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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Prasanna L Soni who wrote (4862)	11/11/1998 5:22:00 PM
From: mooter775	Read Replies (1) of 27311

Again, my recollections/notes from CC: (1) Lev indicated that 1/27 date did not require a contract but rather required a statement in writing from an OEM that the batteries produced were acceptable and met spec. - I interpret this to be one step short of a contract and more like a letter of intent to purchase. (2) Some confusion resulted on the question of the various features of the floorless conversion and Lev on several occasions referred to the SEC filings on the contract. My understanding is that the existing $ 6.00 conversion price for the first tranche is set at that price if a contract/acceptance letter is received by 1/27. If this condition is not met, then the conversion price for the first and second tranches becomes an average of the 10 day period prior to exercising the conversion feature. May be more or less than $ 6.00 - most people assume it would be less if no contract by then, but it conceivably could be > $6.00 if, for example, the company signed not a contract but a licensing deal. But I think it was this pricing feature which Dawson was referring to when he talked about the conversion of the tranches.

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