VALENCE TECHNOLOGY (VLNC) Message Board

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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Larry Brubaker who wrote (9735)	3/23/1999 12:31:00 PM
From: Zeev Hed	Read Replies (2) of 27311

Larry and Rich, they received $15 MM for the preferred, the $3.553 is a non cash charge to earnings for the future value of the warrants according to a formula dictated by the SEC and accounting principles. The "Up to $25 MM" is the $15 MM from CC and "Up to" $10 MM in debt from Bacharat (Berg). Any options exercised are not "additional financing" from up to then non existing sources, but from holders of options exercising (it is still money in the till, however and you will find this in the increases YOY of "Paid in capital".) If they exercise their 895,000 options, they will pay to VLNC an additional $5.4 MM not part of the $25 MM financing in place. CC of course hope that by then the shares will be north of 20 and while paying $5.4 MM in additional funds cango and get $18 MM for them. As for the $2 MM in additions to capital, it should not show in the income statement (except as it is reflected in additional depreciation included in SG&A or R&D and later in COGS), but in the cash flow statement (as decrease in cash and addition to fixed assets). Zeev

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