Valence Technology Provides Financial Guidance for the Second Quarter of Fiscal Year 2007
August 16 2006 - 9:00AM
Business Wire
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,
provides the following financial guidance in adherence with
Regulation Fair Disclosure as promulgated by the United States
Securities and Exchange Commission. Valence Technology forecasts
revenue for the second quarter of fiscal year 2007 to be in the
range of $5.0 million to $6.0 million. The expected increase in
revenue for the second quarter is a result of an increase in sales
of large format systems as well as filling small format N-Charge
system orders that were scheduled to be shipped in the first
quarter but which were postponed until the second quarter of fiscal
year 2007 after receiving UL recertification. 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 that we are positioned to realize better execution,
improve gross margins, continue to reduce production costs and
expenses, realize a strong year in both customer orders and 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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