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Re: CKK - Coretrack Limited

Up 12% today - healthy volume, Directors buying in, more capital raised, still only 80 million odd shares, and a general positive buzz around this company. Can see this taking off now. ;)
 
Re: CKK - Coretrack Limited

In trading halt.
Capital raising at 15c for $2.8 million.
This comes after a recent capital raising for $2.5 million.
 
Re: CKK - Coretrack Limited

CKK has the technology for a drill for Geothermal or Oil drilling that is vastly superior to current technology.

At the risk of sounding like a badly written Brochure, here's my summary of CKK's drill.

Dare I compare it to MHM in that is has industry changing technology potential, on all parameters the GT3000 (CKK's drill) outperforms conventional drills, including fuel efficiency, replacement of drill bits (these can individually run into the tens of thousands), number of operators required etc, to even the size of the thing, takes much less money and time to mobilize. The actual drill can switch between air hammer and conventional drilling, with air hammer faster for softer ground (if I recall correctly), and the ability to switch between the two modes rapidly, CKK's drill can drill a the same distance for less time and cost, both on average and in total.

The cost of construction one GT3000 is approximately 3.3 million according to company documents, with revenue of approx 14 million for contracting it at a 50% utilization rate out that's over a 300% return p.a. on money invested.

I hope I've got whoever reads this interested in CKK's story, as opposed to mindlessly buying it due to some kid on the net writing about it, DYOR and you'll probably come to the same conclusions as me (if not don't buy, no hard feelings :D).

This really sounds too good to be true, and it just might be (firepower etc come to mind) so if you do end up investing, keep it to a smallish spec level, not an all in.

:2twocents
 
Re: CKK - Coretrack Limited

ParleVouFrancois said:
CKK has the technology for a drill for Geothermal or Oil drilling that is vastly superior to current technology.

At the risk of sounding like a badly written Brochure, here's my summary of CKK's drill.

Dare I compare it to MHM in that is has industry changing technology potential, on all parameters the GT3000 (CKK's drill) outperforms conventional drills, including fuel efficiency, replacement of drill bits (these can individually run into the tens of thousands), number of operators required etc, to even the size of the thing, takes much less money and time to mobilize. The actual drill can switch between air hammer and conventional drilling, with air hammer faster for softer ground (if I recall correctly), and the ability to switch between the two modes rapidly, CKK's drill can drill a the same distance for less time and cost, both on average and in total.

The cost of construction one GT3000 is approximately 3.3 million according to company documents, with revenue of approx 14 million for contracting it at a 50% utilization rate out that's over a 300% return p.a. on money invested.

I hope I've got whoever reads this interested in CKK's story, as opposed to mindlessly buying it due to some kid on the net writing about it, DYOR and you'll probably come to the same conclusions as me (if not don't buy, no hard feelings :D).

This really sounds too good to be true, and it just might be (firepower etc come to mind) so if you do end up investing, keep it to a smallish spec level, not an all in.

:2twocents
Click to expand...

Interesting... MCE is a similar company but with proven products and track record. They are also priced accordingly however.
 
Re: CKK - Coretrack Limited

This really sounds too good to be true, and it just might be (firepower etc come to mind) so if you do end up investing, keep it to a smallish spec level, not an all in Parelvouz
Click to expand...

It's certainly not a Firepower con Parlevouz. A bloody big mining drill will quickly demonstrate what it is capable of and this one is now built and operational.

It will be very interesting to see how this flies. Certainly worth a punt. I'm in.
 
Re: CKK - Coretrack Limited

Just all part of my disclaimer :) I wouldn't want this to go south and have someones life savings on me, even if I'm not to blame really.

:2twocents
 
Re: CKK - Coretrack Limited

Just had a look at the MCE thread which is also going particularly well. Seems as if MCE also services the mining and engineering sector.

I think that if CKK's gear is as good as it appears it will also explode into the marketplace. There are obviously excellent margins in the industry and plenty of demand given MCEs full order books. At 22c CKK is (hopefully) an absolute bargain.:2twocents
 
Re: CKK - Coretrack Limited

After a rough couple of days, CKK jumped nearly 20% yesterday

Good to see the SP on the up again.

/massive bump/
 
Re: CKK - Coretrack Limited

Sharp jump today with a couple of large buys. Maybe there is some positive news coming. (certainly about time...)
 
Re: CKK - Coretrack Limited

Good announcement today by CKK. Seems as if management is in close discussions with a number of Geothermal and Oil & Gas companies on hiring the rig. They are amalgamating their offices to a much larger location AND saving $258,00k a year rent and finally the CLSR component on the GT 3000 has been much improved.

Nice little boost to the SP..

Let's see some contracts :)

http://newsstore.fairfax.com.au/app....au/apps/qt/quote.ac?code=ckk&submit=Go&f=pdf
 
Re: CKK - Coretrack Limited

Perhaps the March 3 report is starting to circulate and/or there is action at CKK.

Shares have jumped 25% in 5 days and up 10% this morning. Some quite strong buying pressure . Over 2 for 1 All good.:)
 
Re: CKK - Coretrack Limited

Surely something imminent has to happening with Coretrack. On a day when(almost) the whole market and in particular the small caps are falling steeply CKK manages a 15% rise and is still rising at the end.:)
 
On June 1st, 2015, Coretrack Limited (CKK) changed its name and ASX code to LWP Technologies Limited (LWP).
 
Going by the posts on this thread, its fairly safe to say not many on here may be following this stock but may be one to keep an eye on - not for investing in but watching the fallout.

In a nutshell, over the last 12 months:
- the directors have been caught by the ASX owning and transacting in LWP shares undisclosed to the market resulting in a suspension and forced sale of these shares.
- Around $500,000 went missing from a capital raise but through two employee loans of $250,000, which haven't been paid back, the books seem to balance.
- the company announced a $1.6million investment into a Graphene Battery technology which they claimed would be worth $1billion within 12 months. Investors smelt a rat straight away and uncovered this as a scam which ended up in the company terminating the JV two months after being informed on this information by shareholders
- Very recently, the company had a line hidden in their Annual Report where they had made a $500,000 investment in Franchise Retail Brands which is a coffee and food venture. The directors of this new company just happened to be the LWP directors, who had made an undisclosed related party transaction which was cancelled by the ASX.

It is playing out a bit on HotCopper, some shareholders appear to have banded together to investigate legal options and appear to have lodged complaints with the ASX, ASIC and the Qld Police. Worth taking a look at
http://lwp.coolpage.biz/ and signing up for anyone interested in following the story. Seems some directors or insiders have signed up to HotCopper to try and put out some fires.

How this will all play out is anyone's guess. The company did have some promising proppant technology which seems to have been lost now.
 
Still some interesting events taking place with this company. Fortunately I do not hold but have followed the story out of interest just to see how much a company can get away with these days. Seems like quite a lot. I have read a couple of articles sent out by shareholders about a court case they are in with their former JV partner. The technology they invested in turned out to be a lab full of soft serve ice cream machines! The website has changed to http://lwp.host22.com

Some interesting events in the court case. Seems the LWP Technologies directors signed the JV agreement when they were not authorised to do so and their lawyer backdated a company form by 3 months to try to validify the agreement. From what im reading, it appears they have given several hundred thousand dollars to a russian guy and possibly no grounds to retrieve it.
 
http://lwp.host22.com/media-articles/
LWP Technologies: Shareholders seek answers over fracking tech firm’s lost millions in value
It is a tale of intrigue involving millions in lost shareholder value, radical new technologies and a failed joint venture with alleged links to a member of the Hells Angels.

Key points:
  • LWP’s shares are almost worthless
  • Investors are calling for ASIC to investigate
  • LWP’s market capitalisation has dropped from $40 million in mid-2015 to $6 million today
Disgruntled shareholders have accused Brisbane-based firm LWP Technologies of destroying millions in shareholder value without producing any income.

LWP persuaded investors that its fly ash-based proppant — tiny balls used to keep fissures open when fracking — was a game-changer for the industry.

But now the company’s shares are almost worthless and investors are calling for the Australian Securities and Investments Commission (ASIC) to investigate.

‘It seemed like a no-brainer’
Perth-based Brad Chapman has worked in drill and blast mining for 20 years. He spent $650,000 on LWP shares, making him one of the ASX-listed firm’s biggest investors.

“Fly ash was an abundant resource, cheap, and the technology these guys said they had to be able to turn this into proppants made it much better than what was on the market for the price you could get it at,” he recalled.

“It seemed like a no-brainer — it looked very impressive.

“I’ve come to the conclusion they’ve not actually produced anything.

“If everything they predicted came true it should have been a real goer.”

He sold his shares last year, making a $240,000 loss.

LWP’s market capitalisation has dropped from $40 million in mid-2015 to just $6 million today.

The company’s shares are almost worthless, fetching just 0.1 cents, down from highs of 30 cents a share in 2009.

EMBED: LWP’s share price highs 2007-2017.
ASX confirms complaints from shareholders
The company’s chairman, Siegfried Konig, told the ABC he was the second-largest LWP shareholder and had seen the value of his shares drop from $3.8 million to $350,000.

“Therefore, my holding and that of the other directors is 100 per cent aligned with LWP shareholders, and the board is making every effort to restore that value,” he said.

The ASX told the ABC it had received many complaints from investors.

“LWP is a company whose issues have exercised a lot of ASX’s attention. We have made multiple enquiries and taken a range of actions within the scope of our power,” it said in a statement.

The ASX is also concerned about the management of the company, having recently required LWP to appoint independent directors and an independent governance expert.

Company has no obvious source of income
Tony from Brisbane spent $30,000 on shares in 2015, but sold out last year when he became increasingly concerned about a lack of progress and some of the company’s investments.

“I was looking for a long-term hold, it had pretty promising technologies, but management — there were too many red flags for me,” he said.

LWP has no obvious source of income as it is yet to go into production or sell any product. It has not turned a profit since 2013, when it got a tax rebate, and posted a $7.6 million loss for the half-year to December 2016.

“They’ve alluded they’ve had contracts coming up in the works, but nothing has materialised over the last two years,” Mr Chapman said.

The company appears to have survived by raising funds through issuing new shares, including $6.6 million in 2015, and a further $6 million from Lanstead Capital in 2016.

Mr Konig said the proppant product is ready for commercialisation, but the drop in the oil price has led oil and gas companies to cut back on capital expenditure.

But now, according to company accounts, the company has just $1.1 million in the bank, and the ASX has estimated LWP has cash outflows of $880,000 for the next quarter alone.

The dismal figures did not affect Mr Konig’s wages — he was paid $430,000 last financial year.

“I think they’re just milking it out now and they’ll just close shop when that money’s gone,” Mr Chapman said.

With no income, the ASX was concerned the company would fold, so it sent a “please explain” letter in mid-May.

Mr Konig responded to the ASX with a statement saying the company was taking steps to achieve positive cash flow, including halving the pay of senior executives.

Failed venture lands in court
Investors have accused management of making a raft of mistakes, including a failed joint venture with rechargeable battery technology company GraphenEra, which has ended in court.

LWP spent $1.6 million and handed out 30 million shares to acquire 50 per cent of the battery patent.

The scientist behind the invention, GraphenEra director Victor Volkov, planned to set up a laboratory in Thailand to produce the graphene battery, which he claimed would compete with lithium batteries.

LWP is now suing GraphenEra, alleging Mr Volkov mismanaged funds, and is seeking to cancel the joint venture and recover $770,000 and 30 million shares.

Supreme Court documents show LWP sent a representative to Thailand, Bruce Dwyer, who said the laboratory, rented by Mr Volkov, “was in fact at that stage an empty shed, factory that had been rented”.

8610322-3x2-700x467.jpg
PHOTO: Investors say this photo, leaked to an investor chat site, shows the Thai laboratory. They say they want to see more photos of the lab’s progress. (Supplied)
Mr Chapman said he believed LWP did not have sufficient controls over the running of the joint venture.

“My thinking on it is that the directors were absolutely incompetent to go ahead with it,” he said.

But Mr Konig disputed that assessment, saying an independent third party introduced the board to the project, which had the potential to make LWP a very valuable enterprise and that he “personally saw the lab construction in progress”.

Joint venture company has alleged links to bikie gang member
Last year Mr Volkov submitted a patent, naming a close relative as an inventor, to the patent office.

Police allege this family member is a patched member of the Hell’s Angels.

LWP met with Mr Volkov and his relative as part of its due diligence.

“The principal scientist assured the board that his relative had absolutely nothing to do with GraphenEra,” Mr Konig said.

A number of former LWP shareholders have made complaints to the Queensland Police, ASIC and the ASX, and are now considering a class action.

“These guys are downright greedy,” Tony from Brisbane said.

“ASIC’s done nothing and you complain to them and it’s a black hole. Information comes in and nothing goes out.”

ASIC declined to comment.

Investors criticise a range of LWP’s decisions
Investors have criticised a number of LWP’s decisions, including LWP investing $500,000 in a retail chain run by its former CEO Sean Corbin, who resigned from LWP in November 2016.

Mr Konig was also previously listed as a director of this retail company.

While Mr Konig said the company did nothing wrong, the ASX forced LWP to undo the deal.

The ASX also forced Mr Konig and Mr Corbin to sell shares issued to their children, with profits to be donated to a charity.

LWP executives were forced to sell 41 million shares acquired when LWP bought Mr Konig’s private company Ecopropp.

Mr Konig conceded “some of our previous company secretarial matters could have been handled better”.

The company was also caught out claiming it had independently tested its proppants, but in March was forced to write a retraction, blaming its investor relations team.

The testing had been done by LWP’s former chief scientist.

“The accusation that testing was not independent is entirely false and without foundation,” Mr Konig said.

Investors have also criticised LWP for making a $300,000 loan to a traffic signalling company Omnet, which went bust soon afterwards.
 
Someone at ASIC or the ASX needs to be fired and both organisations sued by investors of LWP.

The money is gone, I'd guess.

gg
 
They have just enough funds left to grow some pot with the benefits of reduced pain therapeutically and in the wallet.
 

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