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

To: I. N. Vester who wrote (1630)	12/9/1997 8:19:00 PM
From: Emmo	Read Replies (1) \| Respond to of 27311

I can't think of one example of a company showing their CEO the door without some good reason. Retirements are planned and well known by many. Sudden exits are only explained when someone on the board decides to leak the info or starts talking. Cal must have really screwed something up or he'd still be there. I don't think the screw up will take the company down because they would have had to reveal that by now. But certainly there will be delay's and the insiders are selling on knowledge. Another posibility; Cal decides that he won't ship unless everything is built and tested to perfection.(Batteries HAVE to be PERFECT, when new, while in use, after many recharges and at disposal time.) Could be that some of the larger shareholders decided that being first to market was more important and sought a CEO with the same attitude. I have to disagree with FMK. If big money was after this stock we would see better price support. If you are to believe him then all these buyers are communicating with each other to artifically keep the price low. Kind of like the diamond cartel in reverse. I think we are seeing big money knowing there is a delay and selling off for tax reasons and/or loss of confidence. Could also be moving to ULBI.

To: I. N. Vester who wrote (1630)	12/10/1997 2:47:00 AM
From: Gordon Quickstad	Read Replies (1) \| Respond to of 27311

Valence sprung from technology purchased from Mead Corp. for $2 million plus royalty rights. Carl Berg originally owned 33% of the shares outstanding after the public stock offerings. Carl unloaded 495,000 shares in Nov. 1992 that he purchased for $0.01 each. The stock had an average price of $21/ share in Nov. 1992 so he netted a cool $10 million. 4.7 million insider shares were eligable for sale immediately after the Nov. 1992 stock offering, subject to the approval of Montgomery Securities who did the underwriting. The company used $6.2 million from the first May 1992 offering to repay Berg's loan to the company to get it going. Carl has been a significant shareholder and director of Actrix (closely held) in the mid-1980s that went under. He also was an insider in International Memories Inc. (hard drives) and in that capacity was accused by 3M of securities fraud in 1978 and the case was eventually settled. The International Memories shareholders ended up with stock in Corvus and Carl was it's biggest shareholder and lender. Corvus went chapter 11 in 1988. Carl was the largest shareholder in Integrated Device Technologies in Mar. 1993. Between 1989 and 1993, IDTI paid Berg at least $20 million in real estate transactions. This information was gotten from the Mar. 1993 issue of Forbes. The second to the last paragraph: "The pattern seems to be this: Outside investors may do poorly, but Berg usually gets his money out. Says Berg: "I like big rewards and big risk. Probably no one else would have put their money in [Valence]"".