Valence Technology, Inc. (NASDAQ:VLNC) today reported that, with respect
to the financial statements included in the company's Annual Report on
Form 10-K for the fiscal year ended March 31, 2009, the audit opinion of
PMB Helin Donovan, LLP, the company's independent registered public
accounting firm, contained a "going concern" qualification. The company
also received a "going concern" qualification for the fiscal years ended
March 31, 2008 and 2007.
NASDAQ Marketplace Rule 5250(b)(2) requires NASDAQ-listed companies to
publicly announce through the news media the receipt of an audit opinion
containing a "going concern" qualification. This announcement does not
represent any change or amendment to the company's fiscal year 2009
financial statements, the Annual Report on Form 10-K, or to any
statements made during the company's June 4, 2009 conference call to
discuss its fiscal 2009 and fourth quarter financial results.
Valence Technology’s Annual Report on Form 10-K is available from the
SEC's website at www.sec.gov
and at the Company’s website at www.valence.com
About Valence Technology, Inc.
Valence Technology is an international leader in the development,
manufacture and supply of lithium phosphate energy storage solutions.
The company has redefined lithium battery technology and performance by
marketing the industry’s first safe, reliable and rechargeable lithium
phosphate battery. Celebrating 20 years in business, Valence today
offers a proven technology and manufacturing infrastructure that
delivers ISO-certified products and processes that are protected by an
extensive global patent portfolio. Headquartered in the United States
Valence Technology has facilities in Austin, Nevada, China and Northern
Ireland. Valence Technology is traded on the NASDAQ Capital Market under
the ticker symbol VLNC. For more information, visit 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. Actual
results may vary substantially from these forward-looking statements as
a result of a variety of factors. The 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, 2009, 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.
Pierpont Investor Relations for Valence Technology
A. Pierre
Dubois, 512-527-2921
investor@valence.com
