Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Zeev Hed who wrote (33227)	2/26/2002 12:00:18 AM
From: Pink Minion	Read Replies (1) of 99280

May the force be with the holy one, and let's hope it is not a death spiral. What a POS thestreet.com Battery basics: The phrase "going concern" showed up in Valence Technology's (VLNC:Nasdaq - news - commentary - research - analysis) 10-Q for the first time in two years. Valence ended December with $1 million in cash and the ability to borrow $10 million from co-founder Carl Berg. In its Feb. 14 earnings conference call, the company warned that it has enough cash to stay in business until some time in April. The current cash-burn rate is just under $10 million per quarter. In the 10-Q, Valence said it has only enough cash to last the fiscal year that ends in March, and warned, "If we are unable to arrange for additional funding during the first quarter of 2003, we may have to cease operations as a going concern." Where will Valence get the additional money? Will Berg, a Silicon Valley real estate developer, ante up more than $10 million? Stay tuned as this saga continues.

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