Valence Technology Prepares for Volume Production of Rechargeable Lithium Polymer Batteries
HENDERSON, Nev., May 20 /PRNewswire/ -- Valence Technology, Inc. (Nasdaq: VLNC) today announced that it is satisfied with the design of its rechargeable battery and is working toward producing it in volume.
Lev Dawson, Chairman and Chief Executive Officer, said "Presently, the performance of our lithium polymer batteries meets or exceeds the specifications negotiated with our potential customers. I am very pleased with the progress of our technology since my return to Valence."
Dawson said, "We are satisfied with the samples being produced in Henderson, Nev., on a semi-automated production line." The Company is simultaneously working on startup volume production in Northern Ireland.
On Monday, Valence and General Motors' Delphi Automotive Systems announced they have completed a successful collaboration on lithium polymer battery development. Delphi is targeting production of lithium polymer batteries for hybrid electric vehicles by the year 2000.
Valence Technology, Inc. is engaged in the research and development of advanced rechargeable batteries based on lithium polymer technologies. The Company 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 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 risk factors are described from time to time in Valence SEC reports, including report on Form 10-K for the year ended March 30, 1997, to which readers are referred.
SOURCE Valence Technology, Inc.
CO: Valence Technology, Inc.; Delphi Automotive Systems
ST: Nevada
IN: CPR
SU: PDT
05/20/98 08:38 EDT prnewswire.com |
