As usual a trickle of news before the teleconference.
Valence Signs OEM Agreement With Amperex Technology Limited ATL to Provide Additional Manufacturing Capability.
Hopefully a little follow-through will be forthcoming after market close.
.....Jacques
AUSTIN, Texas--(BUSINESS WIRE)--May 29, 2002--Valence Technology, Inc. (Nasdaq:VLNC - News), a leader in the development and commercialization of Lithium-ion polymer rechargeable batteries, today announced that it entered into an OEM agreement with Hong Kong-based Amperex Technology Limited (ATL). Under the agreement, ATL will manufacture batteries for Valence.
"Our agreement with ATL will reinforce our current manufacturing capacity in preparation for future customer demand," stated Stephan Godevais, chairman and CEO of Valence. "We were seeking a partner who possessed both the technological expertise and the manufacturing excellence to complement our own production capabilities. ATL, a valued licensee of Valence, was a natural choice. ATL has the experience, the equipment and the team in place to support our growth, and we look forward to a continuing OEM relationship."
Dr. T. H. Chen, president of ATL, stated, "We began working with Valence in December and have been impressed by the technology as well as the management team. We have established a mutually beneficial relationship to date and believe this new agreement is a natural extension. Not only will it provide Valence with incremental manufacturing capacity, but it also will allow us to expand our business even further." |
