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ULTRALIFE BATTERIES, INC. COMPLETES INITIAL PUBLIC OFFERING OF 2,012,500 COMMON SHARES

 NEWARK, N.Y., Dec. 31 /PRNewswire/ -- Ultralife Batteries, Inc. (NASDAQ-NMS: ULBI) today announced that it has completed its initial public offering of 2,012,500 common shares at $9.75 per share, through a group of underwriters led by Pennsylvania Merchant Group Ltd.
 The total shares sold include the exercise of the underwriters' option to purchase an additional 262,500 shares to cover over allotments.
 The company also announced that Intermagnetics General Corporation acquired at the same time 507,958 common shares of the company for total consideration of $3,047,748 pursuant to an agreement between such parties.
 The company said it intends to use the proceeds for marketing and distribution, purchase of production equipment, research and development, expansion of product line and general corporate purposes.
 Ultralife Batteries, Inc. develops, manufactures and markets lithium batteries for use in applications requiring high energy, reliable and long-lasting power sources. The company said it believes that its primary product to date, the Ultralife Battery, is the only standard size nine-volt battery based on lithium technology currently available for use in a wide variety of applications on a cost-effective basis.
 /delval/
 -0- 12/31/92
 /CONTACT: Bruce Jagid, chairman and chief executive officer, or Joe Barrella, president, of Ultralife Batteries, 315-332-7100/
 (ULBI)


CO: Ultralife Batteries, Inc. ST: New York IN: SU:

CC-JS -- PH014 -- 0934 12/31/92 13:45 EST
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Publication:PR Newswire
Date:Dec 31, 1992
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