NEW YORK (Thomson Financial) - Shares of Valence Technology Inc. soared to a
2-month high on heavy volume Thursday after the company said it entered into a
$70 million supply contract with The Tanfield Group Plc.
The stock jumped 56% to $2.29, and had been up as much as % at in intraday
trading, the highest price seen since Dec. 17. Volume was 2.8 million shares, or
nearly 9 times the full-day average of about 322,000 over the past 30 days.
The Austin, Tex.-based maker of lithium phosphate rechargeable batteries
said early Thursday that it will supply The Tanfield Group with lithium
phosphate energy storage systems to power zero emission, all-electric commercial
delivery vehicles.
The company said Tanfield will buy up to $70 million in Valence products,
and that it has already received a firm purchase order for the first quarter.
Separately, Valence reported a fiscal third-quarter loss of $5.7 million, or
5 cents a share, narrower than the year-earlier loss of $6 million, or 6 cents a
share. Revenue increased 46% to $3.4 million from last year's $2.3 million.
Tomi Kilgore
tk1
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|