Valence Technology Completes Acquisition of Telcordia Bellcore Battery Rights

Valence Technology Inc. (Henderson, NV) announced that the Federal Trade Commission has granted early termination of the waiting period that preceded the company's acquisition of all of Telcordia Technologies' (Morristown, NJ) Bellcore lithium-ion polymer battery technology for three million newly issued shares of Valence Technology. With the receipt of antitrust notice of early termination, Valence has completed the transaction with Telcordia.

The purchase includes the acquisition of 42 US patents, 14 US patents pending, more than 200 foreign patents issued and pending, 15 Bellcore licenses with battery manufacturers throughout the world, and all trademark rights in the mark “PliON." Following the acquisition, Valence intends to package the acquired technology with its own internally developed lithium-ion polymer battery technology, and actively license the package and knowledge worldwide.

“This milestone acquisition, which gives Valence all of Telcordia's rights in the battery field as they relate to solid-state lithium-ion polymer batteries, will enable the company to become the leading licensor of lithium-ion polymer technology worldwide," stated Lev Dawson, chairman and CEO of Valence Technology. “We look forward to aggressively executing our new licensing business model in the coming year."