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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Dennis who wrote (5904)12/12/1998 12:01:00 PM
From: Harold Hertzfeld  Read Replies (1) of 27311
 
There must have been a change in thinking as to disclosure to the stockholders recently.

I, too, talked to Betsy last week and was startled at her willingness to
answer questions. Knowing that she has been held under tight constraints in the past it did hint that --hopefully--Valence was
much more sure of their status as a "real company" than in the past.

Her are a few other recollections (hopefully correct since I did not
did not take notes)

(1) There were a production problem that was serious. A "slicing "
problem. I think that it could be somewhat similar to the baking
of a sheet of sweet rolls in the oven... substitute battery cells... and
the slicing of these cells into separate units. This problem is
evidently has been solved. Other production problems are small and
can be "tweaked" by Lev in the next few visits.

(2) There were a a handful --I heard both 4 and 5 in previous converstations immediately prior to the trip on
Dec. 3--of institutional investors that took the trip. She said that Don W was not one of them. Nor was FMK (but she also said that she did not know who FMK was.) Some analysts had cancelled. But there had been recently several calls from people that she has not heard from in years and indicated another trip was in the works.

(3) These investors saw Line 1 running at "high speed". Thanks
to FMK I could sound knowledgeable about battery production. I asked her if battery production speed was 7 per minute. She did
not directly answer...only repeated that it was at high speed and the
visitors were most impressed.

(4) I asked about the samples going to OMEs. She said that the
batteries were coming off Line 1 to 25 OEMs I said that I assumed that if they were now NI batteries that the OEMs must have some degree of confidence that the batteries could be made in sufficient quantityto make the testing worthwhile. I do not recall her response butit was in no sense discouraging. But testing will take longer

(5) Asked her about price of stock...Said that Lev thought it might
be pushed down" to 6.....but no lower". I think that this is simply a
market call by him.

(6) She brought up stockholders meeting in January. Indicated that
stockholders would see tape of NI production line. Sounded
excited.

She said a major risk is that the OEMs would be satisfied with the level of technology that OEMS found on the prototype hand made samples tested earlier this year and that the OEMs are in control
of the timing of the possible POs to Valence.


(7) Comment on price action of stock.. The move to 11 was a typical
"fakeout" for Valence. I even bought some there for my own account. The recent price move to 8 "and holding " is encouraging.

I keep having to remind myself of the Wall Street adage...
" Let the sleeping dog lie." (I am hanging in there.)





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