Valence (NASDAQ:VLNC)
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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.