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Press Release Source: Valence Technology, Inc.
Valence Technology Announces It is Supplier of Lithium Phosphate Battery Packs for the OEMtek 100 MPG Toyota Prius Plug-In Hybrid Add-On
Tuesday February 19, 9:14 am ET
OEMtek Begins Shipments of Valence Battery-Equipped Add-On for Prius Conversions to Plug-In Hybrid Electric Vehicle
AUSTIN, Texas--(BUSINESS WIRE)--Valence Technology, Inc. (NASDAQ: VLNC - News) today announced by the end of February, it plans to ship an additional 600 custom modules of Valence’s safe, Lithium Phosphate energy storage systems for installation and conversion of Toyota Prius hybrid vehicles into Plug-In Hybrid Electric Vehicles. Valence previously supplied OEMtek with 300 modules which are now being shipped to customers.
OEMtek’s plug-in hybrid will average 90 miles per gallon at freeway speeds of 60 miles per hour for an average distance of 47 miles on a single charge. For urban driving the vehicle and will average more than 150 mpg at speeds under 35 mph for 30 miles on a single charge.
“Valence has been a supportive partner in the development and production of our custom modules, providing OEMtek the quality and consistency we mandate from a battery cell manufacturer. We spoke with a number of other battery companies and Valence was responsive and capable to meet our delivery needs,†said Cindi Choi, vice president of business development for OEMtek. “We are also very excited about Valence’s promising future technology developments that could allow OEMtek to deliver a system to our customers that has increased energy capacity and reduced size and weight.â€Â
“We are extremely pleased to see OEMtek starting to perform conversions using the custom modules we have worked together on for the past year,†said Robert L. Kanode, president and CEO of Valence Technology. “OEMtek is one of more than 100 companies we have been working with for an extended period of time to increase Valence visibility as a major force in the battery industry.â€Â
The OEMtek battery system, called BREEZâ„¢ (Battery Range Extender EZ) fits over the tire in the trunk of the Prius, but does not use any of the trunk space. The OEMtek BREEZ system is comprised of safe, Lithium Phosphate cells, providing a capacity of 277 volts and 34 amp hours, and a weight of about 209 pounds.
Initially the OEMtek product will only be available in California, where more than 500,000 Toyota Prius vehicles have been sold. OEMtek plans to install about 40 BREEZ systems in Toyota Prius’s starting in March and will ramp up to 100 monthly conversions by the end of 2008. OEMtek plans to start Ford Escape Plug-In Hybrid conversions in late 2008.
About Valence Technology, Inc.
Valence Technology developed and markets the industry's first commercially available, safe, large-format family of lithium phosphate rechargeable batteries. Valence Technology holds an extensive, worldwide portfolio of issued and pending patents relating to its lithium phosphate rechargeable batteries, the only intrinsically safe lithium rechargeable battery. The company has its headquarters in Austin, Texas, and facilities in Las Vegas, Nevada, Mallusk, Northern Ireland and Suzhou, China. Valence is traded on the Nasdaq Capital Markets under the ticker symbol VLNC and can be found on the internet at http://www.valence.com.
About OEMtek
OEMtek is a Silicon Valley-based venture that designs, integrates and distributes components, advance electronics and systems for electric and plug-in hybrid vehicles. OEMtek is located in Milpitas, California. http://www.oemtek.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our statements that we are positioned to realize better execution, improve gross margins, continue to reduce production costs and expenses, realize a strong year in both customer orders and revenue and our financial guidance. Actual results may vary substantially from these forward-looking statements as a result of a variety of factors. Among the important factors that could cause actual results to differ are: the impact of our limited financial resources on our ability to execute on our business plan and the need to raise additional debt or equity financing to execute on that plan; our uninterrupted history of quarterly losses; our ability to service our debt, which is substantial in relationship to our assets and equity values; the pledge of all of our assets as security for our existing indebtedness; the rate of customer acceptance and sales of our products; the continuance of our relationship with a few existing customers, which account for a substantial portion of our current and expected sales in the upcoming year; the level and pace of expansion of our manufacturing capabilities; the level of direct costs and our ability to grow revenues to a level necessary to achieve profitable operating margins in order to achieve break-even cash flow; the level of our selling, general and administrative costs; any impairment in the carrying value of our intangible or other assets; our execution on our business strategy of moving our operations to Asia and our ability to achieve our intended strategic and operating goals; the effects of competition; and general economic conditions. These and other risk factors that could affect actual results are discussed in our periodic reports filed with the Securities and Exchange Commission, including our Report on Form 10-K for the year ended March 31, 2007, and the reader is directed to these statements for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.
Contact:
for Valence Technology, Inc.
Pierpont Communications, Inc.
Helen Rodriguez, +1 512 448-4950
Media Relations
or
Pierpont Investor Relations
A. Pierre Dubois, +1 512 527-2921
Director of Investor Relations
or
UK Company Contact:
Valence Technology Inc.
Mark Donaghy, +44 28 9084 5401
Global Marketing Manager
.
--------------------------------------------------------------------------------
Source: Valence Technology, Inc.
Valence Technology Announces It is Supplier of Lithium Phosphate Battery Packs for the OEMtek 100 MPG Toyota Prius Plug-In Hybrid Add-On
Tuesday February 19, 9:14 am ET
OEMtek Begins Shipments of Valence Battery-Equipped Add-On for Prius Conversions to Plug-In Hybrid Electric Vehicle
AUSTIN, Texas--(BUSINESS WIRE)--Valence Technology, Inc. (NASDAQ: VLNC - News) today announced by the end of February, it plans to ship an additional 600 custom modules of Valence’s safe, Lithium Phosphate energy storage systems for installation and conversion of Toyota Prius hybrid vehicles into Plug-In Hybrid Electric Vehicles. Valence previously supplied OEMtek with 300 modules which are now being shipped to customers.
OEMtek’s plug-in hybrid will average 90 miles per gallon at freeway speeds of 60 miles per hour for an average distance of 47 miles on a single charge. For urban driving the vehicle and will average more than 150 mpg at speeds under 35 mph for 30 miles on a single charge.
“Valence has been a supportive partner in the development and production of our custom modules, providing OEMtek the quality and consistency we mandate from a battery cell manufacturer. We spoke with a number of other battery companies and Valence was responsive and capable to meet our delivery needs,†said Cindi Choi, vice president of business development for OEMtek. “We are also very excited about Valence’s promising future technology developments that could allow OEMtek to deliver a system to our customers that has increased energy capacity and reduced size and weight.â€Â
“We are extremely pleased to see OEMtek starting to perform conversions using the custom modules we have worked together on for the past year,†said Robert L. Kanode, president and CEO of Valence Technology. “OEMtek is one of more than 100 companies we have been working with for an extended period of time to increase Valence visibility as a major force in the battery industry.â€Â
The OEMtek battery system, called BREEZâ„¢ (Battery Range Extender EZ) fits over the tire in the trunk of the Prius, but does not use any of the trunk space. The OEMtek BREEZ system is comprised of safe, Lithium Phosphate cells, providing a capacity of 277 volts and 34 amp hours, and a weight of about 209 pounds.
Initially the OEMtek product will only be available in California, where more than 500,000 Toyota Prius vehicles have been sold. OEMtek plans to install about 40 BREEZ systems in Toyota Prius’s starting in March and will ramp up to 100 monthly conversions by the end of 2008. OEMtek plans to start Ford Escape Plug-In Hybrid conversions in late 2008.
About Valence Technology, Inc.
Valence Technology developed and markets the industry's first commercially available, safe, large-format family of lithium phosphate rechargeable batteries. Valence Technology holds an extensive, worldwide portfolio of issued and pending patents relating to its lithium phosphate rechargeable batteries, the only intrinsically safe lithium rechargeable battery. The company has its headquarters in Austin, Texas, and facilities in Las Vegas, Nevada, Mallusk, Northern Ireland and Suzhou, China. Valence is traded on the Nasdaq Capital Markets under the ticker symbol VLNC and can be found on the internet at http://www.valence.com.
About OEMtek
OEMtek is a Silicon Valley-based venture that designs, integrates and distributes components, advance electronics and systems for electric and plug-in hybrid vehicles. OEMtek is located in Milpitas, California. http://www.oemtek.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our statements that we are positioned to realize better execution, improve gross margins, continue to reduce production costs and expenses, realize a strong year in both customer orders and revenue and our financial guidance. Actual results may vary substantially from these forward-looking statements as a result of a variety of factors. Among the important factors that could cause actual results to differ are: the impact of our limited financial resources on our ability to execute on our business plan and the need to raise additional debt or equity financing to execute on that plan; our uninterrupted history of quarterly losses; our ability to service our debt, which is substantial in relationship to our assets and equity values; the pledge of all of our assets as security for our existing indebtedness; the rate of customer acceptance and sales of our products; the continuance of our relationship with a few existing customers, which account for a substantial portion of our current and expected sales in the upcoming year; the level and pace of expansion of our manufacturing capabilities; the level of direct costs and our ability to grow revenues to a level necessary to achieve profitable operating margins in order to achieve break-even cash flow; the level of our selling, general and administrative costs; any impairment in the carrying value of our intangible or other assets; our execution on our business strategy of moving our operations to Asia and our ability to achieve our intended strategic and operating goals; the effects of competition; and general economic conditions. These and other risk factors that could affect actual results are discussed in our periodic reports filed with the Securities and Exchange Commission, including our Report on Form 10-K for the year ended March 31, 2007, and the reader is directed to these statements for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.
Contact:
for Valence Technology, Inc.
Pierpont Communications, Inc.
Helen Rodriguez, +1 512 448-4950
Media Relations
or
Pierpont Investor Relations
A. Pierre Dubois, +1 512 527-2921
Director of Investor Relations
or
UK Company Contact:
Valence Technology Inc.
Mark Donaghy, +44 28 9084 5401
Global Marketing Manager
.
--------------------------------------------------------------------------------
Source: Valence Technology, Inc.
