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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: TK who wrote (57)2/3/1997 11:05:00 PM
From: FMK   of 27311
 
TK- Thanks for your post(#57). I learned that most income will be generated in Ireland where tax rates are low and capital writoffs will be from a different formula. I understand it is a significant advantage--so you're right, $3 is low! The problem is the calculated result of $6/sh profit is hard to believe, with a feeling that the calculations should be re-checked! However, I did hear from an institutional investor, not posted on the web, that agrees with the higher number.

The $100mln tax losses should apply against future domestic income. Last I heard, the company had almost $2.5/sh or $54 mln cash available. It appears my $30mln/yr op expense estimate was high, so available cash might likely last until revenues develop.

Re: Montgomery- My editing window timed out while I was on the phone. I meant to revise it to read "I am confident they will like what they hear." We may have to wait a while for a buy recommendation. However, I was told that Montgomery's trader was "on the bid" for stock today!

According to the company, an exact date for the Analysts trip to Ireland is not set, but expected to be mid March. They continue with test runs on the first line, and are now concentrating on upstream equipment.

Looking forward to a good week!
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