Ultralife Corporation Closes New Revolving Credit Facility With PNC Bank

Ultralife Corporation Closes New Revolving Credit Facility With PNC Bank

NEWARK, N.Y., May 28, 2013 (GLOBE NEWSWIRE) -- Ultralife Corporation
(Nasdaq:ULBI) has closed on a four-year $20 million senior secured asset-based
revolving credit facility with a $15 million accordion feature to expand the
facility with PNC Bank, National Association ("PNC"). The company's previous
revolving credit facility with RBS Business Capital had expired on May 15,
2013.

There is no opening balance under the facility as the company is in a positive
cash position of over $10 million. Borrowings under the facility will bear
interest based on LIBOR plus 200 basis points and may vary depending on the
company meeting certain financial criteria.

"This new credit facility demonstrates the success of our efforts over the
past two years to establish a profitable business model and significantly
improve our liquidity. Indicative of our strengthened financial position, we
reported almost $9 million in cash and no debt as of March 31, 2013," said
Michael D. Popielec, Ultralife's president and chief executive officer. "We
intend to use our cash generation plus this new facility to fund the
acquisitions of technologies, products and expanded market reach that will
supplement our expected organic top line growth and enable us to accelerate
the operating leverage benefits of our now validated business model. PNC Bank
is the ideal partner for us and we look forward to forging a strong
relationship with them."

About Ultralife Corporation

Ultralife Corporation serves its markets with products and services ranging
from portable 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.

Headquartered in Newark, New York, the company's business segments include:
Battery & Energy Products and Communications Systems. Ultralife has operations
in North America, Europe and Asia. For more information, visit
www.ultralifecorp.com.

CONTACT: Company Contact:
         Ultralife Corporation
         Philip Fain
         (315) 210-6110
         pfain@ulbi.com
        
         Investor Relations Contact:
         Lippert/Heilshorn & Associates
         Jody Burfening
         (212) 838-3777
         jburfening@lhai.com

Ultralife Corporation logo
 
Press spacebar to pause and continue. Press esc to stop.