Did you set the protocol to telnet?
comm.ProtocolType := telnet;
The comm.connect should give you:
Connected to telnet server.
And the comm.WelcomeMessage should contain:
(U[8;25;80t[1;25r[1;1H[2J[1;1H[?1000hMystic BBS v1.12 A38 for Linux Node 1
Copyright (C) 1997-2017 By James Coyle
Detecting terminal emulation: [6n
Wow, a BBS system. That takes me back some years