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Telit bombshell Part 2 - its Distributors are oft on a par with those of Globo

By Tom Winnifrith, The Sheriff of AIM | Sunday 13 August 2017


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Earlier today I published a bombshell that demonstrated that Telit (TCM) was Globo v2 - that is to say a FRAUD heading for zero in short order.. One of the points that caused Globo to unravel within days were its bogus distributors. I covered that in some detail in Part 1 of this series but here in  part 2 I offer up some graphics to make my point. Distributors account for only 30% of claimed sales but if they are bogus then is anything genuine? It is game over for Telit, the Fat Lady is getting ready... Enjoy what follows...

ITALY 

Melchioni

Website does not work

Files accounts (2015 revenue EUR 120M)

 

M&P Electronics

Website very limited / unfinished

Files accounts (2015 revenue EUR 1m)

Rutronik

See Germany

 

ISRAEL


Eastronics

Website did not work, does now

 

Aviv Mobile Communications

Website does not work

 

KOREA

 

Martner

Website admin contact claims to be Telit employee on LinkedIn

Does not file accounts

 

Melper

Website contains mostly discontinued product (e.g. CC864 module)

Phone never answered, no email provided

Does not file accounts

 

USA

 

Arrow Electronics

to come later 

 

Direct Communication Solutions

USD 1-5m revenue according to Glassdoor

 

Symmetry Electronics

No note

 

 

UK

 

Adaptive Modules Ltd

Files accounts (balance sheet only)

2014 inventory GBP 189,058, debtors GBP 531,587

Called CEO Andrew Aslett

Claimed revenue of c.GBP 3.5m, c.GBP 1m relating to Telit

Stated they were lookng to raise GBP 1m via crowdfunding

Did not send details of fundraising when I asked for them

Stated he was a Telit shareholder

 

Arrow Electronics

to come later 

 

Round Solutions

See Germany

 

Rutronik UK

See Germany

 

Olancha 

Files accounts (balance sheet only)

Holdco, relevant subsidiary appears to be Siretta Limited (others are dormant)

Siretta inventoy GBP 262,773, debtors GBP 159,034

Did not respond to emailed request to discuss business

 

SOUTH AFRICA

 

Arrow Altech Distribution

to come later 

 

Avnet

Sales contact left 2 years ago

 

CHINA

 

Hubei Dongding Technology

Files accounts (2013 revenue RMB 17m)

Website appears out of date, lists discontinued modules (e.g. GC864)

 

Maggroup

Files accounts

Telit not listed among top 5 suppliers (so has to be less than USD 300,000)

 

Arrow Asia

to come later 

 

Honestar

No note

 

Hope Sea Import & Export Limited

Website does not list Telit products

 

RTI Holdings

Website does not work; acquired by Avnet in 2013

http://ir.avnet.com/releasedetail.cfm?releaseid=749876 

 

TAIWAN

 

Arrow Asia

to come later  

 

Touchcom

Only seems to list modules of competitor Sierra Wireless

 

VIETNAM

 

Arrow Electronics Asia

to come later 

 

MEDs Technologies Pte Ltd

See Singapore

 

DIV Technology Co

Website very limited / unfinished

Office address appears to be a scooter courier firm

Did not respond to email (sent in Vietnamese)

 

INDIA

Arrow Electronics India

to come later 

 

Nexcomm Asia Pte

 

Rabyte Electronics PVT

 

WE Components India Put Ltd

Website does not work

 

MEXICO

 

Direct Communications Solutions

See USA

 

Arrow Electronics

to come later 

 

Everest Sales & Solutions

Telit not listed as a supplier

 

Symmetry Electronics

See USA

 

BRAZI

 

ITECH

Website does not work

 

ARGENTINA

 

Electrocomponentes s.a.

Catalogue (availabale online) lists Motorola not Telit modules i.e. several years out of date

 

PERU

 

Eddas

Website very limited / unfinished

 

CHILE

 

MCI Electronics

Only lists two basic modules, one out of stock


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