To: geep who wrote (26279 ) 4/22/2004 10:52:24 AM From: P. Ramamoorthy Respond to Second funding of $3MM for the working capital for the current quarter. So far, they have raised $6MM by selling stock (without discount) to Berg. $8MM left until they achieve cash flow break even. RamForm 8-K for VALENCE TECHNOLOGY INC $3.0 million of the common stock of Valence Technology, Inc. This represented the second funding on the $14.0 million equity commitment (which was subject to agreement on definitive terms and other conditions) previously made by Berg & Berg Enterprises, LLC, an affiliate of Carl Berg, a director and stockholder of Valence, and the President and controlling stockholder of West Coast Venture Capital, Inc. The proceeds will be used to fund corporate operating needs and working capital. 710,900 shares of its restricted common stock in a private placement transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(2) thereof. West Coast Venture Capital, Inc. purchased these shares at the average closing bid price of the stock for the five days prior to the purchase date, or $4.22 per share.
