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Technology Stocks : VALENCE TECHNOLOGY (VLNC)

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To: Tom Genna who started this subject	11/4/2002 2:17:59 PM
From: Tickertype	Read Replies (1) of 27311

Valence Reorganizes Worldwide Operations Monday November 4, 1:55 pm ET AUSTIN, Texas--(BUSINESS WIRE)--Nov. 4, 2002--Valence Technology, Inc. (Nasdaq:VLNC - News), a leader in the development and commercialization of Saphion(TM) technology and Lithium-ion polymer rechargeable batteries, today announced that it has reorganized its operations to better support its Asian-based outsourcing and manufacturing strategy. The Company has eliminated redundant manufacturing operations and has created a new internal structure to support its contract manufacturing activities. The Company's reorganization has resulted in a net reduction of approximately 18% of its workforce. The majority of the reductions involve positions in its Henderson, Nevada facility, which had become redundant with similar capabilities in its Mallusk, Northern Ireland facility. The newly created contract manufacturing team is expected to implement the Company's strategy of developing low cost manufacturing capabilities and reducing its working capital requirements to fund future growth. This team will use its technical and process expertise to support the manufacturing efforts of current and future partners in Asia.

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