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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Mark Adams who wrote (2589)4/5/1998 10:10:00 PM
From: Larry Brubaker  Read Replies (1) of 27311
 
Mark: Burn rate for the last 3 quarters has been in excess of $5 million per quarter, not $3 million. There was mention made during the last Conference Call of a private placement with one of their directors, but I can find nothing about such a private placement in VLNC filings.

Their new CEO purchased $3.3 million worth of options, but unfortunately the options were financed through a promissory note to the company, so no cash from that transaction. The promissory note is not required to be paid until 2005.

Someone on this thread reported that VLNC's PR firm said they have enough cash through September. Personally, I'm skeptical of that statement unless I see evidence that the burn rate has slowed down from the previous 3 quarters, and/or they have raised money via a private placement.
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