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

To: Jacques Tenzel who wrote (26283)	6/15/2004 10:40:57 AM
From: Jacques Tenzel	Read Replies (1) \| Respond to of 27311

Valence and Tyco Electronics Power Systems Enter Three Year Exclusivity Agreement for Telecommunications and Utility Markets Tuesday June 15, 9:30 am ET AUSTIN, Texas--(BUSINESS WIRE)--June 15, 2004--Valence Technology Inc. (Nasdaq:VLNC - News), a leader in the development and commercialization of Saphion® technology, the only safe large format Lithium-ion rechargeable battery technology, today announced that is has signed an agreement granting Tyco Electronics Power Systems Inc., a leading worldwide supplier of telecommunications power, the exclusive right to resell Valence's K-Charge(tm) Power System, a Saphion® technology based back-up power solution, to Tyco Electronics' telecommunications and utility customers. The K-Charge system will be privately labeled for Tyco Electronics and marketed by Tyco Electronics under its company's brand, ELiTE RK(tm). Under the terms of the agreement, Tyco Electronics will purchase privately labeled back-up power systems from Valence for resale to telecommunications and utility customers world-wide. Valence has granted Tyco Electronics the exclusive right to resell the K-Charge Power System in the utility and telecommunications markets for a period of three years. Tyco Electronics' obligation under the agreement is conditioned upon the product meeting specified acceptance criteria, and Tyco Electronics' right to exclusivity is contingent upon Tyco Electronics achieving specified quarterly volume targets. Additionally, under the agreement, sales and marketing, technical assistance, and customer support functions will be provided by Tyco Electronics. "This agreement is the result of significant collaboration between our two companies over the past 18 months," said Stephan Godevais, chairman and chief executive officer of Valence Technology Inc. "We are pleased to be working with such a prestigious market leader as Tyco Electronics and are excited by the traction Saphion technology is gaining in both the telecommunications and utility markets."