VLNC (4.47) Valence and Securaplane Ink Exclusive Memorandum of Understanding
Wednesday, March 26 2008 9:00 AM, EST
Business Wire "US Press Releases "
AUSTIN, Texas --(BUSINESS WIRE)--
Valence Technology, Inc. (NASDAQ: VLNC) today announced it is working toward a long-term agreement with Securaplane Technologies, Inc. to develop a customized lithium-phosphate battery pack for use in aviation power applications. The deal would make Securaplane one of the first suppliers to offer safe, lightweight, lithium-phosphate technology for aircraft applications.
Benefits of lithium-phosphate include reduced maintenance needs, a long life cycle, robust charging, enhanced monitoring and control and an environmentally friendly design.
"We believe the combination of Securaplane's charging, packaging and high-level integration design with Valence's expertise in lithium-phosphate battery technology can help us develop a superior product that meets stringent aviation regulations for safety," said Mike Boost, chief technology officer of Securaplane. "We look forward to partnering with Valence and making a positive impact in avionics by being one of the first to bring the benefits of lithium-phosphate to the aircraft industry."
Under this agreement, both parties have consented to work towards finalizing a long-term contract where Valence will be the sole provider of rechargeable lithium-phosphate batteries for Securaplane's aviation energy storage systems including select mainship and emergency backup power applications.
"Securaplane has been a leading supplier of avionics products for commercial and business aircraft for more than 20 years and has one of the fastest growing battery product lines," said Robert L. Kanode, president and CEO of Valence. "Securaplane has relationships with virtually all aircraft manufacturers and a history of introducing new technologies to the industry. Through the proposed partnership with Securaplane, we believe Valence further positions itself as an industry leader in lithium-phosphate battery technology and further expands our portfolio of companies utilizing and trusting our safe and reliable energy storage technology."
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 holds an extensive, worldwide portfolio of issued and pending patents relating to its lithium phosphate rechargeable batteries. The company has its headquarters in Austin, Texas , and facilities in Las Vegas , Mallusk, Northern Ireland , and Suzhou, China . Valence is listed on The NASDAQ Capital Market under the ticker symbol VLNC and can be found on the internet at www.valence.com.
About Securaplane
Securaplane Technologies, Inc. is a leading supplier of avionics products for commercial, military and business aircraft including Airborne Video and Security Systems, Power Reserve and Conversion Equipment, and essential Wireless Technologies. Securaplane is part of the Pacific Scientific Aerospace Group . More information can be found at Securaplane's web site, www.securaplane.com.
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