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

To: VikingWarrior who wrote (2257)	2/18/1998 6:06:00 PM
From: MHS	Read Replies (1) \| Respond to of 27311

Here is the press release I got off Yahoo. mhs Wednesday February 18, 11:51 am Eastern Time Company Press Release SOURCE: Valence Technology, Inc. Valence Technology Updates Battery Production Progress and Schedule HENDERSON, Nev., Feb. 18 /PRNewswire/ -- Valence Technology, Inc. (Nasdaq: VLNC - news) announced yesterday that initial production of its rechargeable lithium polymer batteries will be done in Henderson, Nevada. Redundant equipment from suppliers has already arrived at the company's headquarters and is in the process of being debugged. Lev Dawson, chairman and chief executive officer of Valence, said that the Henderson facility will build the initial batteries in smaller volumes, and that once testing is complete and batteries are satisfactory, larger volume production will commence at its Northern Ireland plant. ''We anticipate initial production of the batteries from Henderson to occur in the first quarter of calendar year 1998, with batteries produced in Northern Ireland occurring in the second calendar quarter,'' Dawson said. Initial batteries shipped from Henderson will be samples for customer testing. Valence's first fiscal quarter ends June 30, 1998. Dawson said the decision to move initial production to Henderson was made to better utilize the staff of scientists and technological expertise at the Henderson plant. ''We want to take full advantage of the talent we have at the company that developed the battery technology in the first place, which is in Henderson. It is typical for manufacturing companies to initially produce their technology at their primary facility, only to move it to a mass manufacturing plant elsewhere when it has been perfected,'' he said. Valence's primary focus in developing its batteries is for the computer battery market. Dawson said several potential customers have already been identified. He also said that rechargeability issues that had been a factor before for Valence were no longer major problems. ''We are achieving the rechargeability that potential customers are seeking,'' he added. Tibor Kalnoki-Kis, vice president and chief technical officer, is overseeing the production ramp-up at the Henderson plant. Dr. Kalnoki-Kis has been with Valence since February 1997. Prior to joining Valence, he was with Gould Electronics, Inc., a wholly-owned subsidiary of Japan Energy, Inc. The information contained herein includes forward-looking statements that involve risks and uncertainties. The establishment, development and potential success of the joint ventures, as well as product development and production outcomes could differ materially from those presented here, depending on factors both within and outside the company's control. Other risks are described from time to time in the company's SEC reports, including the company's report of Form 10-K for the year ending March 30, 1997. Valence Technology, Inc. is engaged in research and development to produce advanced rechargeable batteries based on lithium and polymer technologies. Valence is traded on the Nasdaq National Market under the symbol VLNC. For information on Valence Technology visit the company's web site at www.Valence-Tech.com or by FAX, dial 800-PRO-INFO, code VLNC. SOURCE: Valence Technology, Inc