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

To: FMK who wrote (6699)	1/4/1999 9:29:00 AM
From: hcirteg	Read Replies (1) \| Respond to of 27311

FMK- Am I reading the pre-open right? 7 9/16 X 7 3/4 on 200 shares? I'm not complaining. HC

To: FMK who wrote (6699)	1/4/1999 11:19:00 AM
From: Larry Brubaker	Read Replies (2) \| Respond to of 27311

FMK, there you go again. I find it hard to believe the company told you their cash position over the phone when Lev said at the November conference call he was advised not to discuss their cash position. We do know they got $7.5 million of new cash as of December 21. We also know that as of September 30, current assets exceeded current liabilities by over $2 million. We also know their burn rate has consistently exceeded $5 million per quarter, leaving their negative working capital at about negative $8 million by the end of December when they got the new $7.5 million. I would suggest that anybody who takes FMK's advice and calls the company to ask not only their cash position but their working capital position. Some of the cash they have has already been spent and is reflected in current liabilities. While I doubt they will be any more forthcoming about this than during the conference call, asking both questions would give you a better understanding of their financial situation than simply asking how much cash they have. My guess, based on the best and most recent public information available is they still have negative working capital even after the new $7.5 million.