H1, I-94 date regarding

g2k2

Registered Users (C)
I am on H1B and my visa expires Jan 2004, last time when I went home and came back the immigration person checked the passport and the visa status, then he stamped my staying date up to Jan 2005, Is it true that even though the visa expires earlier the date on I-94 is valid to stay in the US legally? What if I am laid off? will the I-94 date hold good yet?Please advice.
Thanks
 
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