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

To: Michael H who wrote (21362)	9/2/2000 10:20:49 AM
From: J. M. Burr	Respond to of 27311

June 23, 1999: A remembrance of things past. VALENCE EXPANDS SHIPMENTS TO KOREA Joint venture partner Hanil Valence gears up to mass produce lithium polymer batteries for the Korean market. ------------------------------------------------------------HENDERSON, Nev. June 23, 1999 Valence Technology Inc. (Nasdaq: VLNC), a developer of advanced rechargeable lithium battery technology, has received additional purchase orders and is delivering its second major shipment of lithium polymer battery components to joint venture partner, Hanil Valence Co. Ltd. of Seoul Korea. The orders, which total 50,000 meters (162,500 linear feet) or more than 30 miles of proprietary anode, cathode and separator material, follow an initial shipment announced one month ago. The order is the largest Valence has filled from its Northern Ireland facility to date. Hanil Valence plans to use the material to complete the setup of its facility in Korea and to manufacture rechargeable batteries similar to Valence’s standard 65 series (measuring 65x36 millimeters) to meet the needs of computer and telecommunications customers. Hanil expects to begin mass producing batteries for customers in Korea later this year. Valence’s lithium polymer battery technology (currently under development) has the potential to provide an advantage of up to 40% more energy density than traditional lithium ion batteries, which can translate into more capacity or longer intervals between recharge. In addition, the batteries made with Valence’s lithium polymer are typically lighter and more easily manufactured in a variety of sizes and shapes to satisfy customer requirements. This order represents an expansion of our efforts to introduce Valence’s unique lithium polymer battery technology into the Korean market, said Hanil Valence Executive Vice President J.T. Kim, Ph.D. We expect to make significant inroads due to the advantages that these batteries will bring to our telecommunications customers. These components will allow our joint venture with Hanil to commence production of rechargeable batteries for qualification by potential customers in Korea, said Lev Dawson, chairman, CEO and founder of Valence. With Hanil Valence’s contacts and relationships with major Korean telecommunications companies and the advantages of our lithium polymer technology, we continue to be optimistic about the prospects for both of our companies in this market. With more than 400 battery patents awarded and pending, Valence is a leader in the commercial production of lithium polymer batteries. The company operates facilities in Henderson, Nev.; Seattle, Wash.; and Mallusk, Northern Ireland. Hanil Valence Co. Ltd. is a joint venture between Valence and Hanil Cement Mfg. Co. Ltd. and is based in Seoul, Korea. 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 includes forward-looking statements that involve risks and uncertainties. In particular, the establishment, development and potential success of product development and production outcomes are subject to risks and uncertainties both within and outside Valence’s control. These risk factors are described from time to time in Valence’s SEC reports, including on Form 10-K for the years ending March 29, 1998 and 1999, to which readers are referred.