VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Robert Cohen who wrote (24724)	8/17/2001 12:11:17 PM
From: Robert Cohen	Read Replies (7) of 27311

Here is my letter to management. Kevin, Welcome aboard! It is refreshing indeed to have the new team in place and to see that the lines of communication are open between management and investors. As you may know we private investors have been unable to pose questions during past CC and the only venue for us was at the SM once a year. You may also be aware of the credibility issue that has plagued the company and the importance of communicating timely and accurate information to the investment community keeping in mind fair disclosure rules. It is my position and I might add a position that is held by many of the long time investors in Valence, that management has not been forthcoming and accurate with information that has been released during past CC. I believe it would be helpful if you would review the following links, which contain a sample of the information that the previous managment team released during previous CC. As you will see the end result has been damaging to our credibility. July 97..."expect commercial production by 1st quarter '98" Message 1687659 August 97..."line 2 in final stages of prove in" Message 1953795 November 97 "expect first quarter 98 production on two lines" Message 2705377 February 98 "first quarter production delayed until 2nd quarter" Message 3451788 May 98 "very high volume production by early 99...Korea in production in 5 months" Message 4527695 August 98 "negotiating with 14 customers...VLNC will be profitable with only two lines running" Message 5477140 November 98 "targeting notebook batteries first...VLNC will be profitable with one line" Message 6376388 Message 6376605 Feb 99..."we're making 4 large batteries per minute and 10 small batteries per minute" Message 7807917 August 99..."we can make $75 million of product over the next 12 months" Message 10922519 November 99..."$45 million run rate now, $75 million mid next year" Message 11894814 May 2000 $75 million in revenue this year" Message 13730618 July 2000..."we would have a hard time handling a laptop order" messages.yahoo.com on=m &mid=31278 November 2000..."VLNC will know the revenue stream from licensees within a couple of months" Message 14765591 Feb 2001..."continued ramp up of NI production in next fiscal quarter...easily $200 million/year production in NI (as soon as new equipment is in place)" Message 15353459 The following are questions that I beleive should be addressed during the call on the 23rd. 1. What is the status of each of the contracts that Valence still has on the books. WRT those contracts that are still active is producing to these contracts being delayed by OEM issues or our inability to produce? What is the total value of unfilled orders? 2. Based on the current production equipment and chemisrty are we able to produce in volume quantities, with adequate yields and margins? A discussion of volume, yields and margins would be helpful. 3. What is the status of the phosphate chemistry. We have been led to believe that this is a breakthru in technology not only from a performance standpoint but also from cost of production. With this in mind why has management not allowed J. Barker to present technical papers at peer reviewed conferences as well as to the lay press? At the last SM, Lev told me personally that he had released Barker to make such presentations. 4. What is the status of the IDB funds that were announced in March. To my knowledge they have not shown up on any of the filings. 5.One of the issues that has led to the question of credability is our seeming inabilty to produce in quantity in NI and the affect this has on our ability to license our technology. The question becomes how can a licensee do what we have been unable to do? 6.What problems have occurred that have prevented the company from meeting goals and schedules announced in previous conference calls. 7. What are the issues that have prevented the company from obtaining an order for large format cells for laptop applications? Are we able to produce to such an order if received? Thank you for considering these questions that have remained unaswered since we have begun prodution. I look foward to continuing a dialog with you. Best of luck in your new position. Regards, Robert

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