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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Dennis V. who wrote (12374)	6/25/1999 4:23:00 AM
From: William Epstein	Read Replies (2) \| Respond to of 27311

To All; 1. I don't deny that this is speculation. I have no basis for guessing that production orders are still a ways off yet is correct. That is why it is a guess. 2. These orders are still less than production runs. The evidence comes from 2 sources. First, read Hanil's own statement. They say that the order will be used to complete their tune up of their facility and that the batteries will be used by their customers for evaluations. Not the same words but that is what they meant. Second, an engineer, I forgot who, characterized the last shipment of 32, 000 meters, as at most, a 4 day run for NI. This last order is 156% the size of the last order but is still nowhere, near the size of a production order. 3. Addressing the military order. I went silent last time because I acknowledged that I could be wrong. If you didn't understand then well, I acknowledge it now. Having said that, let me point out there is nothing in Valence's or Alliant's statements that indicates the size of the order. I have never said that Valence is foreign. You said that. I said they are shipping from other than a domestic facility. I didn't believe that would meet the military's contractual requirements for something so basic as a rifle. We don't know yet how many meters they are shipping to Alliant. Alliant says the material is for NASA also. NASA is not constrained by the same requirements as the Army for contracts. They are supplied from everywhere. Also, we don't have any evidence that this particular, shipment is for use in the new rifle. In fact, I will ask a question. Has the military put out aa production contract for the new rifle yet? Production contracts are not usually, classified. 4. If machinery is running while you are in a conference call, it means nothing. That's silly. I don't think you will hear any. What means something is the announcements of production contracts worth X to Valence. Now, we all hope for that news. I just think it will take a little more time than was anticipated during the last several months. They tripled the size of the work force recently. Maybe, your right, they are producing a production run now but haven't announced yet. However, I ask why not? I know they are secretive but that kind of behavior, at this time, doesn't help them. They will finance very soon. An announcement would be helpful to their offering. 5. I want you all to know I am still a bull and becoming more so but let us take a more conservative view of these announcements. Let us not hang our hopes on every word. This is still a startup company, in poor financial condition, in need of immediate financing, that still hasn't solidly confirmed to me, at least that they are bringing in any substantial revenue. What that means is that they don't have production orders they can take to the bank and factor. If indeed they can, we will surely, hear about it. Short term financing must show up on the books. Bill