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VALENCE TECHNOLOGY ANNOUNCES CONVERSION OF CONVERTIBLE STOCK
HENDERSON, Nev., Sep 15, 1999 /PRNewswire via COMTEX/ -- Valence
Technology, Inc. (Nasdaq: VLNC), a developer of advanced rechargeable
lithium polymer battery technology, today announced that Castle Creek
Investments, LDC has elected to convert 3,000 shares of Valence's
Series B Convertible Participating Preferred Stock to Valence
Technology common stock, including the cumulated Preferred Dividends.
The total dollar amount to be converted through September 14, 1999 was
approximately $3.13 million, convertible into 699,807 shares of Valence
common stock.
About Valence Technology Inc. With more than 400 battery patents
awarded and pending, Valence is a leader in the commercial production
of lithium polymer batteries. The company operates facilities in
Henderson, Nev.; Seattle, Wash.; and Mallusk, Northern Ireland. Valence
is traded on the Nasdaq National Market under the symbol VLNC. Valence
can be found on the Internet at valence-tech.com.
SOURCE Valence Technology, Inc.
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com -0-
CONTACT: Lev Dawson, Chairman and Chief Executive Officer of Valence
Technology, Inc., 702-558-1000; or General, Laurie Berman, Analysts, Bob
Geiger, or Media, Mary Tokita, 310-442-0599, all of The Financial Relations
Board for Valence Technology, Inc.
WEB PAGE: valence-tech.com |
