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

To: Greg Smith who wrote (4991)	11/13/1998 3:36:00 PM
From: Pronichev	Read Replies (2) \| Respond to of 27311

The following is from my tape recording of the CC. It's not perfect, but its close. I've eliminated half sentences and partial rephrasings. Questioner sounded like: "Steve Shemantz of Sequona" Q I don't want to keep pressing you on a question you declined to answer earlier but in terms of the convertability terms of the preferred stock, there is a key milestone date, I think it is Jan 27th or thereabouts, for receiving the first PO's. Do you feel fairly comfortable with that date? LD I don't beleive that's a / the date on the deal Q That wasn't a date on which the preferred stock could become variable if you didn't have an order? LD I think it's about stock price level, am I right Tom Tom (bookeeper in Henderson): I beleive you're right Lev LD There is no PO that modifies any conversion right, it's strictly stock price Q From my reading of Edgar, I believe that the terms were that the floor would be $6, however if a PO was not received by Jan 27th, it could.....(at which point my tape ran out, sorry folks, and by the time I flipped it over Shamantz was saying " I guess you made it clear that you would not want to speculate on a PO date" to which Lev conurred. Who's got the rest? "Shamantz" sounded sober and reasonable.