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Valence Technology Announces Preliminary Fiscal First Quarter 2012 Results

Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S. based global manufacturer of advanced energy storage solutions, today announced that it expects revenue of approximately $13.5 to $14.0 million for its fiscal 2012 first quarter ended June 30, 2011.

Executive Commentary

"Our first quarter revenue is projected to be above our May 25, 2011 guidance of $8.5 to $10.5 million, principally due to significant shipments to Smith Electric Vehicles. In addition, we continue to see a positive trend in orders from both existing and new customers. This includes dozens of customers in diverse markets worldwide,” commented president and chief executive officer Robert L. Kanode.

“We believe our products’ performance, safety, durability, cycle life, and energy density offer a compelling solution. With five years of on-the-road experience and a family of standard and custom products, Valence is well positioned in pursuing a broad base of emerging worldwide markets. In addition, due to our experience and vertical integration Valence can quickly scale as markets mature and grow,” continued Kanode.

Key Highlights
  • In excess of 150 megawatt-hours of advanced energy storage solutions have been shipped since 2005.
  • 54 unique customers during fiscal Q1 2012 including corporations in the United States, United Kingdom, France, Canada, Italy, the Netherlands, and Spain.
  • Applications served include: metropolitan transit buses, sailboats, off-grid power trailers, postal scooters, commercial delivery vehicles, and Segway ® personal transporters.

Quarterly Financial Results and Conference Call

No conference call will be held in conjunction with this news release. However, on August 3, 2011, Valence will release its first quarter financial results after the market closes, and Company management will conduct a conference call that day at 3:30 p.m. CT (4:30 p.m. ET) to discuss the results. Conference call details were announced in a press release issued July 13, 2011.

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