Ultralife Corporation Acquires Tactical Communications Products Business of
Acquisition Expands Ultralife’s Communications Systems Portfolio
NEWARK, N.Y. -- March 23, 2009
Ultralife Corporation (NASDAQ: ULBI) has acquired substantially all of the
assets and assumed substantially all of the liabilities of the tactical
communications products business of Science Applications International
Corporation (SAIC) (NYSE: SAI) for a total of approximately $5.7 million in
cash, effective as of March 20, 2009. For the fiscal year ended January 31,
2009, SAIC’s communications products business generated revenue of
approximately $7 million. Ultralife anticipates that this acquisition will be
accretive in 2009.
The tactical communications products business, located in Virginia Beach,
Virginia, designs, develops and manufactures tactical communications products
including amplifiers, man-portable systems, cables, power solutions and
ancillary communications equipment that will be sold by Ultralife under the
current products’ brand name, AMTI. The business has built a reputation for
innovative design and manufacturing excellence evidenced by the high level of
performance and reliability of its fielded products. Customers include global
militaries, special operations forces, law enforcement and the ISR
(Intelligence, Surveillance & Reconnaissance) community.
“This acquisition is the perfect strategic fit for our communications systems
business, as it provides Ultralife with direct entrée into the handheld
radio/amplifier market with well-designed, durable products that complement
Ultralife’s communications systems offerings,” said John D. Kavazanjian,
Ultralife’s president and chief executive officer. “Adding a well-respected
line of superior military communications system products and a first-class
design team will strengthen our competitive position in the U.S. and
international government/defense sectors.
“In particular, AMTI amplifiers carry various standardization and
interoperability certifications, including the Joint Interoperability Test
Command certification, which are important prerequisites for meeting today’s
customer requirements.” Kavazanjian concluded, “The acquisition also adds
tactical communications products to our portfolio of systems offerings to sell
through our established distribution channels. We welcome the entire staff to
Ultralife and look forward to expanding our capabilities together, both in the
United States and abroad.”
About Ultralife Corporation
Ultralife Corporation, which began as a battery company, now serves its
markets with products and services ranging from portable and standby power
solutions to communications and electronics systems. Through its engineering
and collaborative approach to problem solving, Ultralife serves government,
defense and commercial customers across the globe.
Ultralife’s family of brands includes: Ultralife Batteries, Stationary Power
Services, RPS Power Systems, ABLE, McDowell Research, RedBlack Communications
and AMTI. Ultralife’s operations are in North America, Europe and Asia. For
more information on Ultralife, visit www.ultralifecorp.com.
This press release may contain forward-looking statements based on current
expectations that involve a number of risks and uncertainties. The potential
risks and uncertainties that could cause actual results to differ materially
include: worsening global economic conditions, increased competitive
environment and pricing pressures, disruptions related to restructuring
actions and delays. The Company cautions investors not to place undue reliance
on forward-looking statements, which reflect the Company’s analysis only as of
today’s date. The Company undertakes no obligation to publicly update
forward-looking statements to reflect subsequent events or circumstances.
Further information on these factors and other factors that could affect
Ultralife's financial results is included in Ultralife's Securities and
Exchange Commission (SEC) filings, including the latest Annual Report on Form
Pete Comerford, 315-332-7100
Lippert/Heilshorn & Associates, Inc.
Jody Burfening, 212-838-3777
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