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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: J. M. Burr who wrote (15899)	11/11/1999 8:29:00 AM
From: jean1057	Read Replies (2) \| Respond to of 27311

News: Valence Technology Receives Substantial Initial Order for Lithium Polymer Batteries HENDERSON, Nev., Nov. 11 /PRNewswire/ -- Valence Technology Inc. (Nasdaq: VLNC - news) today announced that it has received a purchase order from Moltech Power Systems (formerly Energizer Power Systems) for the company's advanced technology lithium polymer batteries based on a commitment from a major satellite and cellular phone customer. This initial order, which represents approximately three months of customer requirements, is for over $2.0 million, including engineering setup charges. Further orders from Moltech will be based on performance and customer demand. The technical and qualitative acceptance of Valence and its batteries by this OEM customer is a critical step in the commercialization of Valence's lithium polymer battery technology. Valence will produce the batteries at its Mallusk, Northern Ireland manufacturing facility and ship them to Juarez, Mexico for fabrication into the finished battery pack by Moltech. The strategic marketing relationship between Moltech and Valence, which began over a year ago when they were still Energizer, was instrumental in this purchase order win for both companies. ''We are very pleased to announce this order and the positive statement it makes both about our company and our technology,'' said Lev Dawson, chairman, CEO and founder of Valence. ''Due to the very unusual physical and energy requirements in this challenging application, lithium polymer batteries, with their higher energy density and flexible form factor, were the obvious choice. We are also pleased that this initial order came from our long time association with the former Energizer Power Systems, now Moltech Power Systems. This reinforces our long-standing strategic working relationship with them, which will benefit both companies as we develop and market our lithium polymer batteries. We believe that these batteries will soon be the energy source of choice for the emerging mobile digital age.'' About Valence Technology Inc.