EXHIBIT 10.1
VALENCE TECHNOLOGY, INC.
February 1, 2007
Xx. Xxxx X. Xxxx
West Coast Venture Capital, Inc.
00000 Xxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Re: Financing Commitment
Dear Xx. Xxxx:
This letter is entered into in connection with an agreement entered into by West
Coast Venture Capital, Inc. (WCVC) and Valence Technology, Inc. (Valence).
Pursuant to the agreement reached today, WCVC, has funded One Million
Dollars ($1,000,000.00) to Valence, to purchase 657,894 shares of common stock.
The per share price of the common stock sold to WCVC is $1.52 which represents
the closing bid price of the common stock on the principal market on January 31,
2007.
Sincerely,
VALENCE TECHNOLOGY, INC.
/S/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
Chief Executive Officer
ACCEPTED AND AGREED:
West Coast Venture Capital, Inc.
Xxxx X. Xxxx
/s/ Xxxx X. Xxxx
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