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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Emmo who wrote (3795)8/18/1998 9:55:00 PM
From: FMK  Read Replies (1) of 27311
 
Emmo, I wish I had taken your conservative approach in months past. As I have explained before, I learned about this company and its potential far too soon. Last year's false start and Cal's resignation cost me more than I care to mention. My response to last week's conference call was to acquire more stock in the low 5's because It felt like it was on its way to the $6's. I was surprised to see it sell off afterwards and amazed that we are now at these levels. I enjoyed Gary's reaction to the conference call tape because it reinforced my own. I was enjoying the moment until you let some air out of the balloon, but I suspect the deflation is temporary.

None of my best contacts have any indication of problem's with manufacturing the battery or its performance or concern about getting contracts. In fact, the selloff appears totally unrelated to developments at the company. With hindsight, it would have saved a lot of trouble and expense just to wait until a major contract is announced and invest then. It would probably only cost $3 or $4 more per share, except for maybe a $2 prior run up due to rumors and anticipation. After all this time, I can only say it makes more sense now to buy rather than sell at the present level. I remain convinced that they can mass produce and contracts are not far away. If my broker friends are correct, we should be about finished with the recent wave of margin selling.

Regards, FMK
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