EXHIBIT 10.1
VALENCE TECHNOLOGY, INC.
August 17, 2006
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 five hundred thirty four thousand seven
hundred fifty nine (534,759) shares of common stock. The per share price of the
common stock sold to WCVC is $1.87 which represents the closing bid price of the
common stock on the principal market on the last trading day prior to the date
of this Agreement.
Sincerely,
VALENCE TECHNOLOGY, INC.
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
Chief Executive Officer & President
ACCEPTED AND AGREED:
West Coast Venture Capital, Inc.
Xxxx X. Xxxx
/s/ Xxxx X. Xxxx
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