VLNC Valence Technology, Inc. (MM)

De Post-La Poste, the national postal company of Belgium, and Oxygen, an Italian manufacturer of light electric vehicles, have signed a two-year contract for the supply of electric scooters. The first set of 50 Oxygen scooters will be tested by the Belgian post operator over the next six months, after which La Poste will decide on the further integration of the "Postscooter" within the La Poste fleet. The Postscooter will enable the fleet of La Poste to deliver mail door-to-door on a daily basis (currently about a 5,000-scooter fleet). The European bid was awarded to Oxygen after testing the scooters in a rigorous working environment. The "Postscooter" has been specifically designed to perform heavy duties and to make frequent stops. The scooters can perform the same tasks as traditional scooters without polluting the environment or making noise and at considerable cost savings over fuel. In addition to the environmental and cost benefits the scooter requires minimal maintenance. The Oxygen scooters offer a comfortable ride and excellent handling, a cargo box that can be custom designed to store a variety of commodities, such as parcels, and travel a range of up to 150 kilometers (approximately 100 miles). The Oxygen scooters are the only electric scooters in the market featuring the latest technologies, such as Valence Technology's (Nasdaq:VLNC) Saphion(R) Lithium-Ion rechargeable batteries, brushless motor, electronic engine control and regenerative braking system to recharge the battery. Oxygen's technology is leading the postal industry effort to reduce pollution and global warming. Other European postal companies are in the process of purchasing or testing the Oxygen Postscooter. "Selecting Oxygen as our electric scooter for our mail delivery is consistent with the commitment of De Post-La Poste to reduce pollution emissions and to respect the community," said Johnny Thijs, CEO of De Post-La Poste. "We are excited and proud to become a strategic partner of De Post-La Poste which is demonstrating to be an innovator and a market leader," said Michele Hausmann, co-Founder and President of Oxygen S.p.A. "Going forward, postal and parcel delivery companies, police organizations and food delivery chains will enjoy an efficient, cost-effective, silent, safe and green transportation solution that requires minimal maintenance." "Oxygen electric-powered Postscooters offer benefits to both the bottom and the top-line of postal and courier delivery service companies helping our clients save money, increase their revenues and improve their corporate image," said Tommaso Stefani, Vice-President of Oxygen S.p.A. "In fact, by using a fleet of electric scooters, delivery companies can save up to 90 percent of energy costs, minimize maintenance expenses and optimize their efficiency rates, while enjoying faster delivery, higher productivity and driver safety. These benefits also have a positive impact on a company's corporate image and corporate social responsibility rating."