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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: lws who wrote (4940)11/12/1998 10:57:00 PM
From: Larry Brubaker  Read Replies (2) of 27311
 
hi lws,

I agree the question was material. I was not surprised at all that Lev would not discuss the timing of purchase orders versus the 1/27 variable conversion deadline. What surprised me was he acted as if he were unaware a variable rate conversion option even exists.

What worries me is that while VLNC may well be making progress toward commercialization of its product, this progress may be too late to secure a material contract prior to 1/27.

I just went back and read the posts following the August CC. There was discussion that line 2 would be installed in Sept., line 3 in October, and analysts visits within 3 weeks. Now it is mid-November and none of the above has occured.

Last week it was posted on this thread that VLNC was producing 5-10 batteries per minute and creating a large stockpile. Lev refused to even acknowledge in yesterday's CC they were providing OEM's with samples from the production line. What he said was that they are running every portion of the line at some speed.

In contrast to the optimistic interpretations of all this by most of the posters on this thread, the evasion of the most pertinent questions (Have production samples been provided for OEM testing? What is the likelihood of a contract by 1/27?) worries me that the progress is too slow to avoid a variable rate conversion of the preferred shares.

Anybody who doesn't understand the potential mechanics of a floorless variable conversion should read the following post: Message 5368910
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