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

To: FMK who wrote (12953)	7/9/1999 3:01:00 AM
From: Larry Brubaker	Read Replies (3) \| Respond to of 27311

<<Do you suppose IBM will continue to accept such short battery life or might they be interested in the 50% improvement over the Li-ion canisters>> Fred, you've been asking similar questions of me for years. I'd guess maybe they would if only VLNC could mass produce them. There has been quite a bit of discussion recently about the orders from Hanil Valence and what they might mean. We've been forced to speculate, since VLNC did not bother to tell us the amount of these orders. I found the following item buried in the notes to the financial statements in the 10-K. DEFERRED REVENUE: Deferred revenue relates to payments received from the Company's joint venture partner in Hanil Valence Co., Ltd. This amount will be recognized as income once significant product shipments commence from the joint venture. The Company does not anticipate recognizing this deferred revenue in fiscal 2000. The above is a very clear statement that the company does not expect significant product shipments from Hanil/VLNC prior to April, 2000. Kinda contradicts the "positive cash flow by October" theory, doesn't it?