I had 2 of the TTX300 system receivers die immediately. Same flashing red light you describe. It happened when I plugged them into a Tamiya ESC (TEU-105BK). The receiver must be sensitive to voltage or a signal. I was not able to recover them and sent them back to Tower. I e-mailed them and let them know. Not sure they care. I sent it all back and just ordered an Airtronics MX-V for my boy. Worked like a charm on the same ESC. Good luck.
Jose