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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Rich Wolf who wrote (8159)2/10/1999 8:21:00 PM
From: I. N. Vester  Read Replies (1) of 27311
 
I asked Lev about finances at the SM. He responded
by discussing plans for a secondary stock offering
AFTER P.O.'s at a higher price.
I did not have the 10-Q info available, so I was
unable to dig further regarding short term needs.
From the response i did get from Lev, along with
what I've heard from other sources, I am sure
that he has some short term arrangements worked
out already, which i believe will probably be a loan
with a warrant kicker for a reasonably small number
of shares.

I'm sure it would be impossible to do a secondary
offering this quarter even if P.O.'s were announced
tomorrow. Therefore I'm 100% confident that if the
cash actually is that tight already, Lev already has
a short term agreement in his pocket.

The chicken littles will probably come out again
like they do each quarter screeching about how the
company is bankrupt and doomed. Anybody who has
been in this stock for more than 1 quarter ought to
be immune to that talk by now. We all know how
Lev operates, and that he's not going to waste
much energy to discuss it, nor will he ever talk
about what he has up his sleeve.

I'm extremely confident that agreements are in
place. Even with a P.O tomorrow, more working
capital is needed short term before they get
the $4M revenues required for the IBD financing
to lick in.

Obviously they cannot continue forever without
shipping product, but you can be sure that they
are not going to go bankrupt any time real
soon. The sky is not falling. They most
certainly have resources for however long they
require before the IDB and other funds become
available. Both Carl Berg and Lev sounded
very confident when asked about their finances.
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