VALENCE TECHNOLOGY INC. TO FILE PUBLIC OFFERING
VALENCE TECHNOLOGY INC. TO FILE PUBLIC OFFERING SAN JOSE, Calif., Oct. 5 /PRNewswire/ -- Valence Technology Inc.
(NASDAQ: VLNC) announced that it will file today with the Securities and Exchange Commission a registration statement for a public offering of 3,000,000 shares of common stock. Montgomery Securities will manage the offering. The company is offering 2,230,000 shares and certain selling stockholders are offering 770,000 shares. The company and the selling stockholders are also offering 205,000 shares and 24,000 shares, respectively, for the underwriters' over- allotment.
The proceeds of the offering are expected to be used to acquire capital equipment, to expand the company's manufacturing capabilities, to fund research and development and for general corporate purposes, including working capital. Valence Technology Inc. is engaged in research and development to produce advanced rechargeable batteries based upon lithium and polymer technologies. The company believes that its lithium polymer batteries, when commercially introduced, will offer performance characteristics, such as longer operating time, reduced size and weight, and significantly improved recharge characteristics, superior to those of batteries currently in commercial use. Valence Technology believes that its lithium polymer batteries may be incorporated into a number of consumer electronics applications, such as portable computers, cellular telephones, camcorders and handheld tools, as well as into automotive applications, including electric vehicles. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. For a copy of the preliminary prospectus, contact Richard A. Smith, Syndicate Manager, Montgomery Securities, 600 Montgomery St., San Francisco, CA 94111; phone: 415-627-2100. -0- 10/5/92 /EDITOR'S NOTE: To receive the latest information about Valence via FAX, at no cost, call, 800-PRO-INFO, code 137./ /CONTACT: Lev Dawson, chairman and CEO of Valence Technology, 408-365-6125; or Gary Strong or Nick Farina at The Financial Relations Board, 312-266-7800, for Valence Technology/ (VLNC) CO: Valence Technology Inc. ST: California IN: CPR SU: OFR
JL -- LA018 -- 6507 10/05/92 10:45 EDT
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|Date:||Oct 5, 1992|
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