Chemicals & Chemistry

Ultralife Corporation Completes Acquisition of U.S. Energy Systems, Inc.

  2008 NOV 24 - (VerticalNews.com) -- Ultralife Corporation (NASDAQ: ULBI) has completed the acquisition of U.S. Energy Systems, Inc., and its services affiliate, U.S. Power Services, Inc.

  Under the terms of the U.S. Energy Systems agreement, the purchase price consisted of $2.85 million in cash and a performance-based equity incentive payable in an amount up to 200,000 unregistered shares of Ultralife Corporation common stock provided that certain financial milestones are achieved over a period of up to four years. The company financed the acquisition with cash on hand.

  John D. Kavazanjian, Ultralife's president and chief executive officer, said, "By leveraging their outstanding reputation for extraordinary service and support, and established customer base, the acquisition of U.S. Energy Systems further advances our goal of becoming the leading provider of engineering, installation, integration and maintenance services and supports our growing position as a key player in the standby power marketplace."

  Established in 2003, U.S. Energy Systems specializes in the engineering, supply, installation and preventive maintenance of standby power systems, uninterrupted power supply systems, DC power systems and switchgear/control systems for the telecommunications, utilities, technology, petrochemical, financial and information services industries. In 2007, U.S. Energy generated $6.3 million in revenue.

  Information about U.S. Energy Systems is available at www.usenergysys.com

  Keywords: Ultralife Corporation.

  This article was prepared by VerticalNews Chemicals & Chemistry editors from staff and other reports. Copyright 2008, VerticalNews Chemicals & Chemistry via VerticalNews.com.