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

To: Bob Childers who wrote (10019)	3/30/1999 1:12:00 PM
From: Dennis	Respond to of 27311

Bob: I think you'd be successfull if you called before you came. You'll be give to Lev's secretary who is very friendly & was accomodating to my wife & I. Of course, if Lev isn't there, you'll get nowhere! Just tell her you missed the SM & were wondering if it would be possible for you & your family...& let them know both you & your brother are shareholders of long standing ... & that you'd like to visit "your" investment & if at all possible, to chat with the boss...or maybe the new COO. It's worth the try...nothing to lose & maybe some good new info might come from it which you'd share with all of us. Good Luck, Dennis

To: Bob Childers who wrote (10019)	3/30/1999 4:41:00 PM
From: I. N. Vester	Read Replies (1) \| Respond to of 27311

Bob, one possible reason for listing all the specific capital expenses for mfg equipment with starting dates could be related to the IDB grants. Note that $4M in revenue must be realized for the company to get any more than the $6.5M which the company already received. There is a remaining of about $38M. "The amount of the grants available...is primarily dependent on the level of capital expenditures made by the company". The grants are available "over a 5 year period thru Oct 31, 2001". The detailed capital spending items may be documenting reimbursements which will come due from IDB as soon as they receive $4 in revenue. They listed about $32.5M. Subtract out $6.5M already received, and it would appear at first blush that they will be eligible for $26M. While the full t's & c's of the grant are not available, (e.g. are all the spent monies available for repayment immediately upon realization of the $4 revenue, or will they be spread out until 10/31/2001), I would not be surprised at all if they expect a big fat check from IDB for $26M in the very near future, when they ship the first 50,000 batteries. I may be totally wrong about why they added those numbers to the most recent filings, but they are very informative relative to the IDB grants in any case.