This just in:
VALENCE TECHNOLOGY AND DELPHI COMPLETE
Joint Lithium Polymer Battery Research Project
HENDERSON, Nev. and FLINT, Mich., May 18 /PRNewswire/ -- Valence Technology,
Inc. (Nasdaq: VLNC) and General Motors' (NYSE: GM) Delphi Automotive Systems
have completed a successful collaboration on lithium polymer battery development,
and will now focus on applications in their individual markets. Lithium
polymer batteries are very powerful for their size and weight, and are
particularly desirable for portable and mobile applications.
"Valence has been a valued partner in helping us achieve this milestone,
" said Ronald M. Pogue, director of Delphi's battery business. Delphi
is targeting production of lithium polymer batteries for hybrid electric
vehicles by the year 2000, Pogue said.
"Valence will focus on making batteries for portable consumer
electronics, and intends to bring products to market soon," according
to Lev Dawson, Valence's chairman and chief executive officer. "Delphi's
support has been invaluable to our success," said Dawson.
Delphi will retain a license to use Valence-developed lithium polymer
technology for vehicular and stationary load leveling/peak shaving applications.
Valence will retain a license to use Delphi-developed lithium polymer
technology in all other applications.
Valence Technology, Inc., with headquarters in Henderson, Nev., USA, is
engaged in research and development to produce advanced rechargeable
batteries based on lithium polymer technologies. Valence is traded on
the Nasdaq National Market under the symbol VLNC. Valence can be found
on the Internet at valence-tech.com. The information contained
herein about Valence Technology, Inc. includes
forward-looking statements that involve risks and uncertainties. In particular,
the establishment, development and potential success of product development
and production outcomes could differ materially from those presented here,
depending on factors both within and outside Valence's control. These
and other risks are described from time to time in the Valence SEC reports,
including Valence's reports Form 1O-K for the year ended March 29, 1997,
to which readers are referred.
Delphi Automotive Systems, with headquarters in Troy, Mich., USA, is the
world's most diversified supplier of automotive components and systems,
with 208 manufacturing facilities, 46 ventures and 27
technical centers in 36 countries. Regional headquarters are located
in Paris, Tokyo and Sao Paulo. Delphi can be found on the Internet at
delphiauto.com.
SOURCE Delphi Automotive Systems
-0- 05/18/98 /CONTACT: David P. Archibald
of Valence Technology, 702-558-1000; or Betsy Truax of Financial Relations
Board, 208-233-8323; or Dan Dolan of Delphi Automotive Systems, 810-257-7723/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 126503/
/Web site: valence-tech.com /Web site:
delphiauto.com
(GM VLNC)
CO: Delphi Automotive Systems; Valence Technology, Inc. ST: Michigan,
Nevada IN: AUT OIL SU:
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