SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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, 2000
VALENCE TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-20028 77-0214673
(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification
Incorporation) Number)
301 Conestoga Way
Henderson, NV 89015
(Address of Principal Executive Offices) (Zip Code)
(702) 558-1000
(Registrant's telephone number, including area code)
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ITEM 5: OTHER EVENTS
In November 2000, the Company executed agreements to acquire all rights in
lithium-ion solid state polymer battery technology from Telcordia Technologies,
Inc. (formerly Bellcore) for 3 million newly issued shares of the Company's
common stock. The acquisition is on track and is scheduled to be completed in
December, 2000. The completion of the transaction is subject to certain
approvals, including the expiration of the Hart-Scott-Rodino waiting period, as
well as other customary closing conditions. Management has completed successful
meetings with potential licensees of the technology around the world and the
Company is currently negotiating with potential licensees. The Company expects
to enter into new lithium-ion polymer technology license agreements fairly
quickly following the acquisition. No license agreements can be executed until
the Hart-Scott-Rodino waiting period ends and the Telcordia transaction closes.
The information contained herein contains forward-looking statements
concerning the financial condition, results of operations and business of the
Company following the consummation of its proposed acquisition of Bellcore's
rights, and the anticipated financial and other benefits of the proposed
acquisition. In some cases, you can identify forward-looking statements by the
words "will", "intends", "believes", "are expected to" or similar expressions.
These forward-looking statements are not guarantees of future performance and
involve risks and uncertainties. Actual results may vary substantially from
expectations based on forward-looking statements made in this Form 8-K and
elsewhere. Among the important factors that could cause actual results to differ
are the satisfaction of closing conditions, the ability of Valence to integrate
licensing into its operations, the management of the existing Bellcore licensees
and the successful establishment of a business selling battery materials and
components. These factors are subject to risks and uncertainties both within and
outside Valence's control. Please refer to the Company's SEC reports, including
on Form 10-K for the year ending March 31, 2000 and on Form 10-Q for the quarter
ended June 30, 2000 for a description of certain of these risks.
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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.
December 4, 2000 VALENCE TECHNOLOGY, INC
By: /S/ JAY L. KING
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Jay L. King
Vice President and
Chief Financial Officer
