegade5063 Mar 11, 2015 9:07 AM
    alectric alectric Mar 11, 2015 9:46 AM Flag

    What I don't understand is how this company cannot seem to gain traction with their own branded smartphone. They should sell out to Xiamoi or get out of the business altogether. Their gross margins are only 11%. I tried to talk to Jay Ji about getting into medical equipment which has gross margins in the 40+% range. You also wouldn't have to build as much equipment.

    From CNET:
    "Xiaomi, a 4-year-old Chinese smartphone company that sells high-end handsets, is now the leading device maker in China.

    During the second quarter of this year, Xiaomi was the most popular smartphone maker in China, earning 14 percent of the market, according to new data from research firm Canalys. Samsung, which has held the top spot in China since 2012, is now in second place with a 12 percent share. Lenovo took the third spot.

    Xiaomi's success has been due to its unique ability to capture the attention of the burgeoning consumer market in China. The company builds a wide range of high-end smartphones and offers them in somewhat limited quantities to build up demand. More importantly for Chinese customers, the devices come with nice designs, high-end features, and prices that are much lower than those from competing firms."

  • Reply to

    Selling looks to be finished

    by you_twit_face Mar 10, 2015 10:25 AM
    alectric alectric Mar 10, 2015 10:45 AM Flag

    The market is down because the dollar is strengthening due to Europe QE (printing money). China is following suit. As the dollar strengthens, the cost of goods and labor in China which is denominated in yuan is reduced. This should improve profit margins for TCPI.

  • Reply to

    Anybody know the Float?

    by schmago Mar 9, 2015 12:20 PM
    alectric alectric Mar 9, 2015 3:43 PM Flag

    Institutions positioning themselves for post earnings bounce?

  • Reply to

    Any Update on Earnings Release?

    by johnnyi2004 Mar 5, 2015 7:26 PM
    alectric alectric Mar 5, 2015 8:20 PM Flag

    E*Trade shows Q4 earnings are expected to be announced after market hours on 3/12/15. Estimates: 0.210 | 0.190 | 0.170 (High | Mean | Low)

  • Reply to

    Alectric, I emailed u info on JRJC...

    by drbredack Mar 3, 2015 3:53 PM
    alectric alectric Mar 3, 2015 7:16 PM Flag

    I got in back in December when BABA made its move. The CEO of EFUT talked about doing a deal with Alibaba. EFUT had such a huge backlog of work plus an app to drive mall store sales with social media, I figured the stock would surge sooner or later. Tomorrow it will hit the radar screens of the speculators.

  • Reply to

    Alectric, I emailed u info on JRJC...

    by drbredack Mar 3, 2015 3:53 PM
    alectric alectric Mar 3, 2015 6:33 PM Flag

    Check out EFUT after hours. That's one I'm in. It's a super low float. Profit up 324% over last year!

  • Reply to

    Electric how much the sold the building ?

    by fibsys Mar 3, 2015 1:57 PM
    alectric alectric Mar 3, 2015 4:04 PM Flag

    They expressed their intent to sell and based on their cash balance falling below $5M at the time, they needed to do it immediately. It is not difficult to do a sale/leaseback. These deals go quickly because the buyer already has a tenant. Think about it. They needed to buy time to consummate the hyperthermia sale which they projected would happen in the Spring. The sale of the building would bring them enough to carry them through March 31. If you want the spreadsheet model, e-mail my Yahoo ID and I'll send it to you.

  • Reply to

    Alectric, I emailed u info on JRJC...

    by drbredack Mar 3, 2015 3:53 PM
    alectric alectric Mar 3, 2015 4:01 PM Flag

    No you didn't.

  • Reply to

    Electric how much the sold the building ?

    by fibsys Mar 3, 2015 1:57 PM
    alectric alectric Mar 3, 2015 3:09 PM Flag

    Maybe hot in other areas, but if you look at Google street views, every building surrounding it is up for lease. And leases are only going for $7 per sq foot in the area. I wouldn't count on the building to bring them much capital. It was mainly a financial maneuver to keep them going until the hyperthermia business could be sold.

  • Reply to

    Electric how much the sold the building ?

    by fibsys Mar 3, 2015 1:57 PM
    alectric alectric Mar 3, 2015 3:07 PM Flag

    My spreadsheet model showed that they would have dropped below $5M by the end of January. This is what I believe to be the minimum balance they must maintain in order to satisfy the conditions of the Terumo contract (it seems that whenever they drop to $5M they do a private placement). I did check back with the tax assessor online and the record still shows BSD Medical as the owner of the building, however, it does take some time for the record to be updated. Unfortunately, it doesn't look like the register of deeds is public, so I can't check that, which would be more current. It stands to reason that they must have gotten some kind of loan to keep them above the threshold, and based on their current burn rate, that will run out by the end of this month, assuming they sold for $1.32M. By then, it will be spring, and the hyperthermia business should be sold. They will need $8.2M from that to avoid dilution, assuming they hit their strategic plan numbers.

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