Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S. based global manufacturer of advanced energy storage solutions, announces the ruling from U.S. District Court Judge Sam Sparks accepting the Special Master’s Markman Report. The ruling on April 27, 2011, was in a patent infringement lawsuit filed by Hydro-Quebec against Valence regarding the Company’s lithium phosphate products. The lawsuit has been previously disclosed by Valence. A Scheduling Order was also issued by the Court setting a trial date in October 2012. Valence believes the adoption of the Special Master’s Report setting the definitions for terms in the claims of the two patents in suit is favorable to Valence’s positions of non-infringement and invalidity as set out in Valence’s pleadings in the lawsuit.
About Valence Technology, Inc.
Valence Technology is a global leader in the development and manufacture of safe, long-life lithium iron magnesium phosphate advanced energy storage solutions and integrated command and control logic. Headquartered in Austin, Texas, Valence enables and powers some of the world's most innovative and environmentally friendly applications, ranging from commercial electric vehicles to industrial and marine equipment. Valence Technology today offers a proven technology and manufacturing infrastructure that delivers ISO-certified products and processes that are protected by an extensive global patent portfolio. In addition to the corporate headquarters in Texas, Valence Technology has its Research & Development Center in Nevada, its Europe/Asia Pacific Sales office in Northern Ireland and global fulfillment centers in North America and Europe. Valence Technology is traded on the NASDAQ Capital Market under the ticker symbol "VLNC." For more information, visit www.valence.com.
Safe Harbor StatementThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary substantially from these forward-looking statements as a result of a variety of factors including the effect of the Court’s Order accepting the Special Master’s recommendation in the lawsuit noted above, any outcome of any future litigation regarding our intellectual property, our ability to effectively protect our intellectual property rights in the United States and other countries and our ability to further develop our intellectual property right including our patent portfolio. Other risk factors that could affect our actual results are discussed in our periodic reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended March 31, 2010, and our Quarterly Reports on Form 10-Q, 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.