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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Matthew Leo who wrote (273)	4/29/1997 10:05:00 AM
From: FMK	of 27311

Hi Matt, Thanks for the info on cobalt. It would appear that VLNC has been wise to concentrate efforts on lower-cost Manganese dioxide for cathode material as the cost differential for cobalt should increase with demand. I spoke with the company yesterday and learned that tests on lab versions of MnO2 cells are easily exceeding 300 recharges at 80% with no reduction in the 160 watt-hr/kg specfic energy(laptop cells) but was reminded that there is a difference between lab and production versions. Tests on the month-old production cells average around 250-260 recharges. With the encouraging results on the laboratory versions, it would appear that the goal of 300 for production cells should be attained within a reasonable time frame. I understand this goal was suggested by Valence some time ago during talks with Motorola. The company's production is presently not restricted to a single OEM as it was 4 years ago with Motorola so there is nothing to prevent an OEM contract based on the present # of recharges. Advantages to OEM's are obvious when you consider that stored energy with solid polymer will increase 20-25% by volume and about 75% by weight as compared with the series-parallel combinations of 18650 liquid-electrolye cells with metal containers. Lower material and manufacturing costs make it even more attractive! I understand that Dave Archibald is working on end-of-year financials and has encouraging news to report regarding the production lines. He was reportedly in a very positive mood when he reported last week that the line 1 production problems had been solved. I also learned that Cal Reed has been in Korea and will return later this week. It may worry a few investors that they have been unavailable by phone, but I feel that any weakness in the stock presents a buying opportunity! Regards, FMK

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