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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: kolo55 who wrote (4930)	11/13/1998 3:12:00 PM
From: Greg Smith	Read Replies (1) of 27311

>>...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...<< Your recollection is not accurate. I took pretty good notes on that part of CC. The exchange went like this: Q: The preferred stock will have a variable convertability unless a milestone is reached by Jan. 27,1999. Are you comfortable with meeting that? A: "I don't think that's the date on the deal." Q: "That's not the date?" A: (after checking with accountant) The convertible rate is based on the stock price, it has nothing to do with receiving an order by Jan. 27. Q: I thought the EDGAR filing said the preferred conversion rate could change to a floating rate if orders were not received. Still no forecast when orders will come in? A: No. It's not wise to speculate. I dunno. I think either Lev misunderstood the question or was being a bit evasive.

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