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VALENCE TECHNOLOGY REPORTS FIRST QUARTER RESULTS

 VALENCE TECHNOLOGY REPORTS FIRST QUARTER RESULTS
 SAN JOSE, Calif., Aug. 14 /PRNewswire/ -- Valence Technology, Inc.,


(NASDAQ-NMS: VLNC) an early production stage company in solid-state, rechargeable battery technologies, today announced the results of its first quarter for fiscal 1993, ended June 28, 1992. This is the company's first quarterly financial report since becoming a public company on May 7, 1992.
 Revenues in the first quarter of 1993 amounted to $1.5 million compared with $2.5 million in the first quarter of fiscal 1992. Revenues in each quarter reflect preset amounts paid for achieving developmental milestones in the company's strategic partnering agreement with Delco-Remy, a division of General Motors.
 The company reported a net loss of $640,443, or 6 cents per share, for the first quarter of fiscal 1993 versus net income of $1,630,481, or 18 cents per share, for the same period a year ago -- again, a direct reflection of the pre-scheduled payment milestones for contract revenue.
 OPERATIONS REVIEW
 According to Christine Russell, vice president and chief financial officer, "The positive earnings reported at July 31, 1991 were an issue of timing rather than operations. A large portion of the initial revenues received from Delco fell to our bottom line in that period because R&D expenses had not yet been incurred." Russell went on to say that the company is on target with its business plan.
 Research and product development expenses increased to $1.5 million in the first quarter of fiscal 1993 from $519,000 in the same period in fiscal 1992. The increase was primarily a result of direct costs associated with battery development and prototype production.
 FINANCING ACTIVITIES
 During the quarter the company completed the sale of 4,140,000 shares of its common stock through an initial public offering. Net proceeds of the offering totaled approximately $30,229,000.
 The company's equity offering made a substantial contribution toward its balance sheet. Total assets climbed to $32.3 million from $3.3 million, June 28, 1992 and March 31, 1992, respectively. Stockholders' equity increased to $19.7 million from a deficit of $9.8 million.
 Valence Technology, Inc. has developed a new rechargeable 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, Calif., facility. Management believes that its batteries, when commercially introduced, will offer a number of performance characteristics superior to those currently available and will address a number of large consumer markets including personal computers, portable telephones, camcorders, and portable electronic entertainment products.
 -0- 8/14/92
 /CONTACT: Lev Dawson, CEO of Valence, 408-365-6125; or Gary Strong of Financial Relations Board, 312-266-7800, for Valence/
 (VLNC) CO: Valence Technology, Inc. ST: California IN: SU: ERN


PS -- NY026 -- 0040 08/14/92 13:16 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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