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NEWLY PUBLIC VALENCE TECHNOLOGY ANNOUNCES FIRST SHIPMENTS OF LITHIUM POLYMER BATTERY TO DELCO REMY

 NEWLY PUBLIC VALENCE TECHNOLOGY ANNOUNCES FIRST SHIPMENTS OF
 LITHIUM POLYMER BATTERY TO DELCO REMY
 SAN JOSE, Calif., July 16 /PRNewswire/ -- Valence Technology Inc. (NASDAQ-NMS: VLNC) announced today that it has received a $350,000 purchase order for a limited quantity of its proprietary solid-state lithium polymer batteries from Delco Remy, a division of General Motors. This is the first truly new viable technology to be introduced into the automotive battery market since lead acid batteries were introduced more than 70 years ago. Valence is expected to begin shipping batteries in August.
 "This is a significant milestone in Valence's development," said Lev Dawson, chairman and chief executive officer. "We will be shipping fully functional automotive starting batteries for evaluation and field testing. This is our first purchase order for the delivery of actual product, and the first outside test of our technology for a commercial application. In addition, these will be the first batteries produced in our new San Jose manufacturing facility which has entered limited production."
 In May of 1991, Valence and Delco Remy entered in to a three-year, $20 million research and development relationship to develop lithium polymer batteries for the vehicle and load leveling markets. To date, Valence has received $7 million in payments towards work performed. The purchase order announced today is in addition to this R&D contract.
 "We are very excited about the tremendous potential for lithium polymer batteries," said Dawson. "We believe the superior performance characteristics of these batteries will make them a strong competitive alternative to existing and emerging technologies in a number of additional markets including personal computers, portable telephones, camcorders and portable electronic entertainment products.
 "By using lithium, we can provide the highest energy densities possible, allowing us to produce lighter, smaller and/or more powerful batteries than those currently on the market. By using a proprietary solid-polymer technology, we have eliminated the need for a rigid outer coating, allowing our batteries to be produced in a continuous process and formed into any shape or size desired. In addition, by using a solid polymer throughout we have produced the safest lithium battery available. Finally, lithium is much more benign environmentally than the heavy metals used in many competing technologies."
 Valence Technology Inc. has developed a new battery technology based on lithium and a solid polymer electrolyte. Basic research is complete and the company has the ability to manufacture limited production quantities at its San Jose facility. The company is now focused on further enhancing product performance, developing packaging and production methods necessary to support commercial introduction of its product. Management believes that its batteries, when commercially introduced, will offer a number of performance characteristics superior to those of batteries currently available and will address a number of large consumer markets including personal computers, portable telephones, camcorders and portable electronic entertainment products. The company went public in May, 1992, and has approximately 12.6 million shares outstanding. Valence stock is traded on the NASDAQ National Market System under the symbol VLNC.
 -0- 7/16/92
 /CONTACT: Lev Dawson of Valence, 408-365-6125; or Lise Needham of The Financial Relations Board, 415-986-1591, for Valence/
 (VLNC) CO: Valence ST: California IN: AUT SU: PDT


RM -- SF006 -- 9741 07/16/92 12:25 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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