Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.940

-7.6%

Nov 25 3:39 PM EST

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To: Robert Cohen who wrote (7685)	1/2/2001 10:20:09 AM
From: Brad Davies	Read Replies (1) of 10293

Robert, do you have any knowledge of the terms of the IDB advance and the Berg Line of Credit. I understood that the IDB funds were premised on certain sales or production milestones from the Irish plant. I am also unclear as to whether these funds are loans or grants. With respect to the Berg line of credit. Is there any detail about this in any of the filings. What is the relationship between Mr. Berg and Valance. Since these are the sources of funds for VLNC, obviously these issues are crucial. I have been surprised that VLNC would go this long without clarifying their cash and financing position. As I have said, it looks to me like they are probably close to being out of cash, based on their burn rate and cash position as of their quarter ended September 30. Any light you can shed would be appreciated.

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