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

To: Jeff S. who wrote (2413)	3/17/1998 9:19:00 AM
From: Mark Johnson	Respond to of 27311

LEV IS PUTTING HIS MONEY WHERE HIS MOUTH IS... <Actually, Lev is putting his IOU where his mouth is...> One would assume Lev had the choice of not exercising his options. Looks like he signed a promissory note with interest to own more stock. I view this development as very very positive. I wouldn't sign a note if I thought the stock had no future.. It would be interesting to verify if CR, Masuda, or Dr. Brood have recently exercised their options???

To: Jeff S. who wrote (2413)	3/17/1998 9:29:00 AM
From: FMK	Read Replies (1) \| Respond to of 27311

Jeff, The SEC filing indicates that he exercised all the options at 5 1/16. Whether he had the cash at the moment or took out a loan, he is committed to pay for them. It appears the new stock cannot be sold until 1 or 2 years after it is paid for. His existing 1 million sh was put up as collateral so I don't believe it can be readily sold either. In any case, it would not make sense to sell for less to pay for new stock at 5 1/16 especially if he is paying interest on the loan. Sounds a little like having bought on margin! I don't think he would have done it if he believed the stock was headed lower!