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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Sig who wrote (4096)	9/5/1998 4:03:00 PM
From: mooter775	Read Replies (1) of 27311

I have not talked to DA in two weeks, when I called and asked about clarification of the S-3. (He indicated that the S-3 was a standard filing contemplated in the course of their financing.) I was surprised (and disappointed) about his sudden resignation like everyone else - I'm told by someone close to the company that it was for personal reasons and not a reflection of the status of the NI or Henderson battery operations. I think IN Vester had part of the reason regarding relocating operations to NI as well as Lev's management style (abrastive personality?) But I certainly can't put a positive spin on it - best case is that he isn't really necessary and can be replaced relatively easily, but the timing is lousy in the short term. I tend to dismiss those who have posted his leaving because of imminent fraud or financial irregularities - DA would have an obligation to report those to the proper regulatory authorities. And he has said to a third party with whom I spoke that he has a lot of confidence in the company's barrery and the stock and intends to keep his shares - but then again I think Cal Reed said at one point that he was not going to be a major seller.... Financing having given the company time to get a contract through mid-January, I'm much more interested in the progress of the battery. And my understanding is that the NI line is producing batteries on a fully-automated basis at a level better than the levels sent to OEMs in the summer. I still look for a contract quite soon. I don't plan to sell any of my shares and invite those of you who are nervous or short to lighten up partially or totally. P.S. I'd be mighty curious to see if DA bought or sold stock in the past days or buys/sells his holdings after leaving, like Cal Reed and Bill Masuda did.

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