TITOMIC LIMITED (ASX:TTT) - Ann: Titomic Corporate Governance Statement - 2020, page-28 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by Bakmaam90: ↑

The following is directly related to announcing $4,000 in Receipts from Customers for July-September Quarter after hyping the business then stating delays in the most juicy of carrots they have dangled to date- TKF sales..!!

In February 2020......
They were excited about sending parts to Formula 1 Racing team...nothing since.
Also "very excited" about Nuclear Waste Containers, not a word since.
Tooling has also been a White Elephant to date, they were shouting about PO's for Tools in February at 100/year at 150k/tool claiming to be off and running in that sector? Considering they were boasting about how fast they can turn around an order to the customer...?
Delivering next stage parts to Boeing, another black hole.
Aerospace parts ranging up to 4M each where 3/day are needed- they did say 3-5 year time frame for this.
Top secret defence parts to major defence primes in US warranting a US Bureau- no updates on this apart from chewing away at the Capital Raise plugged as being for this purpose. As well as stating one "Major US Defence Prime" scoped up to 5 projects for "substantial" Ti parts, another black hole to date considering they were excited about PO's for projects in the 100's of Thousands of $....
Their main NASA weapon Nathaneal Miller was hitting the path strongly scoping 5 Projects, in particular Gilmour Space for which no further mention since their 5m Rocket celebration last year even though in February they were in "final stages" of SOW and PO's due to be completed shortly (9 months later and nothing on Rocket Nozzles, Exhaust Systems and Fuel Tanks) .... it seems the only path Nathaneal was hitting was the the pathway into Job search centre looking for another Job!

In June both TKF Machine Sales to CT were progressing with NATO Certification, they didn't say they hadn't delivered parts yet?
Also UK TKF Machine Sale quoted as being in final stages.

As everyone knows Ive sold 80% of my interest and put to better use.
Am hoping I can come back late next year and see some of these revenue promises realised at which time if SP has improved will buy back in.
TBH I've learned am better off not listening to management "spin"...because that what JL has been doing. The most concerning is the fact they stated CT Machine Sales as "Firm" however no deposit, no parts and no NATO....how is that "Firm" ?
And to top it off now a huge delay into 2021. Don't expect to see a deposit before mid 2021.

For the next 6 months go fishing and forget about them.

It saddens me to have flipped my sentiment however cannot justify the support just now due to Red Flags waving.

GLTH and DYOR

Expand

Good post Bakmaam. Hang in there. Can always make it back with a few Blue Chip's out there currently severely under valued who pay good Div's. All is not lost.

The Management having been lying through their teeth for some time now.

The last 2 Cap raises were for supposed expansion overseas. How many Bureau's have actually been built ? I don't believe any. Where has all the money gone from last 2 CR's if no Bureau's have been built?

The answer is ugly but true...…..Operational costs only....To keep the whole show afloat.

Nice con job Jeff.

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Ann: Titomic Corporate Governance Statement - 2020, page-28

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