Lithium Phosphate Success Continues Within Medical Industry
AUSTIN, Texas, June 20, 2012 — Valence Technology, Inc. (Nasdaq:VLNC), a leading U.S.-based global manufacturer of advanced energy storage solutions, announced today that it has signed a two year supply agreement with EnovateIT, an international manufacturer and provider of mobile and wall-mounted clinical workstations for the healthcare environment. The supply agreement further validates the healthcare industry’s acceptance of Valence’s lithium phosphate batteries.
“Enovate is excited to be working with Valence Technology, a leader in the mobile power industry,” said Steven Calef, Chief Financial Officer of Enovate. “Our internal tests have been impressive with quick charge rates and superior durability. Their engineering support has been exceptional, and we have great expectations of this key supplier relationship.”
“Enovate’s presence in the market is significant, as they offer comprehensive solutions to medical cart users around the world. Given their customers’ stringent requirements for safety, reliability, and lifetime costs, we are extremely pleased to partner with Enovate as their lithium battery supplier,” stated R. J. Adleman, Valence Technology’s vice president of sales and marketing.
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, manufacturing facilities in China, 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 lithiumwerks.com.
About EnovateIT, LLC
Headquartered in Canton, Michigan, Enovate is an international provider of mobile and wall mounted clinical workstation for the healthcare environment. Enovate provides multiple solutions for medication delivery, computerized physician order entry, clinical documentation, and electronic medical records and services.
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 regarding our supply agreement with Enovate, market success within the healthcare industry, Valence’s batteries as reliable, lightweight, and offering lower lifetime cost advantages over lead acid batteries, Valence’s battery chemistry, and application engineering support. Actual results may vary substantially from these forward-looking statements as a result of a variety of factors including the market demand for our products and the products of our customers, our ability to manufacture our products as required by current or future customers, our ability to obtain required funding for our business, the outcome of any litigation regarding our intellectual property, our ability to effectively protect our intellectual property rights in Europe and other countries, our ability to further develop our intellectual property rights including our patent portfolio and the actual performance characteristics of our products. In addition, patents are geographically territorial and a decision on European patents generally affects the acts of making, using, selling and importing products utilizing such technology in Europe. 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, 2012, 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.