VALENCE TECHNOLOGY COMBINES R&D OPERATIONS; MOVES DANISH RESEARCH FACILITY TO U.S.
SAN JOSE, Calif., Jan. 15 /PRNewswire/ -- Valence Technology, Inc. (NASDAQ-NMS: VLNC), a research and development company in leading edge rechargeable battery technologies, today announced the relocation of its Odense, Denmark research facility to the company's headquarters in San Jose. Valence has maintained its principal research and development laboratories in San Jose, where it employs the majority of its scientists and technicians. The five Danish scientists who worked at the company's Odense facility have all accepted offers to relocate to San Jose. Management indicated it also plans to transfer to San Jose the pilot laminate production line currently operating in Denmark. "The consolidation of our R&D activities in San Jose brings two teams of outstanding researchers together at one location for closer interaction. It also provides for better communication between the scientific and technical staffs," said Lev M. Dawson, chairman and chief executive officer. Dawson went on to say that today's announced action completes the full integration of Valence Denmark into Valence Technology following the March, 1992 acquisition of the Danish subsidiary by the parent company. Valence estimates it will incur a one-time expense of $1.5 million in its 1993 fiscal fourth quarter, ending March 31, 1993, related to the consolidation and the employee relocations. 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. 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. -0- 1/15/93 /CONTACT: Lev Dawson, chairman, chief executive officer of Valence Technology, Inc., 408-365-6125; or Gary Strong or Nick Farina of Financial Relations Board, 312-266-7800, for Valence Technology, Inc./ (VLNC)
CO: Valence Technology, Inc. ST: California IN: SU:
TS -- NY016 -- 5250 01/15/93 09:40 EST
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|Date:||Jan 15, 1993|
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