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

To: Mark Johnson who wrote (3661)	8/12/1998 12:00:00 PM
From: DKR	Read Replies (1) \| Respond to of 27311

Encouraging call, I realize cash burn is an issue, but I didn't sense it was a major concern of Lev's. "Obsoleting ourselves", I hate to look ahead so far but that is a powerful statement and the continued funding of R&D suggests that cash flow will only be a short term concern. As for the naysayers, NI is producing film, quality film. One other issue on financing, Carl Berg is earning one point over cost of capital, not terribly attractive, his bonus are the warrants exercisable at $6 7/8. Granted he has deep pockets but I doubt he is an idiot, he intends to make money on the warrants.

To: Mark Johnson who wrote (3661)	8/12/1998 12:05:00 PM
From: wm sharp	Read Replies (1) \| Respond to of 27311

Over my roughly 1 1/2 years of investment in this venture, this was easily the most enthused, optimistic, and overall bullish conference call I've heard from management. Lev's words are certainly open to interpretation, but, IMHO, Valence is ahead of the last CC's schedule, clearly confident, and very close to final realization of years of development. I'm personally very glad I hung in there with this crew. (I'll use the same disclaimer: these are my personal interpretations only, after listening to the complete call, once through.)