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Strategies & Market Trends : Paint The Table

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To: Jorj X Mckie who wrote (16240)	2/26/2002 10:07:55 AM
From: John Pitera	Read Replies (2) of 23786

VLNC now has "going concern" note in their latest 10Q. Message 17113152 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."

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