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On June 26, 2013, the Debtor’s Board of Directors met to consider a proposed Letter of Intent submitted by a potential purchaser. As a precondition to acceptance by the Board, however, the Letter of Intent required the consent of the Debtor’s largest pre-petition secured lender, Berg & Berg Enterprises, LLC (“Berg & Berg”). That consent was not obtained, so the Debtor now requires additional time to negotiate an alternative plan of reorganization. Berg & Berg also submitted a proposal to the Debtor that would include exit financing, and the Debtor is currently considering Berg & Berg’s proposal as an alternative plan.
your trust and faith in rich people will be light.
you will see the light as they kick you out the door.
and your wallet will be light.
dont know if you will see the light you want at the end of this, they are cold and calculated. and the missled everyone.
looking for an update on the VLNC BK or possible sale to JCI can anyone give me some insight. looking for some light at the end of the tunnel
I read something today that it was JCI stealing XIDE's WalMart account that pushed them over the edge. I may take a look at XIDE if and when it get's significantly cheaper.
Wasn't able to listen in on the court call Thursday, nor have I seen anything other than that the judge confirmed the request. Was pondering earlier this evening why the marketing is taking as long as it is. I think on one hand the universe of potential partners is not huge, and the extension request noted that there were three strategic buyers in earnest negotiations. One thing sticks in my head though - I wonder if the delay is not related to a private letter ruling request with IRS on the structure of a deal that would preserve the NOLs. The NOLs here are extremely valuable. We know from the second fee app of debtors counsel that they were researching NOL preservation in connection with a deal back in February. I believe it's possible to structure a deal that preserves them within certain parameters, but it would be tricky. Requesting a PLR would be a smart move, and I believe they can typically take two or three months to get an answer back. May not be the case at all, but it does actually quite a bit of sense.
debtors extention for those helping them, LLCs, KPMG, etc. dont know details.
Exide is bk, too. Not interesting, at first sight.
If anybody knows something about the outcome of today's hearing, kindly share it.
If the common survives, the value of the patents will take this UP thru that big gap. Some money may yet be made here. HAWK.
These battery farms, and flywheel plants as well, are about to get a big break from FERC who is about to up the rates they get reimbursed at for taking power off the grid and putting it back on. It's not just because solar and wind can be intermittent. There are big issues now with loads on the demand side. The super cheap coal/nuclear plants take 10 to 30 minutes to expand capacity in response to demand surges. The smaller nat gas plants take 2 to 3 minutes to fully respond. The battery and flywheel plants are still really expensive on a relative basis, but they respond within a second. My understanding is that FERC is raising the rates the quick responders get because the grid is FUBAR and more of these are desperately needed for stability. They are only meant to make money in those few minutes of demand/capacity mismatch, but FERC wants to make that window lucrative enough. At this point, I like seeing Wanxiang/a123 winning contracts. Anything that further motivates JCI to make a move on a Valence IP is good with me.
http://www.bloomberg.com/news/2013-06-03/a123-installs-1-megawatt-battery-system-on-hawaii-electric-grid.html?cmpid=yhoo
Power storage is becoming a more important part of renewable-energy projects because they produce electricity intermittently, depending on the weather.
While the advanced battery industry has experienced a tepid start in West Michigan, one executive thinks the sector is just beginning to explore its market opportunities.
Despite overcapacity concerns and slow sales of vehicles featuring advanced batteries – not to mention a shakeout of some companies in the developing industry – MaryAnn Wright, the global vice president of technology and innovation for Johnson Controls Inc., believes the advanced battery industry still has a strong foundation from which to grow.
Speaking at a Lakeshore Advantage event held earlier this month at Michigan State University’s Bioeconomy Institute in Holland, Wright said JCI’s production of lithium-ion batteries pales in comparison to the 140 million lead-acid batteries it makes per year. However, the company is seeing growth in shipments to European customers of advanced batteries it makes in Holland.
...
The industry is also not without competition. LG Chem Compact Power Inc., which has a plant in Holland that is expected to begin production this fall after a string of delays, remains a formidable operation, Wright said, noting it is in the top three of global producers of lithium-ion batteries.
She expects strong competitors like LG Chem will be able to persevere as the industry develops.
Meanwhile, JCI continues to install incremental capacity for advanced batteries at its facilities as the customer base grows.
http://mibiz.com/news/energy/item/20646-jci-executive-says-despite-challenges-advanced-battery-industry-starting-to-turn-on
It's a 2010 paper, but it's one of the better overviews of the industry I've run across. Shows Valence in top 10 of global patent holders - neither A123 or JCI included on that list - most of the list is non-US companies - US outfits are behind the curve on Li-On in many respects according to the paper - JCI is up there in manufacturing capability, but not IP. A123 had a plant here, and one problem I've had is trying to separate what they were willing to bid on A123 between IP and PP&E - from this and your posts earlier Paolo - JCI doesn't appear to need capacity currently - which leads me to guess the bid was based much more heavily toward the IP; high cost plant may very well have been a liability.
http://unstats.un.org/unsd/trade/s_geneva2011/refdocs/RDs/Lithium-Ion%20Batteries%20%28Gereffi%20-%20May%202010%29.pdf
the more commercial success (and grants) JCI gets right now, the better.
it should also help prove one of our speculations: a combination of Valence + a big partner is the way forward to compete in the market.
I believe JCI currently produces Li-on with non exclusive licenses they got from SAFT. Based on their deep interest in A123, I believe they feel they need better IP protection.
Johnson Controls, the world's leading manufacturer of automotive batteries, will supply Lithium-ion batteries to power large plug-in hybrid trucks as part of a U.S. Department of Energy (DOE) electrification initiative.
About 120 work trucks, to be used by publicly owned utilities and municipal electric companies, will utilize advanced plug-in hybrid power systems by Odyne Systems, LLC, using Johnson Controls' batteries. Odyne, in conjunction with the Electric Power Research Institute (EPRI) and the South Coast Air Quality Management District of California, has been selected to participate in a $45 million dollar DOE grant.
http://www.prnewswire.com/news-releases/johnson-controls-to-supply-li-ion-batteries-to-power-hybrid-trucks-as-part-of-department-of-energy-program-award-210379861.html
more like levatation, but who knows.
ok....ur a little chart guy. :>).....but nevertheless....we c if that gap up to 60c gets filt eh?
sure, whatever. this was all very well understood long before Berg gave the nod to force everyone to vote BK, accept Donn T.
there was no better time to buy valence stock, all roads were leading to them, CTR, vandium, margins, the perfect storm was brewing, Berg finally sold his property and needed a write off and there was no better time for his dirty deeds.
it was a scam, its in court, I hope we get billions in a settlement that may last for years. im sure berg will have a tough time buying out God in order to get into heaven for what I see as stealing from and lying to shareholders. his greed is why I know valence shareholders will get zip, or worthless crumbs that will be swept off the table so the dogs can get them.
The Chinese academician, Chen Liquan, told
reporter that, in the field of the lithium iron
phosphate battery and materials, two core patents
are impossible to bypass, one is the carbon coating
patent, the other is the carbothermic reduction. The
carbon coating patent has been applied in China and
Phostech is the sole licensee. The carbonthermic
patent belongs to Valence, but is not applied
in China.
this is taken from a Phostech's presentation:
http://www.phostechlithium.com/documents/PHEV09_MG_Phostech.pdf
No idea why the patent is not applied in China, but a competitor indicating a Valence patent as a core one is a nice indication of the strength of the portfolio.
I'm not a big chart guy, but that one does look intriguing chief.
Thanks. Did not know about the carve out. I think the common survives. Just placed another small bet on it. GLTU going forward. HAWK.
wanxiang was not allowed to purchase the small military division of A123 - that went to a third bidder. Can't remember the name - I would guess they got a carve out on the A123 license for certain limited applications. On that link I posted earlier, it's very interesting to see who doesn't show up with any decent IP to speak of - JCI. That's the synnergy - JCI needs IP now that a big 800 pound gorilla is in the space. Valence needs a gorilla partner now that a big 800 pound gorilla is in the space. Berg is a smart guy - I think he sees this all too clearly.
Thanks for your DD and postings. I was out of most shares at just over .065. Recently bought some back at .05. On the SI board I noted a link posted with info on the Military working/testing of electric and hi-bred vehicles. At the time AONE was one of the battery makers in the program. I doubt the Military will want to depend on China for batteries. VLNC is going to survive in some form. The only question will be if the common survives. IMHO, I think it will. HAWK.
I posted this link a few months back - not that there seems to be anyone here, but this is why I really like this company. Look at the size and scope of the Valence patent estate within the sector, especially as compared to A123. This case has completely revolved and turned on their auction results, and the bitter battle that JCI waged behind the scenes in Washington to try and void the sale to Wanxiang. That Valence went looking for new money late in the case and filed engagement motions just two weeks after the CFIUS decision speaks volumes about where this case is heading. http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=8&ved=0CGcQFjAH&url=http%3A%2F%2Fwww.fist.fr%2Fen%2Fip-overview%2F709.html&ei=vASEUfYJi6b2BMKTgagF&usg=AFQjCNESezA42WabpVxGbnRVLsudjROY5g&sig2=k7AMrigfOS01WqOaENYO7A&bvm=bv.45960087,d.eWU
More news on docket - Valence is motioning to extend the engagements of both Roth and KPMG - I don't yet see how much more time they are requesting - but there was this, which I take as postive.
6. Both KPMGCF and Roth have been working diligently with the Debtor to
obtain exit financing. We believe we are narrowing the field of interested parties and
there are three (3) strategic investors looking closely at the company.
7. The terms of both the KPMGCF and Roth letter agreements are time
limited and have expired as of May 6, 2013. Neither KPMGCF nor Roth are asking for
any additional consideration for the extension. All terms previously agreed to by
KPMGCF, Roth and the Debtor will remain in effect.
Hot off the docket.......
3. Debtor and Phostech Lithium Inc. (“Phostech”) are parties to a court proceeding
in Case No. T-219-07, styled “Valence Technology, Inc. v. Phostech Lithium Inc.,” in the
Federal Court of Canada (the “Case”).
4. On January 31, 2007, Debtor filed a claim against Phostech in the Federal Court of Canada alleging infringement of Debtor’s Canadian Patent 2,395,115. On April 2, 2007,
Debtor filed an amended claim alleging additional infringement of Debtor’s Canadian Patents
2,483,918 and 2,466,366. On February 22, 2007, Phostech responded. After extensive
discovery, the trial began on September 1, 2010 and ended on October 1, 2010.
5. On February 17, 2011, the Canadian Court ruled in the Debtor’s favor. On March
11, 2011, Phostech filed a Notice of Appeal in Court Number A-121-11. On August 17, 2011,
the Federal Court of Appeal of Canada upheld the February 17, 2011 judgment, allowing the
matter to proceed to trial on the damages phase of the litigation.
6. Court-assisted mediation was held May 14, 2013, and Debtor and Phostech have
reached a settlement on the disputed amount of damages, subject to this Court’s approval. This
agreement was reflected in a Settlement Agreement (“Settlement Agreement”) executed by the
parties, a copy of which is attached as Exhibit “A” and incorporated herein. Briefly, the
Settlement Agreement provides for payment of $1,000,000 (Canadian dollars) (the “Funds”) to
be held in trust for the Debtor pending Court approval and certain other terms, as set forth in the
Settlement Agreement. The Funds are allocated as $969,106.65 in damages and $30,893.35 in
costs.
Debtor Valence is seeking to have the court approve the Settlement Agreement. I don't believe I've ever come across this Phostech case in my dd. An extra million is great, but I'm a little more excited about some of the patents having been tested successfully in court - that's huge.
Judge Kevin Carey of the U.S. Bankruptcy Court in Wilmington, Del., on Monday signed off on the plan filed by the remnants of the battery maker left behind in bankruptcy. A123 filed for bankruptcy in October and sold its automotive-battery business for $256.6 million to Wanxiang America at a bankruptcy-court auction.
The battery maker's liquidation plan will pay unsecured creditors about 65 cents on the dollar, but it offers no repayment of more than $130 million worth of government-funded grants. The plan also will wipe out shareholders.
http://online.wsj.com/article/SB10001424127887323648304578497533845276220.html#articleTabs%3Dcomments
Exclusive: Bob Lutz, Chinese in bid to buy Fisker Automotive
VL Automotive and China's Wanxiang Group are looking to gain control of Fisker through a prepackaged bankruptcy. This comes alongside a separate push by investors in Europe and Hong Kong, including billionaire Richard Li, to buy out the U.S. Department of Energy's position in Fisker.
Wanxiang bought Fisker's lithium-ion battery supplier, A123 Systems Inc, out of bankruptcy.
http://finance.yahoo.com/news/exclusive-chinese-supplier-vl-automotive-174259758.html
Ignore and/or remove my last post. WRONG STOCK BOARD> SORRY!
Im Holding This is A company that will recover from the current state.
Pretty scary drop today. Anyone hear anything? HAWK
The return to making press releases all of a sudden these past two weeks suggests to me, along with this info on the cells, that we hear something about how this exit is going to work in the next 30 to 40 days.
they are now selling cells, something Kanode would not do. he snubbed Brammo, dont know how many others, from buying cells. He said something like valence needed all the cells they could get in order to keep up with demand at that time and in the future.
ask them about cells, and why they are doing it now and not before.
Absolutely. I've never bought any stock to make a couple f'g pennies.
VLNCQ, stalling. finbar, are you still holding your 4 M shares at $0.01?
Any information you can glean please share. TIA for your efforts.
Something Big brewing as 500k shares were bought in a minute before close yesterday.
IMHO, looks like those that bought UNDER a penny are making out ok and selling in bunches. I target .02-.03 on the pullback. All speculation on my part. I sold most of my .02 shares at .065 area. Nice profits. Maybe I will buy back when back to .02. HAWK
News will come one way or the other.
Again, 540k shares for sell at $0.065 ? Who are selling so Big shares?
Not feeling good at all.
Strictly my take/guess...We went from one in a thousand chance of common surviving to about 50/50. Berg is no fool. I think he would love to see the common survive and still maintain control. JV would be the answer. All IMHO. HAWK
please do, let me know how long it takes to get anyone. I tried calling them over a year ago, many times, looking for answers. it appeared they were too busy preping for BK.
it would be best to ask eye to eye, thats where you get the most return for your question.
I wonder what they would say if asked about debt restructuring, this was the way Kanode put it, no mention or even thinking of BK. then later he was asked if they would ever go BK, he never mentioned restructuring possibilities, and just brushed off the question saying we have a strong IP and other stuff I cant remember about financing.
I need to call the company. Past experience in doing so has had mixed results. I wouldn't say shareholders are completely in the dark....we have access to the docket if we know where to find it (the free version and the more complete pacer version). Docket in hand, you can see what is there, like the attorney time sheets....and you can see what isn't there, which many times is equally important. One can call the company, but the questions you really want answers to they can't answer, either because they don't know or can't say. I think I may call next week though. Sometimes what they can't or won't say holds the answer you need, as long as you asked the question the right way. The change in the share price has probably primed the right types of questions.
The problem is that the shareholders are in dark as the company doesn't release new info. We're just guessing what will happen.
Are you holding 4 million shares at $0.01? Decent holdings and gains.
There was a ton of volume below .02 - I'd hazard to guess that many are quite happy to take a 3 to 5 bagger and move on no questions asked. Personally, I think the stars may be aligned on this one where the interests of those at the table, namely Berg, happen to coincide with equity. I don't believe that was true at the outset of the case - but I do believe it is now. Valence/Berg is open to new money coming in. If the business/IP is truly worth a small fortune, the framework of bankruptcy will work to protect shareholder interests. If it isn't worth much, then it's a big zero at the end as it should be. At the beginning of the case, the company was not open to new money and it really looked like Berg was going to snake it all via a lowball valuation. Don't know why that changed (I have a few theories, but they are just that), but it did change. I don't think its surprising that there is a bit of an overhang here given where this has traded ever since end of last summer. I'm holding right around 4 mm shares with an average cost around a penny - plan for now is to let all ride....you only live once right and stars don't align so well all that often anymore. imo
Dumping, dumping to $0.01 again, and will buy more.
maybe wollie, he said just after BK that the smart money was getting out at 7c. just a guess.
unless of course this is not just a P&D at this time like I believe it is, and he really isnt just playing the crowd.
Berg has pretty much destroyed any trust I had in the rich. I believe Berg loves and enjoys taking the common man to the cleaners.
Yep. Those who bought at $0.01-0.02 are selling for profits. Why not waiting for higher? Zut!!! The selling Destroying it.
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Business Summary
About Valence Technology, Inc.
Valence Technology developed and markets the industry's first commercially available, safe, large-format family of lithium
phosphate rechargeable batteries.
Valence Technology holds an extensive, worldwide portfolio of issued and pending patents relating to its lithium phosphate
rechargeable batteries, the only intrinsically safe lithium rechargeable battery.
The company has its headquarters in Austin, Texas, and facilities in Las Vegas, Nevada, Mallusk, Northern Ireland and
Suzhou, China. Valence is traded on the Nasdaq Capital Markets under the ticker symbol VLNC and can be found on the internet at www.valence.com.
About OEMtek
OEMtek is a Silicon Valley-based venture that designs, integrates and distributes components, advance electronics and
systems for electric and plug-in hybrid vehicles. OEMtek is located in Milpitas, California. www.oemtek.com.
Recent Updates:
New Leadership:
#msg-27276393
Valence Technology, Inc. (NASDAQ: VLNC) today announced by the end of February, it plans to ship an additional 600 custom
modules of Valence's safe, Lithium Phosphate energy storage systems for installation and conversion of Toyota Prius hybrid
vehicles into Plug-In Hybrid Electric Vehicles. Valence previously supplied OEMtek with 300 modules which are now being
shipped to customers.
Website:
http://www.valence.com/
Current workings:
http://www.toyota.com/prius-hybrid/features.html#
http://www.ford.com/vehicles/vehicle-showroom#/ford/ford-escape-hybrid-2008
Latest VLNC chart:
http://stockcharts.com/h-sc/ui?s=VLNC&p=W&yr=3&mn=0&dy=0&id=p89705477973
Valence Tech Lithium Phosphate Techology from the website:
Key Features of Valence Lithium Phosphate Technology:
-Safe/Fail-Safe Chemistry
-High Rate Capability
-Extended Cycle Life
-Lighter Weight and Smaller Form Factor
-Superior Energy Retention
-Compatibility to Lead Acid Charging Systems
-Superior Reliability
-Maintenance Free Usability
-Available in Popular Lead Acid Sizes
-Designs into Custom Intelligent Packs with “Valence Command & Control Logic”
-World Trade Organization Compliant
Valence Tech design benefits:
Superior Performance Over Lead-Acid Batteries:
- 33% lighter with twice the run-time
- Longer shelf life and faster recharge time
- Smart battery monitoring and internal cell balancing
- No Lead-acid leaks
- Lower Overall Cost Of Ownership
- Intrinsic phosphate safety that protects against abusive situations.
- Environmentally friendly, no heavy metals or disposal issues.
- High energy efficiency with no memory effect.
- Lower lifetime costs due to low maintenance and high cycle life.
More Techy Stuff:
http://www.valence.com/technology/battery_li_ion_tech.html
http://www.valence.com/technology/patents.php
Latest PRs:
Mfg. Expansion noted:
http://app.quotemedia.com/quotetools/popups/story.jsp
Press Releases and Blogs:
#msg-27721444
#msg-27925802
#msg-28591431
#msg-27767773
Forbes Article:
http://www.forbes.com/2008/04/03/drdgold-ocwen-valence-pf-chart-in_dp_0403chartroom_inl.html?partner=yahootix
----2008 Prospectus----
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001104659%2D08%2D016588%2Etxt&FilePath=%5C2008%5C03%5C11%5C&CoName=VALENCE+TECHNOLOGY+INC&FormType=FWP&RcvdDate=3%2F11%2F2008&pdf=
---PUMA and Valence is inside
http://www.fastcompany.com/blog/chris-dannen/techwatch/gmsegway-puma-part-2-live-demo-photos which is now GMs EN-V at Shanghai Worlds Fair
http://www.motortrend.com/future/concept_vehicles/112_1003_gm_en_v_concepts/index.html
http://austin.bizjournals.com/austin/stories/2010/04/05/daily17.html?ana=yfcpc
http://finance.yahoo.com/news/GMs-ENV-concept-car-auto-redo-apf-590526988.html?x=0&.v=3
http://finance.yahoo.com/news/Valence-Technology-Bnteau-bw-3047414231.html?x=0&.v=1
http://www.bizjournals.com/kansascity/stories/2010/03/29/daily29.html
http://www.electrictechnologycenter.com/
Annual Report:
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