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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: FMK who wrote (12525)6/30/1999 2:15:00 AM
From: Larry Brubaker   of 27311
 
FMK vs. VLNC's official statements:

FMK: "I was given an informed interpretation of the $3 million private financing."

VLNC Filing 6/28: "You should rely only on the information provided or incorporated by reference in this prospectus supplement and the prospectus. We have not authorized anyone else to provide you with different information."

FMK: "The amount was thought sufficient to get some serious production underway to see some "material events" that should get stock price up enough for a larger financing."

VLNC Filing 6/28: "Until recently, our batteries have been only manufactured on our pilot manufacturing line, which is able to produce prototype cells in quantities sufficient to enable customer sampling and testing and product development. We are currently in the early stages of transitioning production to an automated high volume production line that will work with our newest battery technology in our manufacturing facility in Mallusk, N.I. The redesign and
modification of the manufacturing facility, including its customized
manufacturing equipment, will continue to require substantial engineering work and expenses and is subject to significant risks, including risks of cost overruns and significant delays."

FMK: "Raising $75 million to build another plant to double NI's production capability will be much more feasible at $15-$25 per share than at today's prices."

VLNC Filing 6/28: "We anticipate that,after taking into account projected revenues and receipt of funds from other sources, we will need to raise in either a debt or equity financing a minimum of $25 million to fund planned capital expenditures, research and product development, marketing and general and administrative expenses and to pursue joint venture opportunities in fiscal 2000."

FMK: "IMO the higher energy storage of the generation II version should boost the NI's annual capacity to as much as 750 mln watt hours. Add another plant like it and the total might be 1.5 billion watt hours."

VLNC Filing 6/28: "We presently have no products available
for sale, although we have developed working prototypes of our batteries. These factors raise substantial doubt about our ability to continue as a going concern."





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