Valence Technology Announces Senior Management Change
February 19 2008 - 7:45AM
Business Wire
Valence Technology, Inc. (NASDAQ: VLNC) today announced the
appointment, effective March 3, of Galen H. Fischer, CPA, as chief
financial officer, replacing Thomas F. Mezger who has resigned from
the company. �We are delighted to welcome Galen Fischer to the
senior management team,� stated Robert L. Kanode, president and CEO
of Valence Technology. �Galen brings more than 20 years of global
finance, accounting and operations experience with companies
ranging in size from venture-funded technology startups to a mature
Fortune 100 financial services business. With his background in
senior-level strategic and operational financial positions, as well
as hands-on, day-to-day tactical execution skills, Galen is well
prepared to lead Valence�s expansion globally.� �I also want to
thank Tom Mezger for his dedicated service to the company over the
last few years and wish him every success in his future endeavors,�
added Kanode. Prior to joining Valence Technology, Galen held the
title of corporate controller for Motive, a publicly traded global
communications software company. Previous to his role with Motive,
he was vice president of Finance with United Devices, a
venture-funded, global grid software company. During his 10 years
as a private consultant, he also worked with vcfo, Inc., a business
consulting firm that specializes in helping early-stage,
rapid-growth companies. His clients were primarily high-tech,
including software, hardware, contract manufacturing, and services.
Prior to consulting, Galen was with NYLACOR for eight years, a
subsidiary of New York Life. During his career with NYLACOR, he
rose to the senior financial and operations positions and was
responsible for Accounting, Finance, IT, Underwriting, Billing,
Customer Service, Compliance, and Claims Processing. Galen started
his career in public accounting and as the senior financial officer
for companies in diverse industries. Galen, 51, is a Texas
Certified Public Accountant and earned a BBA in Accounting from
Texas State University San Marcos, and an MBA from The University
of Texas at Austin. 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 only intrinsically
safe lithium rechargeable battery. 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 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, 2007, 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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