VLNC Press Release - Valence Technology, Inc. Provides Interim Update and Sets Conference Call Date to Discuss Its Fiscal 2008 and Fourth Quarter Financial Results
Valence Technology, Inc. (NASDAQ: VLNC), a provider of advanced lithium phosphate rechargeable batteries, said today it will conduct a conference call to discuss its fiscal 2008 and fourth quarter financial results starting at 3:00 p.m. EDT (2:00 p.m. CDT) on Thursday, June 5, 2008.
During the call, Robert L. Kanode, president and CEO, and Galen Fischer, chief financial officer, will review financial results and business operations, including progress in the European electric vehicle (EV) market and the previously announced expansion of manufacturing capacity to meet anticipated demand.
“We continue to work diligently to fulfill customer orders and expand our client base both in Europe and the United States,” said Mr. Kanode. “During our fiscal fourth quarter ended March 31, 2008, we began shipping battery packs to Smith Electric Vehicles for its Edison and Newton electric delivery vehicles. We are continuing the expansion of our manufacturing capacity to fulfill the needs of Smith and others. Smith’s projection to build 2,500 Edison and Newton vehicles during the period ending March 31, 2009 will result in $70 million of revenue for Valence. We believe the success we are experiencing through our agreement with Smith to provide safe lithium phosphate energy power solutions will serve to expand our client base in the renewable, clean energy markets.”
Conference Call Details
The conference call will be webcast starting at 3:00 p.m. EDT (2:00 p.m. CDT) on June 5, 2008 and may be accessed by all interested parties at www.valence.com. To access the webcast, please go to this Web site approximately fifteen minutes prior to the start of the call to register, download, and install any necessary audio software.
Those callers within the United States and Canada can dial (888) 213-3752 and enter conference identification number 1222409 to participate. Callers outside the United States and Canada can dial (913) 312-0643 and enter conference identification number 1222409.
A telephonic replay will be available from 5:00 p.m. CDT on June 5, 2008 through 5:00 p.m. CDT on June 12, 2008. To access the replay, please dial (888) 203-1112 and enter the following identification number 1222409. In addition, a replay of the webcast will be available on the company’s Web site at www.valence.com.
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 company has facilities in Austin, Texas; 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 www.valence.com.
Safe Harbor Statement
Some information included in this press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “except,” “forecast,” “outlook,” “scheduled,” or “intend” and similar expressions. These statements reflect the current views, beliefs and assumptions of Valence, and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements is the actual level of product that Smith Electric Vehicles purchases under the supply agreement; and Valence’s ability to scale its manufacturing and other capacity to fulfill its obligations under the contract if such expectations are met; as well as other factors detailed in Valence’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Valence does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances and cannot assure that projected results or events will be achieved.
for Valence Technology, Inc.
Pierpont Investor Relations
A. Pierre Dubois, 512-527-2921