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VALENCE TECHNOLOGY, DELCO REMY CONTINUE R&D CONTRACT

 SAN JOSE, Calif., Jan. 18 /PRNewswire/ -- Valence Technology, Inc. (NASDAQ-NMS: VLNC), a research and development company in leading edge rechargeable battery technologies, today announced that the Delco Remy Division of General Motors (NYSE: GM) has renewed its contract with Valence Technology, Inc. for research and development to jointly develop lithium polymer batteries for automotive application. The research and development is part of an existing three-phase, $20 million agreement aimed at developing improved starting, lighting and ignition (SLI) batteries for existing automobile production and load leveling applications, as well as potential power sources for future electric vehicles. Valence will receive approximately $7 million of funding from this contract during 1993.
 Lev M. Dawson, chairman and chief executive officer of Valence, stated, "We appreciate the confidence in our technology that Delco Remy and General Motors have expressed by renewing for the third phase of the R&D contract."
 Valence holds key patents to the underlying technology and provides its expertise in processing materials into battery cells. Delco Remy integrates the devices into larger battery systems for SLI, load- leveling applications and electric vehicles.
 Founded in 1989, Valence Technology, Inc. is engaged in research and development to produce advanced rechargeable batteries based on lithium and polymer technologies. The company believes that its batteries, when commercially introduced, will offer superior performance characteristics -- such as longer operating life, reduced size and weight, and significantly improved recharge characteristics -- to those batteries currently in commercial use. Valence Technology believes that its solid polymer batteries offer the greatest applications in a number of electronic consumer products such as portable computers, cellular telephones, camcorders and hand-held tools as well as automotive applications, including electric vehicles. Valence Technology stock is traded on the NASDAQ National Market System under the symbol VLNC.
 Receive the latest information about Valence via FAX, no cost: 1-800-PRO-INFO, code 137.
 -0- 1/18/93
 /NOTE: The information contained herein has been furnished by the company to which it relates and for which The Financial Relations Board, Inc. serves as financial relations counsel and from which it receives compensation on a continuing basis. The amount of such compensation related to the preparation and distribution of this project is not separately determinable.
 CONTACT: Lev Dawson, Valence Technology chairman and CEO, 408-365-6125; or Gary Strong or Nick Farina of FRB Chicago, 312-266-7800, for Valence Technology/
 (VLNC GM)


CO: Valence Technology, Inc.; Delco Remy Division of General Motors ST: California, Indiana IN: AUT SU: CON

JG -- DE008 -- 5799 01/18/93 09:51 EST
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Publication:PR Newswire
Date:Jan 18, 1993
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