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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Greg Smith who wrote (4929)11/12/1998 1:24:00 PM
From: kolo55  Read Replies (3) of 27311
 
I have read the 8K in entirety several times.

The speculation on Lev's comments regarding a question on this is way off base. Essentially Lev is a curmudgeon who doesn't suffer fools gladly. The sequence went something like this:

Lev had just finished explaining that the second tranche (SECOND CLOSING see Section 7.2 (ii.)) depended on a public announcement that a potential customer has confirmed in writing that the batteries have met performance and safety specs. The THIRD CLOSING (Section 7.3 (xiii)) requires a signed and publicly announced material contract for the sale of batteries. Lev said that he would have the option of taking down the third tranche, but hoped it wasn't necessary (my interpretation is that Valence won't need the money at that point).

The conditions of the FIRST CLOSING require that the company sign and announce a material contract prior to six months of the original closing date of July 27, 1998 in order to avoid the variable conversion issue.

Right after explaining all this, some numskull questioner got on, and asked something like:
"Isn't it true that if you don't have a contract and ship batteries by January 27, 1999, the variable conversion kicks in?"

Lev quite correctly told the questioner that this wasn't true, and referred him to the SEC filings. Lev didn't waste his time explaining the difference between signing a contract and shipping batteries, and Lev didn't waste his time again to explain that a customer confirmation isn't the same as a contract and shipping batteries. Basically he's saying if you don't have time to due your homework, don't waste my time.

Paul
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