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

To: Larry Brubaker who wrote (6861)	1/7/1999 4:54:00 PM
From: lws	Read Replies (1) \| Respond to of 27311

Hi, Larry, I too am not inclined to disregard the Valence information filed with the SEC, especially when it pertains to thin balance sheets and shaky working capital. And there is no doubt Fred has missed many of his predictions. There is, however, one significant way in which Fred's predictions have proven right: the working capital issue. He alone has argued that the working capital issue would not be a critical impediment to progress. Recall that the issue arose last summer when some were noting that the company would run out of capital by August, and then September. The same concerns -- really, predictions -- were offered for November and December. For whatever reason, it has turned out that all predictions of the imminent demise of Valence due to lacking adequate working capital have proven wrong -- at least so far. Somehow, as per Fred's predictions, Lev has always managed to pull off something which allowed him to continue to hire (and hire a lot!) and to order more equipment. Of course this is a thin reed on which to hang an investment, but I find it relevant to note as I consider the overall situation -- FWIW. And I have to tip my hat to Fred on that score. He called it. I didn't. Regards, lws