Valence Technology Confirms Previously Disclosed Qualified Opinion from its Auditors to Comply with NASDAQ-Listing Requirements
2009-06-23 00:06:01 -
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 : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. and at the Company’s website at www.valence.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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 : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .
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 TechnologyA. Pierre
Dubois, 512-527-2921 investor@valence.com : mailto:investor@valence.com
