Valence Technology Provides Revised Revenue Guidance for Third Quarter of Fiscal 2007
06 December 2006 - 8:30AM
Business Wire
Valence Technology Inc. (NASDAQ:VLNC), providers of Saphion� energy
storage systems, the industry�s first commercially available, safe,
large-format lithium-ion rechargeable batteries, today announced
that it expects revenue for the third quarter of fiscal 2007 to be
between $2.0 million to $3.0 million. This represents a decrease
from previously issued guidance of $4.0 million to $6.0 million.
The Company attributed the reduction to a revised shipping schedule
of batteries to Segway Inc., and a temporary shortage of key
components. About Valence Technology Inc. Valence Technology
develops and markets intelligent battery systems using its Saphion�
technology, the industry's first commercially available, safe,
large-format Lithium-ion rechargeable battery technology. Valence
Technology holds an extensive, worldwide portfolio of issued and
pending patents relating to its Saphion technology and lithium-ion
rechargeable batteries. The company has facilities in Austin,
Texas, Las Vegas, Nevada, and Suzhou, China. Valence Technology is
traded on the NASDAQ Capital Market under the symbol VLNC and can
be found on the Internet at www.valence.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 relating to 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, 2006, 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. Valence
Technology Inc. (NASDAQ:VLNC), providers of Saphion(R) energy
storage systems, the industry's first commercially available, safe,
large-format lithium-ion rechargeable batteries, today announced
that it expects revenue for the third quarter of fiscal 2007 to be
between $2.0 million to $3.0 million. This represents a decrease
from previously issued guidance of $4.0 million to $6.0 million.
The Company attributed the reduction to a revised shipping schedule
of batteries to Segway Inc., and a temporary shortage of key
components. About Valence Technology Inc. Valence Technology
develops and markets intelligent battery systems using its
Saphion(R) technology, the industry's first commercially available,
safe, large-format Lithium-ion rechargeable battery technology.
Valence Technology holds an extensive, worldwide portfolio of
issued and pending patents relating to its Saphion technology and
lithium-ion rechargeable batteries. The company has facilities in
Austin, Texas, Las Vegas, Nevada, and Suzhou, China. Valence
Technology is traded on the NASDAQ Capital Market under the symbol
VLNC and can be found on the Internet at www.valence.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 relating to 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, 2006, 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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