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INTERMAGNETICS AND ULTRALIFE ANNOUNCE SIGNING OF INVESTMENT AGREEMENT

INTERMAGNETICS AND ULTRALIFE ANNOUNCE SIGNING OF INVESTMENT AGREEMENT
 GUILDERLAND, N.Y., Jan. 29 /PRNewswire/ -- Intermagnetics General Corporation (NASDAQ: INMA) and Ultralife Batteries, Inc. announced today the signing of an agreement whereby IGC will purchase up to 20 percent of the shares of Ultralife, a privately owned lithium battery manufacturer. IGC is acquiring newly issued shares in Ultralife for an undisclosed amount.
 Ultralife, headquartered in Newark, N.Y., was founded in 1991 to acquire certain manufacturing facility assets of the Ultra Technologies Division of Eastman Technology Inc., a wholly owned subsidiary of Eastman Kodak Company. This Kodak division developed and marketed a unique lithium battery (the "Ultralife Battery") and established a high volume automated manufacturing facility to produce this battery, utilizing patented and proprietary Kodak technology that was acquired by Ultralife in the 1991 transaction. This battery is the same size and voltage as standard 9 volt batteries, but has double the operating life and a longer shelf life (up to 10 years) than either alkaline or zinc carbon batteries.
 Ultralife's focus is to address those markets which require increased energy density and extended shelf life. The parties expect that IGC's expertise in areas of advanced technology will enable Ultralife to benefit from IGC's technical and management know-how and experience. In this connection, IGC will be represented on Ultralife's board of directors and the two companies will enter into an agreement where IGC will provide technical advice and other consulting services to Ultralife.
 The transaction will contribute to IGC's goal of expanding its corporate investment activities into promising high technology growth situations.
 Intermagnetics General, as a leading manufacturer of superconducting magnets, wire and associated ultra-low temperature refrigeration equipment, especially those used in medical diagnostic imaging systems, is dedicated to the development and commercialization of applied superconducting systems. IGC also produces permanent magnet systems and materials separation devices.
 -0- 1/29/92
 /CONTACT: Carl H. Rosner, president of Intermagnetics, 518-456-5456, or Joseph Barrella, president of Ultralife, 315-332-7100/
 (INMA) CO: Intermagnetics General Corp.; Ultralife Batteries Inc. ST: New York IN: HOU SU: TNM


SM-OS -- NY010 -- 4577 01/29/92 09:03 EST
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Publication:PR Newswire
Date:Jan 29, 1992
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