VLNC pulls an early April Fool's joke on its stockholders, sneaking this announcement out the door at 9pm on a Friday night (or something like 2am Saturday in Ireland). Read the second paragraph slowly, the spin in this thing is so furious you might get dizzy:
HENDERSON, Nev., March 30 /PRNewswire/ -- Valence Technology, Inc., a leader in the development and commercialization of lithium-ion polymer rechargeable batteries, today announced it has reduced its non-managerial manufacturing personnel by 181 people.
The layoffs are a result of the expected arrival of new state-of-the-art high-speed automated production and packaging machinery at its Mallusk, Northern Ireland factory in May 2001, the transition to its new business model, latest economic downturn, declining markets and resultant long lead times for orders.
biz.yahoo.com
As Herb G. put it, "wow, all those things happened at once?" |
