Valence Technology Inc. announced it has received a purchase order valued at $12 million from Wrightbus, for batteries to be delivered through 2015. The company has been selected as the battery supplier of choice for Wrightbus's range of hybrid vehicles. Wrightbus will deploy the company's patented and proprietary lithium iron magnesium phosphate batteries to power these vehicles.

Valence Technology Inc. announced a new customer engagement with insurance carrier, Farm Bureau Financial Services. In an effort to make loss ratio improvements and enhance risk-based pricing, Farm Bureau will utilize Valen's predictive analytics product, InsureRight, in their underwriting practices for workers' compensation services. Additionally, Farm Bureau is employing Valen's portfolio management and production monitoring reporting, one of the newest features made available with the launch of InsureRight 2.0 in September 2012. InsureRight was created for workers' compensation carriers to leverage advanced decision-making capabilities. With InsureRight, underwriters at Farm Bureau can easily access predictive analytics data to better analyze risk and achieve better results. Additionally, Valen's new Portfolio Management Reporting functionality delivers a first-to-market suite of reports to identify trends, opportunities, and threats in the marketplace in as close to real-time as possible. This information allows Farm Bureau's team of underwriters, managers, and executives to make more proactive, actionable decisions to capitalize on market position strengths and opportunities and allocate resources more effectively.

Effective November 26, 2012, Mr. Robert Kanode resigned from his roles as Chief Executive Officer, President and as a member of the board of directors of Valence Technology Inc. and all other officer positions and directorships with the company and each of its affiliated entities. The board appointed Mr. T. Joseph Fisher III, a member of the Board, as Chief Executive Officer and President of the company. Mr. Fisher has been a director of the company since July 31, 2012. From 2008 to 2012, Mr. Fisher served as CEO and President of Contour Energy Systems Inc.