Valence Technology Settles Patent Dispute With Hydro-Quebec
13 Junho 2012 - 10:00AM
Valence Technology, Inc. (Nasdaq:VLNC), a leading U.S. based global
manufacturer of advanced energy storage solutions settled its
patent dispute with Hydro-Quebec, entering into a settlement
agreement that resolves existing litigation with no monetary
payment made by either side, and each party bearing its own costs
and attorneys fees.
Under the terms of the settlement, all claims in the litigation
have been dismissed and Valence Technology is free to sell its
proprietary lithium magnesium metal phosphate products, without
liability to The University of Texas, Hydro-Quebec, or any of their
related entities. In addition, Valence Technology's customers and
suppliers are also removed from any liability related to the
lawsuit.
"The market has recognized the ability of phosphate-based
lithium ion technology to meet the growing demand for reliable,
high-performance energy storage in transportation, grid and
commercial applications," stated Valence president and chief
executive officer Robert L. Kanode. "We are very pleased with the
outcome, and believe this is a total vindication of our long-held
position that Valence was free to sell its products to whomever it
wanted, wherever and whenever it wanted. This settlement ends an
almost eight year legal dispute and we believe will help accelerate
broad-based market penetration of lithium metal phosphate
products."
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 www.valence.com.
The Valence Technology, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10210
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 the growing demand for reliable,
high-performance energy storage in transportation, grid and
commercial applications and our belief that the settlement will
help accelerate broad-based market penetration of lithium metal
phosphate products. Actual results may vary substantially from
these forward-looking statements as a result of a variety of
factors including the impact of our limited financial resources on
our ability to execute on our business plan, commercially exploit
our technology, respond to unanticipated developments, and compete
effectively in the marketplace; the overall demand for batteries to
power electric vehicles, and the demand for our lithium-ion
batteries and lithium phosphate battery technology; the rate of
customer acceptance and sales of our current and future products;
product or quality defects including safety issues; international
business risks, particularly the many risks inherent in doing
business in China; the outcome of any future litigation regarding
our intellectual property, our ability to effectively protect our
intellectual property rights in the U.S. and other countries, our
ability to further develop our intellectual property rights
including our patent portfolio and the actual performance
characteristics of our products. 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.
CONTACT: Bob Gray
Valence Technology, Inc.
512.527.2921
investor@valence.com
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