Greg, I would think the financing options have already been arranged. Accessing the money is not the problem. Selecting the 'best' option for the shareholders is the issue at hand. Carl Berg (the largest shareholder at 12.7%) is more than ready to 'loan' the company more money, and receive convertibles in return. Lev, however, is also a large shareholder (8.4%) and is highly motivated to do a secondary offering if at all possible, because he'll get a higher share price (less dilution). Also do not forget the few millions in warrants that have yet to be exercised.
Regarding the new VP, see my prior post. He's a new Valence employee, a director of operations.
The PR last fall for the other two most recent VP appointments were for two researchers; here it is:
" September 24, 1998 -- Valence Technology, Inc. (Nasdaq:VLNC)today announced the promotion of Dr. Joseph T. Lundquist and Dr. George W Adamson to the positions of Vice President, Research and Development and Vice President, Process Engineering and Development, respectively.
Dr. Lundquist, 58, has been Director of Research and Development for Valence, since rejoining the company in July, 1998. For the past two
years he served as a consultant to the battery industry. Dr. Lundquist, who has a Ph.D. in electro-analytical chemistry from Michigan State, has authored over 35 technical articles and holds approximately 30 patents in the areas of batteries and battery components.
Dr. Adamson, 32, joined Valence in 1996 and has held positions as a research scientist, project manager and Director of Product
Development. Prior to that, he was a research scientist with Zinc Air Power. Dr. Adamson, who has a Ph.D. in physical chemistry from
Massachusetts Institute of Technology, has authored various technical publications and has several patents pending in the area of battery
components. " |
