Valence Announces Product Advisory for Users of N-Charge(R) Portable Energy Storage Solutions
19 May 2008 - 11:00PM
Business Wire
Valence Technology Inc. (NASDAQ: VLNC) today announced that it will
discontinue manufacture and sales of its N-Charge � Power System on
July 31, 2008, in line with the company�s previously stated
strategy to focus on the large-format energy storage market.
�Response to the N-Charge system has been positive,� said Bob
Kanode, president and CEO of Valence. �However, our decision to
discontinue the N-Charge product helps us to focus our resources
more effectively on the large-format energy storage market where we
expect to see significant growth opportunities.� Affected products
are the VNC130 (1001153) and VNC65 (1001152) and associated
accessories and peripherals. In an effort to offer support to
customers while they transition to a new power solution, Valence
will accept orders via its website (www.valence.com) for the VNC130
until July 31, 2008. Shipments will be made in as timely a manner
as possible depending on the current production schedules and
shipping lead-time. Estimated lead-time can be quoted at time of
order. N-Charge adapter cables will be available for sale until
July 31, 2009 or as supplies last. The VNC65 will be discontinued
immediately. Valence will continue to support its 12-month limited
warranty. The company will also continue to provide customer care
and technical support via the toll free number 1-888-VALENCE
(1-888-825-3623) or email at support@valence.com. 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 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.
Safe Harbor Statement Some information included in this press
release contains forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934. These statements can sometimes be
identified by the use of forward-looking words such as �may,�
�will,� �anticipate,� �estimate,� �except,� �forecast,� �outlook,�
�scheduled,� or �intend� and similar expressions. These statements
reflect the current views, beliefs and assumptions of Valence, and
are subject to various risks and uncertainties that could cause
actual results to differ materially from expectations. Among the
important factors that could cause actual results to differ
materially from those in the forward-looking statements is the
actual level of product that Smith Electric Vehicles purchases
under the supply agreement; and Valence�s ability to scale its
manufacturing and other capacity to fulfill its obligations under
the contract if such expectations are met; as well as other factors
detailed in Valence�s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K and Quarterly
Reports on 10-Q. Valence does not undertake any obligation to
update or supplement any forward-looking statements to reflect
subsequent events or circumstances and cannot assure that projected
results or events will be achieved.
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