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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 4, 1997
VALENCE TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
DELAWARE 0-20028 77-0214673
(State or other jurisdiction of (Commission File No.) (I.R.S. Employer Identification No.)
incorporation or organization)
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301 CONESTOGA WAY
HENDERSON, NEVADA 89015
(702) 558-1000
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING
AREA CODE, OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
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ITEM 5. OTHER EVENTS.
On December 4, 1997, Valence Technology, Inc. issued a press release, a
copy of which is attached hereto as Exhibit 99.1, announcing the resignation
of Cal Reed as President, Chief Executive Officer and Chairman of the Board,
and announcing the selection of Lev Dawson as Chief Executive Officer and
Chairman of the Board, as more fully set forth therein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
Exhibit No. Description
99.1 Press Release of Valence Technology, Inc. dated December 4, 1997.
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized
Dated: December 8, 1997 VALENCE TECHNOLOGY, INC.
By: /s/ BRAD PERKINS
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Secretary
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EXHIBIT INDEX
EXHIBIT NUMBERS DESCRIPTION
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99.1 Press Release of Valence Technology, Inc. dated
December 4, 1997
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
VALENCE TECHNOLOGY ANNOUNCES RETURN OF FOUNDER LEV DAWSON AS CEO
HENDERSON, Nev., Dec. 4/PRNewswire/ -- Valence Technology, Inc. (Nasdaq:
VLNC), announced today that Mr. Cal Reed resigned as President, Chief
Executive Officer and Chairman of the Board effective at the end of the year
and that Company co-founder Mr. Lev Dawson is rejoining the Company as
Chairman of the Board and Chief Executive Officer.
Mr. Reed joined the Company as President and Chief Operating Officer in July
1991 and became Chief Executive Officer in October 1993. "My commitment to
the Company, originally anticipated for five years, has now been extended to
six and a half years. With the class action litigation now resolved, I have
decided to resign and devote my time to my family, my children and my
grandchildren," said Mr. Reed. Carl Berg, co-founder and a member of the
Board of Directors of Valence commented, "Cal has been a key member of the
team, building Valence to what it is today and the entire Company thanks him
for his dedication and long years of outstanding service. We all wish him
happy sailing and fishing on his beloved boat that he has not been able to
fully use for over six years."
Mr. Dawson co-founded Valence in March 1989 and served as Chief Executive
Officer until April 1993. "I am thrilled at being able to rejoin a terrific
Valence team at an exciting time in the life of the Company. I am looking
forward to the challenge of building what Carl and I still believe today can
become the leading rechargeable battery company in the world," said Mr.
Dawson.
The information contained herein may include forward looking statements that
involved risks and uncertainties. The development and potential success, as
well as the outcome of the company's product development plans could differ
materially from that presented here, depending on factors both within and
outside the control of the company. Other risks are described from time to
time in the company's SEC reports, including the company's report on Form
10-K for the year ended March 30, 1997.
Valence Technology, Inc. is engaged in research and development to produce
advanced rechargeable batteries based on lithium and polymer technologies.
Valence is traded on the Nasdaq National Market under the symbol VLNC.
For information on Valence Technology visit the Company's web site at
www.Valence-Tech.com or by FAX, dial 800-PRO-INFO, code VLNC.
/CONTACT: Dave Archibald, VP, Finance of Valence Technology, 702-558-1000;
or Jordan Goldstein, Investor, 415-986-1591, or Elizabeth Truax, General
Information, 208-233-8323, both of Financial Relations Board, for Valence
Technology.
