Wednesday December 10, 11:38 AM
Valence Technology Prevails in Decision by European Patent Office to Revoke University of Texas Patent |
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Austin, Texas, United States, Wednesday, December 10, 2008 -- (Business Wire India) --
Valence Technology, Inc. (NASDAQ: VLNC), an international developer of
safe lithium phosphate energy storage solutions, prevailed in today’s
decision by the Opposition Board of the European Patent Office (EPO) to
revoke the European Patent granted to the University of Texas (UT)
relating to lithium metal phosphates. The decision revoking the
Goodenough et. al. UT European Patent eliminates any risk that UT could
assert the European Patent against Valence’s proprietary lithium iron
magnesium phosphate cathode material, which is a critical material for
the next generation of electric vehicle batteries.
Valence had initiated opposition proceedings in the EPO on July 27,
2005, against the grant of the European Patent held by the University of
Texas alleging that it lacked novelty. As a result of today’s decision,
European Patent number 0904607, originally issued to UT, has been
revoked by the EPO in its entirety. The decision to revoke the patent
can be appealed by UT.
“Today’s decision by the European Patent Office was an important one for
our company,” said Robert L. Kanode, president and CEO of Valence
Technology, Inc. “By revoking the European Patent, the cloud of any
possible patent infringement claim under the UT European Patent has been
removed affirming Valence’s unrestricted right to market its unique,
patented lithium phosphate powder batteries in Europe. The decision will
allow us to more fully pursue European OEMs, who are the world leaders
in electric vehicles. We have already established the proven performance
and supply capability for our innovative battery solutions, and now our
unrestricted right to market our proprietary lithium phosphate based
energy storage solutions in Europe has been confirmed.”
About Valence Technology, Inc.
Valence Technology is an international leader in the development 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. Founded
in 1989, 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
Austin, Texas, Valence has facilities in Nevada, China and Northern
Ireland. Valence 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, including the possible reversal on
appeal of the decision announced today. 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, 2008, 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.
CONTACTS :
IR Contact:
Pierpont Investor Relations
A. Pierre Dubois
512-527-2921
Director of Investor Relations
or
PR Contact:
Rasky Baerlein Strategic Communications
Travis Small
617-443-9933 x356
Vice President
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