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VALENCE TECHNOLOGY REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS

 SAN JOSE, Calif., May 26 /PRNewswire/ -- Valence Technology Inc. (NASDAQ-NMS: VLNC), a research and development company in advanced rechargeable battery technologies, today announced the results of its fourth quarter and fiscal year ended March 28, 1993.
 The company reported a net loss of $4,585,000, or 28 cents per share, for the fourth quarter of fiscal 1993, compared with a net loss of $3,762,000, or 37 cents per share, for the same period a year ago. Revenues in the fourth quarter of fiscal 1993 amounted to $1,495,000; the company had no revenues in the comparable period of the prior fiscal year. Recognition of quarterly revenues is based on the achievement of development milestones in the company's research and development agreement with Delco Remy, a division of General Motors Corp. (NYSE: GM).
 For fiscal year 1993, the company reported a net loss of $8,463,000, or 63 cents per share. This compares with a net loss of $3,769,000, or 37 cents per share, for fiscal year 1992. Revenues for fiscal year 1993 were $6,385,000, versus $3,775,000 for fiscal year 1992.
 Management Comments
 According to Calvin Reed, president of Valence, "We have continued, as planned, to contribute additional resources to our research and development efforts as we enhance the performance characteristics of our battery technology and develop volume production equipment." The company's research and development expenses for fiscal year 1993 increased to $10,262,000, up from $2,723,000 during fiscal year 1992.
 Christine Russell, vice president and chief financial officer, noted that the company invested $6,007,000 in capital expenditures during fiscal year 1993, as the company built production, research and administrative infrastructure. She added that the company enters fiscal year 1994 with $55,957,000 in working capital available for future operations and capital equipment acquisitions.
 Profile
 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 lithium polymer 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 currently in commercial use. Valence Technology also believes that its 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 is traded on the NASDAQ National Market System under the symbol VLNC.
 Receive the latest information about Valence via FAX, no cost. 800-PRO-INFO, code 137.
 Financial Relations Board Inc. serves as financial counsel to this company, is acting on the company's behalf in issuing this bulletin and receiving compensation therefor. The information contained herein is furnished for information purposes only and is not to be construed as an offer to buy or sell securities.
 -0- 5/26/93
 /CONTACT: Christine Russell of Valence Technology, 408-365-6125; or Betsy Truax or Lillian Armstrong of the Financial Relations Board, 415-986-1591, for Valence Technology/
 (VLNC GM)


CO: Valence Technology Inc. ST: California IN: CPR SU: ERN

GT -- SF014 -- 2694 05/26/93 18:41 EDT
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Publication:PR Newswire
Date:May 26, 1993
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