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

To: Gordon Quickstad who wrote (8128)	2/9/1999 9:50:00 PM
From: I. N. Vester	Respond to of 27311

Gordon, directors are not given any shares. They are given options to purchase 100,000 shares at the closing market price on the day they join the board. The SEC reports do distinguish between shares purchased via exercising the options and those purchased on the open market. I believe that the recent purchases by Bert Roberts were on the open market. This means that he is putting additional cash into the stock, in addition to the 100k shares he also controls via the 'free' options he got for joining the board. Regarding the archtronics machine, that sucker is humongous - maybe 15 ft wide by 200 ft long. It is my understanding that VLNC has made significant modifications to what archtronics shipped them. You are right that some risks remain for VLNC and also for OEM's which will buy their batteries. This is probably one reason that PO's are being a little slower to materialize than we would have expected. The major packagers will also be putting their name on the batteries and thus need to be very sure that they work and cycle OK. Again, the fact that the VLNC battery uses Manganese instead of Cobalt and thus avoids some possibly nasty safety considerations via better chemical stability is a major plus here. As we have already learned, this investment is not risk free. But IMHO, this would be the wrong time to jump off the rocket ship. The countdown to PO's is getting lower and lower.