Valence Technology (VLNC) Raises Guidance, Shares Surging Another 10%

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08:05:55 am on October 12, 2010

It’s been a great ride for Valence Technology (VLNC) in recent weeks.  The stock began to show signs it was turning the corner in early September when I highlighted it in a video and it’s up about 40% since.  This morning, the stock is going to run at least another 10% on news the company has raised guidance for this quarter and now sees revenues at $12 million vs the previous guidance of $8 – $10 million issued Aug 4th.

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“Fiscal year 2011 is proving to be a dynamic growth year for Valence. Our strategy to seek growth opportunities for our proprietary advanced energy storage solutions within the fleet sector is showing strong results. As evidenced by our recently announced multi-year contract with Wrightbus, Valence is becoming the battery provider of choice for leading fleet providers globally. In addition, we have targeted opportunities with existing and new customers and business continues to be very positive with increasing orders from existing customers such as Segway and Smith Electric Vehicles,” commented president and chief executive officer Robert L. Kanode.

The company will report official earnings results November 3rd after the market closes.

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