Printer Friendly

INTERMAGNETICS ANNOUNCES INCREASE IN ULTRALIFE INVESTMENT

 GUILDERLAND, N.Y., Jan. 5 /PRNewswire/ -- Intermagnetics General Corporation (AMEX: IMG) announced today an increase from an earlier investment of $1,500,000 to approximately $4,500,000 in the company's investment in Ultralife Batteries Inc. of Newark, N.Y.
 The additional investment was made pursuant to an exercise of an option under the terms of a share purchase agreement between the companies dated Jan. 23, 1992. Intermagnetics' investment in Ultralife rose from 250,000 shares to 757,958 shares, or approximately 15 percent of Ultralife's outstanding shares, all acquired at a price of $6 per share. Ultralife recently completed an initial public offering and is now traded on the NASDAQ National Market System under the symbol ULBI.
 Commenting on the investment, Carl H. Rosner, president and chief executive officer of Intermagnetics, said, "This transaction represents our company's broadening of its investments into very promising energy- related technologies that are the focal point of our overall business activities, which to date have primarily involved superconductors and permanent magnets."
 Intermagnetics General, as a leading manufacturer of superconducting magnets, wire and associated ultra-low temperature refrigeration equipment, the combination of which is especially useful in medical diagnostic imaging (MRI) systems, is dedicated to the development and commercialization of applied superconducting systems. The company also manufactures permanent magnet systems and materials separation equipment.
 -0- 1/5/93
 /CONTACT: Carl H. Rosner, president of Intermagnetics General Corporation, 518-456-5456/
 (IMG)


CO: Intermagnetics General Corporation ST: New York IN: SU:

CK-O0?:41 -- NY036 -- 1670 01/05/93 11:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 5, 1993
Words:253
Previous Article:NEW YORK CO-OP HOUSING DECLINED 14 PERCENT IN '92, BUT IMPROVED FROM '91
Next Article:ROBERTS PHARMACEUTICAL CORPORATION FILES NEW DRUG APPLICATION FOR AGRELIN WITH FDA
Topics:


Related Articles
INTERMAGNETICS AND ULTRALIFE ANNOUNCE SIGNING OF INVESTMENT AGREEMENT
INTERMAGNETICS GENERAL REPORTS RECORD EARNINGS FOR THE YEAR
ULTRALIFE BATTERIES, INC. EXERCISES
INTERMAGNETICS GENERAL CORPORATION ANNOUNCES SECOND QUARTER RESULTS AND OTHER DEVELOPMENTS
INTERMAGNETICS' HIGH TEMPERATURE SUPERCONDUCTOR FACILITATES BICC's WORLD RECORD-BREAKING ELECTRIC POWER TRANSMISSION CABLE
INTERMAGNETICS GENERAL CORPORATION ANNOUNCES SECOND QUARTER AND FIRST HALF RESULTS
INTERMAGNETICS GENERAL CORPORATION ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS
Intermagnetics General Corporation Announces First-Quarter Results
Ultralife CFO Drulard to Return to Intermagnetics; Fishback Named Ultralife CFO.
Intermagnetics Announces U.S. Department of Energy Funding of $13 Million Toward HTS Cable Project in Albany, New York.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters