VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: FMK who wrote (6563)	1/1/1999 8:02:00 PM
From: Larry Brubaker	Read Replies (1) of 27311

Fred, the S-3 was filed on December 21. It says VLNC has negative working capital. This was filed in conjuction with the additional $7.5 million they raised. Anybody who can add and subtract knows VLNC's financial situation is precarious, but I will try again. Working capital as of September 30 = negative $2.5 million. Burn rate for fourth quarter at least $5.5 million = negative $8 million. Add $7.5 million and now negative working capital is only $500,000. This must be why the December 21 filing said they have negative working capital, right Fred? Or do you think the attornies just cut and pasted past statements about working capital in order to mislead investors?

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