Here's a reeeal quick read on those milestones, then I got to get back to what pay's the bills. There's lots'a legal "gobbledeegook" but it comes down to this:
Milestone 1(otherwise known as the First Closing): Essentially done, since the monies they've received from the initial financing new's amounts to this milestone but essentially involves such things as being listed on the Nasdaq SmallCap Market, et.al., and that the common stock shall not have been suspended by any of them. No outstanding legal action in effect against them. Purchaser's legal council will have received opinions of the Company's outside legal counsel. Company will have borrowed $2.5 Million from Carl Berg, eg. Baccarat Electronics and the company will have unconditionally agreed in writing to lend to VLNC prior to July 1, 1999.
Milestone 2: Consummation of the 2nd closing will be, 1) no earlier than the date the company publicly announces that a Potential Customer has confirmed in writing to the Company that any of the Company's batteries has been tested for both performance and safety and that such batteries meet all of such Potential Customer's safety and performance specifications and 2) no later than 1/31/99. Of course there are about 10 additional riders but it's mostly legaliese.
Milestones 3: Consummation of the 3rd closing will be, 1) no earlier than completion of milestone #2, 2) the closing bid for the stock in each of the 10 day's prior to consummation of this milestone shall be equal to or greater than $3 per share, 3) the company will have publically announced the signing of a material contract, or contracts, 4) Baccarat's agreement shall remain in effect, subject to conditions expressed and 5) no LATER than 3/30/99.
That's the high points in a nutshell, with an additional 100 pages of legal-speak thrown in for good measure. Bottom line? Lot'sa things are gonna be happening in rapid short order since all of these milestones need to be completed by the end of 1st quarter 99. Clearly, IF VLNC is truly on track, the next 6 months are gonna be exciting, eh?
John~ |
