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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: lws who wrote (6228)12/22/1998 2:02:00 PM
From: FMK  Read Replies (2) of 27311
 
From a location where I am borrowing a computer. I will soon invest in a laptop when they are equipped with the right batteries.

Some thoughts on Monday's fiasco. IMO the attorneys who drafted the registration documents were just doing their job and obviously wrote the documents before the analysts witnessed operation of both production lines on Dec 3. They were probably unaware of the analysts visits. It's unfortunate we have to depend on such documents for information. Their purpose is to file the required documents and protect the company against lawsuits, not to draft informative and up-to-date news releases. I doubt if Lev took time to proofread the filings since they were in the category of required legal paperwork and not intended as a news release.

I also understand the company is not required to announce that they have shipped batteries to anyone, until it is the first shipment under terms of a contract. The statement about safety testing probably means that UL testing for line 2 batteries was not complete at the time, but I doubt if that would hold back production.

I remember hearing that the Klockner machinery was trouble from day 1, didn't meet performance specs and caused considerable delay. It is understandable that the Valence would refuse to pay the total bill if the machinery didn't perform as agreed. I expect they will have a difficult time collecting, especially if Valence continued to modify the machine on their own as required to make it work. I continue to believe status is a good as ever, and most likely better than when the stock price was in double digits.
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