so the story is that a $380 million contract was awarded in...

so the story is that a $380 million contract was awarded in september 2005 for qtk to install their tracking system in beijing through a chinese company named china alarm holdings...

in december 2005 the contract was supposedly "doubled" to extend the infrastructure into the hubei province.

only problem was that would mean a change in frequency in order to satisfy a wider and potentially national rollout...

the months ticked by....

until qtk needed to raise cash and so convinced bell potter in september 2006 that things were finally close to happening and capital was raised at 20cps convertable notes which carry a debt of $5.5 million to this very day....

more months ticked by..... still nothing....

the odd whisper that the delay was being caused by government licensing and approval requirements which had never previously been mentioned..

more months ticked by....

still nothing..

then rumours began surfacing that qtk's client and partner in china, china alarm holdings were in discussions with smartrans (sma) a rival tracking firm listed on the asx..

a few more months...

then china alarm fork out over $3 million for a placement in NOT qtk but SMA!!!

then a few more weeks pass by and the chairman yesterday says "we are having some delays in negotiations with the client that we are trying to resolve but may not be able too" or words to this effect....

and they expect people to believe that these problems have not in actual fact been simmering for the best part of 2 years!

how stupid do qtk management think the public, or the asx are for that matter! qtk is the joke stock of the entire asx and deservedly so. a complete and utter basket case.