Valence Technology Announces It is Supplier of Lithium Phosphate Battery Packs for the OEMtek 100 MPG Toyota Prius Plug-In Hybri
February 19 2008 - 9:14AM
Business Wire
Valence Technology, Inc. (NASDAQ: VLNC) today announced by the end
of February, it plans to ship an additional 600 custom modules of
Valence�s safe, Lithium Phosphate energy storage systems for
installation and conversion of Toyota Prius hybrid vehicles into
Plug-In Hybrid Electric Vehicles. Valence previously supplied
OEMtek with 300 modules which are now being shipped to customers.
OEMtek�s plug-in hybrid will average 90 miles per gallon at freeway
speeds of 60 miles per hour for an average distance of 47 miles on
a single charge. For urban driving the vehicle and will average
more than 150 mpg at speeds under 35 mph for 30 miles on a single
charge. �Valence has been a supportive partner in the development
and production of our custom modules, providing OEMtek the quality
and consistency we mandate from a battery cell manufacturer. We
spoke with a number of other battery companies and Valence was
responsive and capable to meet our delivery needs,� said Cindi
Choi, vice president of business development for OEMtek. �We are
also very excited about Valence�s promising future technology
developments that could allow OEMtek to deliver a system to our
customers that has increased energy capacity and reduced size and
weight.� �We are extremely pleased to see OEMtek starting to
perform conversions using the custom modules we have worked
together on for the past year,� said Robert L. Kanode, president
and CEO of Valence Technology. �OEMtek is one of more than 100
companies we have been working with for an extended period of time
to increase Valence visibility as a major force in the battery
industry.� The OEMtek battery system, called BREEZ� (Battery Range
Extender EZ) fits over the tire in the trunk of the Prius, but does
not use any of the trunk space. The OEMtek BREEZ system is
comprised of safe, Lithium Phosphate cells, providing a capacity of
277 volts and 34 amp hours, and a weight of about 209 pounds.
Initially the OEMtek product will only be available in California,
where more than 500,000 Toyota Prius vehicles have been sold.
OEMtek plans to install about 40 BREEZ systems in Toyota Prius�s
starting in March and will ramp up to 100 monthly conversions by
the end of 2008. OEMtek plans to start Ford Escape Plug-In Hybrid
conversions in late 2008. About Valence Technology, Inc. Valence
Technology developed and markets the industry's first commercially
available, safe, large-format family of lithium phosphate
rechargeable batteries. Valence Technology holds an extensive,
worldwide portfolio of issued and pending patents relating to its
lithium phosphate rechargeable batteries, the only intrinsically
safe lithium rechargeable battery. The company has its headquarters
in Austin, Texas, and facilities in Las Vegas, Nevada, Mallusk,
Northern Ireland and�Suzhou, China. Valence is traded on the Nasdaq
Capital Markets under the ticker symbol VLNC and can be found on
the internet at www.valence.com. About OEMtek OEMtek is a Silicon
Valley-based venture that designs, integrates and distributes
components, advance electronics and systems for electric and
plug-in hybrid vehicles. OEMtek is located in Milpitas, California.
www.oemtek.com. Safe Harbor Statement This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including our statements
that we are positioned to realize better execution, improve gross
margins, continue to reduce production costs and expenses, realize
a strong year in both customer orders and revenue and our financial
guidance. Actual results may vary substantially from these
forward-looking statements as a result of a variety of factors.
Among the important factors that could cause actual results to
differ are: the impact of our limited financial resources on our
ability to execute on our business plan and the need to raise
additional debt or equity financing to execute on that plan; our
uninterrupted history of quarterly losses; our ability to service
our debt, which is substantial in relationship to our assets and
equity values; the pledge of all of our assets as security for our
existing indebtedness; the rate of customer acceptance and sales of
our products; the continuance of our relationship with a few
existing customers, which account for a substantial portion of our
current and expected sales in the upcoming year; the level and pace
of expansion of our manufacturing capabilities; the level of direct
costs and our ability to grow revenues to a level necessary to
achieve profitable operating margins in order to achieve break-even
cash flow; the level of our selling, general and administrative
costs; any impairment in the carrying value of our intangible or
other assets; our execution on our business strategy of moving our
operations to Asia and our ability to achieve our intended
strategic and operating goals; the effects of competition; and
general economic conditions. These and other risk factors that
could affect actual results are discussed in our periodic reports
filed with the Securities and Exchange Commission, including our
Report on Form 10-K for the year ended March 31, 2007, and the
reader is directed to these statements for a further discussion of
important factors that could cause actual results to differ
materially from those in the forward-looking statements.
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