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ULTRALIFE BATTERIES, INC. EXERCISES

 NEWARK, N.Y., Feb. 25 /PRNewswire/ -- Ultralife Batteries, Inc. "Ultralife" (NASDAQ: ULBI) has advised Intermagnetics General Corporation, "Intermagnetics" (AMEX: IMG) of its intention to exercise an option to require Intermagnetics to increase its ownership position in Ultralife from 757,958 shares to 1,060,753 shares, which represents approximately 19.8 percent of Ultralife's issued common shares.
 The option exercised by Ultralife was made pursuant to a share purchase agreement between Ultralife and Intermagnetics entered into on Jan. 23, 1992. There are no further options that can be exercised by the two companies and upon completion of this transaction Intermagnetics will have invested $7,500,000 in Ultralife.
 Under the terms of the Jan. 23, 1992 share purchase agreement, Intermagnetics will acquire the additional shares at $9.75 per share and pay for these shares by issuing Intermagnetics shares valued at $8.59 each. This transaction will result in Ultralife owning 343,505 shares or approximately 4.5 percent of Intermagnetics issued common shares.
 Ultralife Batteries, Inc. develops, manufactures and markets lithium batteries for use in applications requiring high energy, reliable and long lasting power sources.
 -0- 2/25/93
 /CONTACT: Bruce Jagid, chairman and chief executive officer of Ultralife Batteries, Inc., 315-332-7100/
 (ULBI IMG)


CO: Ultralife Batteries, Inc.; Intermagnetics General Corporation ST: New York IN: SU:

KK -- CL004 -- 0328 02/25/93 10:55 EST
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Publication:PR Newswire
Date:Feb 25, 1993
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