Valence (NASDAQ:VLNC)
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Valence Technology, Inc. (NASDAQ: VLNC) today announced that Tom
Gaither, General Manager, Valence Energy Technology China, has assumed
responsibilities for all Worldwide Operations following the departure of
Ricky Hanna, Vice President of Worldwide Operations. Gaither, 58, will
continue working from the company’s Suzhou,
China location and report directly to Robert L. Kanode, president and
CEO of Valence Technology, Inc.
“We have full confidence in Tom, whose
significant manufacturing experience has prepared him for expanded
responsibilities,” stated Kanode. “Since
joining us in 2006, Tom has been a valued member of our operations
management team. More recently, he was integral in laying the foundation
for the company’s recently announced
manufacturing expansion plan to meet anticipated demand for its energy
storage systems. Concurrent with his oversight of the expansion which
remains on schedule, he will manage China manufacturing operations,
supplier sourcing, and coordination of all shipment and fulfillment to
our European and North American distribution centers.”
Prior to joining Valence Technology, Tom served as Director of Technical
Operations for Enhanced Messaging Systems in Southlake, Texas, a
manufacturer of infrastructure products for the paging industry. During
this period, he was responsible for establishment of the manufacturing
function and the day to day operation of all aspects of product
manufacturing including material procurement, outsourcing, production,
quality assurance and customer support. Prior to Enhanced Messaging
Systems, Tom spent 22 years with Motorola designing automation for the
manufacture of cellular infrastructure equipment and two way mobile
communications products.
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.