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

To: Herb Blair who wrote (6153)	12/21/1998 1:55:00 PM
From: Greg Smith	Read Replies (2) \| Respond to of 27311

To All: Here's a few new tidbits from today's filings. [My comments bracketed] 1. Castle Creek got 447,761 additional warrants along with the series B preferred, but they also agreed to trade in their original 447,761 warrants for the same number of new warrants at $6.7838 per share. Bad news: 0.5 million more warrants toward dilution. Good news: warrants have higher share price than before. 2. "We have delivered the first automated assembly lines to the Northern Ireland facility. . . . We expect this line to complete safety testing in the first quarter of calendar 1999 but there is a risk as to the timing or even the success of this safety-testing process. Upon successful safety testing of the lines, we expect to send product samples to potential customers for evaluation." [So I guess previous customer samples were indeed sent out from Nevada.] 3. "From our discussions with potential customers, we expect that customers will require an extensive qualification period once the customer receives its first commercial product off a production line. To date, we have not provided any such commercial product to any potential customer, and therefore, have not started any product qualification period." [The extension of floorless variable conversion to July 27 is indeed a good thing.] 4. "In September 1998, Klockner Bartelt/Medipak, Inc. d/b/a/ Klockner Medipak filed suit against us in the United States District Court for the Middle District of Florida (File No. 98-1844-Civ-7-24E) alleging breach of contract by us with respect to an agreement for the supply of battery manufacturing equipment, and claims damages of approximately $2,500,000. Although we believe that we have meritorious defenses to this suit, if it is resolved unfavorably to us it could have a material adverse effect on our financial condition." [Hope Lev doesn't need any fine-tuning done to the machine!] 5. "In June 1998, we filed a lawsuit in the Superior Court of California, Santa Clara County, against L&I Research, Inc., Powell Electrical Manufacturing Company and others seeking relief based on rescission and damages for breach of a contract. In September 1998, Powell filed a cross-complaint against us and others (File No. CV 7745534) claiming damages of approximately $900,000." [Does anyone know anything about these two companies?]