Re:FinancingDistant for Melvin: >And the last time I looked, Thermowreck was worth about a tenth of a cent with a billion+ shares outstanding. Don't go there, Gardener.<
This showed up in my Email a few days ago and since you've supplied the intro enjoy!
Thermo Tech pursued by equipment supplier
Thermo Tech Technologies Inc (TSX-V:TTRIF)
Shares Issued 6,957,139,438
Wednesday November 24 2004 - Street Wire
by Stockwatch Business Reporter
Langley-based Thermo Tech Technologies Inc. is being sued by Voith Paper Inc. over an unpaid bill from 1998. Voith Paper says Thermo Tech wrote it a bad cheque and then refused to pay the bill.
The statement of claim
As Voith tells it, the trouble started on May 28, 1998, when Thermo Tech purchased $385,979 worth of pulping equipment from German-based Voith Paper. Voith says Thermo Tech came up with $192,990 of the purchase price up front and agreed to pay the remainder with a wire transfer and two postdated cheques.
Voith, apparently satisfied with this arrangement, shipped the equipment on Nov. 5, 1998. Collecting the outstanding purchase price, however, has been a challenge.
Voith says it initially collected $100,000 from Thermo Tech in two payments: a Nov. 6, 1998, wire transfer of $50,000, and a $50,000 postdated cheque drawn on Thermo Tech's account at the Canadian Imperial Bank of Commerce. This left $92,989 owing on the equipment.
Voith says Thermo Tech has not paid this outstanding balance, despite several demands. Thermo Tech apparently wrote a rubber cheque dated Nov. 20, 1998, to satisfy the debt. "In or about late 1998 or early 1999, the Second Cheque was duly presented ... for payment and the Second Cheque was dishonoured," stated Voith in its nine-page claim.
Voith says Thermo Tech, when confronted with news of the bad cheque, promised to pay the debt by Oct. 8, 1999, through its Richmond Bio Conversion Inc. subsidiary.
Voith says this promise also amounted to nothing. On Oct. 13, 1999, Thermo Tech again told Voith it could not pay the troublesome debt.
Nearly two years later, on June 28, 2001, Thermo Tech changed its thinking. The company apparently told Voith it had the money but was not going to pay the debt because the equipment did not work properly. Thermo Tech allegedly deposited the amount owing in a trust account with its former law firm, Clark Wilson, to be held pending resolution of the issue.
Voith, represented by Jason Twa of McCarthy Tetrault LLP, ends its claim with request for a judgment in the amount of $92,989 plus interest and costs. Thermo Tech has not filed a statement of defence and Voith's allegations have not been proven in court.
Better times
Thermo Tech, during 1995, a good year, traded as high as high as $4.37 (U.S.) on its much-hyped bio conversion technology. The company was a favourite of newsletter writer Jay Taylor in 1998, who predicted the company would reach a high of $50 (U.S.) to $70 (U.S.) in three to five years.
Thermo Tech also made news headlines in 1998 when its technology was the subject of a court battle between the company and Trooper Technologies Inc., another biotechnology promotion of the time. Thermo Tech terminated an Eastern European technology licence issued to Trooper, alleging improper use of the technology. The dispute was settled out of court in November, 2000, when Thermo Tech agreed to pay $500,000 to Trooper and Trooper agreed to return all plans for Thermo Tech's technology.
The Thermo Tech promotion also landed several brokerages in hot water for violating a cease trade order. The B.C. Securities Commission collected fines totalling $442,475 from 18 firms for trading Thermo Tech after the BCSC suspended the company on July 14, 1999. The BCSC eventually rescinded the suspension because of significant volume in the company's shares in the United States.
More recently, Thermo Tech -- the company if not the stock -- has been mostly inactive. The company last traded on the Pink Sheets Tuesday for two-100ths of a penny on volume of 2,086,000 shares.
© 2004 Canjex Publishing Ltd.