NEWARK, NY, December 14, 2021 (GLOBE NEWSWIRE) – Ultralife Corporation (NASDAQ: ULBI) has acquired all of the outstanding shares of Excell Battery Group (“Excell”) for $ 23.5 million in cash, subject to usual working capital and net cash adjustments.

Based in Canada with operations in the United States, Excell is a leading independent designer and manufacturer of high performance intelligent battery systems, battery packs and monitoring systems to customer specifications. Excell serves a variety of industrial markets, including downhole drilling, OEM industrial and medical devices, automated meter reading, and mining, marine and other mission-critical applications that demand zero-rated safety, service, reliability and quality. compromise. For the twelve month period ended November 30, 2021, Excell generated revenues of $ 21.2 million. The transaction is expected to be accretive on an EPS basis within twelve months.

“Acquisitions have been and remain an important part of our strategy to diversify commercial revenues and expand the end markets we serve. With this transaction, we are advancing this strategy while adhering to our disciplined approach, ”said Michael D. Popielec, President and CEO. “The acquisition of Excell provides us with opportunities to further develop our battery and energy products business and to drive the proven operational leverage of our business model, to expand into OEM device verticals that we are not currently serving, to improve our added value for our customers and to achieve cost synergies. . It is important to note that Excell has experienced technical resources that we plan to use to advance our global new product initiatives while adding a complementary line of high tech products that are expensive to replace. Finally, with a similar organizational culture and business model to ours, we look forward to a seamless onboarding process and welcome the Excell team to Ultralife.

“Excell Battery is well known among its long-time customers for its innovative team, exceptional customer service and quality battery solutions,” said Ian Kane, President and CEO of Excell Battery Group. “By joining Ultralife Corporation, we can both provide our existing customers with a broader range of services and improved resilience for their supply chains. We are delighted to have found a partner who shares our operating philosophy and our commitment to working with our customers.

About Ultralife Corporation

Ultralife Corporation serves its markets with products and services ranging from portable power solutions to communications and electronic systems. With its technical and collaborative approach to problem solving, Ultralife serves government, defense and commercial clients around the world. Headquartered in Newark, New York, the Company’s business segments include: Batteries and Power Products and Communication Systems. Ultralife operates in North America, Europe and Asia. For more information, visit www.ultralifecorp.com.

This press release may contain forward-looking statements based on current expectations which involve a number of risks and uncertainties. Potential risks and uncertainties that could cause actual results to differ materially include the impact of COVID-19, potential reductions in revenues from key customers, acceptance of our new products globally, and uncertain global economic conditions. . The Company cautions investors not to place undue reliance on forward-looking statements, which reflect the Company’s analysis as of today’s date. The Company assumes no obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances. Further information on these and other factors that may affect Ultralife’s financial results is included in the filings with the Securities and Exchange Commission (SEC) of Ultralife, including the latest annual report on Form 10-K.