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Valence Technology Inc (VLNC) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2012

Valence Technology Inc

HISTORY TOOLS
CIK: 885551 Ticker: VLNC
Exhibit 99.1
 
   NEWS RELEASE
     
IR Contact:
Bob Gray
Valence Technology, Inc.  
512.527.2921
investor@valence.com
  
 PR Contact:
Jeff Fox
The Blueshirt Group
415.828.8298
jeff@blueshirtgroup.com
 
 
Valence Technology Reports Fiscal Fourth Quarter and Full Year 2012 Financial Results and Business Highlights

AUSTIN, Texas, May 23, 2012
(GLOBE NEWSWIRE) -- Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S.-based developer and manufacturer of advanced energy storage solutions, today reported financial results for its fiscal fourth quarter and fiscal year ended March 31, 2012.

Executive Commentary
"We have seen continued progress with commercial motive customers such as Segway, PVI, Optare, and Electric Vehicles International. During the past year, we also expanded our business into a number of sectors, with particular success in the industrial/medical sector where we now supply systems to significant corporations such as Rubbermaid Medical and Howard Technology. Additionally, we have developed strong relationships with customers in the motive and back-up power sectors who see value through the return on investment our advanced U-Charge® family of lithium phosphate batteries offer. Looking to the future, we are confident that our experience, quality, and engineering support will continue to distinguish Valence in our growing markets," said Robert L. Kanode, president and chief executive officer of Valence Technology.

Business Highlights
·
Revenue diversification: Valence experienced significant revenue growth outside of its two largest fiscal year 2011 customers, increasing revenue from other customers from $15.6 million in fiscal year 2011 to $30.0 million in fiscal year 2012. This represents a 93% year-to-year growth of our U-Charge® products.
·
Market Sector Success: Valence successfully introduced a lead acid replacement solution within the industrial/medical sector, helping lead a quick transformation within the field with sector-leading customers that demand long cycle life as well as a competitive return on investment.
 
 
 
The following information was filed by Valence Technology Inc (VLNC) on Wednesday, May 23, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Valence Technology Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:

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SEC Filing Tools
Ticker: VLNC
CIK: 885551
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-12-008053
Submitted to the SEC: Thu Aug 09 2012 3:31:01 PM EST
Accepted by the SEC: Thu Aug 09 2012
Period: Saturday, June 30, 2012
Industry: Miscellaneous Electrical Machinery Equipment And Supplies

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