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Ultralife Buys McDowell Research at Reduced Price
Newark, NY — Ultralife Batteries, Inc. (NASDAQ: ULBI) has agreed with the sellers of McDowell Research to reduce the purchase price relating to Ultralife's acquisition of McDowell Research in July 2006. The negotiated reduction of $7.9 million reduces the total purchase price from approximately $28.4 million to $20.5 million.

Under the May 1, 2006 acquisition agreement, Ultralife acquired McDowell Research for a purchase price of approximately $25 million consisting of $5 million in cash and a $20 million convertible note held by the sellers, plus an additional $3.4 million for a purchase price adjustment based on the value of certain assets acquired as of the closing. In the first quarter of 2007, Ultralife paid $1.5 million of the outstanding purchase price adjustment with $1.9 million remaining as an accrued liability.

For more information, contact: Ultralife Batteries, Inc. 2000 Technology Parkway Newark, NY 14513 800-332-5000 or 315-332-7100 fax: 315-331-7800 Web: http://www.ulbi.com

 

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