VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Zeev Hed who wrote (17933)	1/30/2000 10:39:00 PM
From: FMK	Read Replies (2) of 27311

Zeev, I have been away from the thread for a while, but remember that Valence manufacturing yields were in the 90% area as of at least six months ago. As you should be aware, they have been on a "learning curve" for a long time. When you say that you expect yields to be low at first, are you referring to the low 90's? As far as market share goes, what difference does it make if Valence has the best product, and next generation products in the works such that they can sell all they can produce at premium pricing? I understand the Oppenheimer folks toured the plant and did a thorough analysis before recommending Valence with $40 price target. Do you recall whether they included joint- venture (Alliant Tech and Hanil telecom) revenues and anticipated royalties from licensing? If you based your breakeven numbers on low yields (30 - 40%) and Sony and other li canister mfrs get about 55%, would this affect your 75MM annual revenue estimate to break even if you use 90+% for their yields? It was good to hear you recently bought a few shares. Did you hang on? Regards from FMK

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