-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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<SEC-DOCUMENT>0000950123-10-116941.txt : 20101229
<SEC-HEADER>0000950123-10-116941.hdr.sgml : 20101229
<ACCEPTANCE-DATETIME>20101229085521
ACCESSION NUMBER:		0000950123-10-116941
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101227
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101229
DATE AS OF CHANGE:		20101229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRALIFE CORP
		CENTRAL INDEX KEY:			0000875657
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				161387013
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20852
		FILM NUMBER:		101276956

	BUSINESS ADDRESS:	
		STREET 1:		2000 TECHNOLOGY PARKWAY
		CITY:			NEWARK
		STATE:			NY
		ZIP:			14513
		BUSINESS PHONE:		3153327100

	MAIL ADDRESS:	
		STREET 1:		2000 TECHNOLOGY PARKWAY
		CITY:			NEWARK
		STATE:			NY
		ZIP:			14513

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ULTRALIFE BATTERIES INC
		DATE OF NAME CHANGE:	19940224
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c10331e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV
style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">
<DIV style="font-size: 10pt">
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>

<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): December 27, 2010</B>

<P style="font-size: 24pt" align="center"><B>ULTRALIFE
CORPORATION<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>000-20852</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>16-1387013</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B><BR>
2000 Technology Parkway,
Newark, New York<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>14513</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(315) 332-7100</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


<DIV
style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV
style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;2.02&nbsp;&nbsp;Results of Operation and Financial Condition.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">Attached as
Exhibit&nbsp;99.1 and incorporated herein by reference is a copy of the press
release issued by Ultralife Corporation (the &#8220;Company&#8221;) on
December&nbsp;29, 2010 relating to the charge described below in Item&nbsp;2.06
of this Report, which will be included in the Company&#8217;s financial results
for the fiscal quarter and year ended December&nbsp;31, 2010. The press release
also updates the Company&#8217;s guidance for 2010 operations. Management now
expects to report revenue of approximately $177&nbsp;million for 2010 compared
to previous guidance of approximately $177&nbsp;million to $182&nbsp;million.
Management also reaffirmed its operating income guidance of $7&nbsp;million,
excluding the effect of the impairment charge described below in Item&nbsp;2.06.

<P style="font-size: 10pt; text-indent: 4%" align="justify">The press release
is being furnished pursuant to Item&nbsp;2.02 of Form 8-K and General
Instruction B.2 thereunder. The information in the press release shall not be
deemed &#8220;filed&#8221; for purposes of Section&nbsp;18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended.

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;2.06&nbsp;&nbsp;Material
Impairments.</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">On
December&nbsp;28, 2010, the Company decided that it will take a non-cash
impairment charge of approximately $14.0 million, or $0.81 per share, in the
fourth quarter to write off fully the goodwill and intangible and fixed assets
associated with its standby power business included in the Energy Services
segment.&nbsp; The amount of this charge is a preliminary estimate based on
management assumptions and a valuation analysis.&nbsp; For the past two years,
cautious spending and continued delays in implementing large capital projects
by customers in the standby power industry have negatively impacted results for
the Company&#8217;s Energy Services segment.&nbsp; The Company&#8217;s analysis
of the value of the goodwill and intangible and fixed assets associated with
the standby power business, conducted under applicable accounting rules,
indicates that these assets should be written off.&nbsp; These assets arose
from the acquisitions of Stationary Power Services, Inc. and RPS Power Systems,
Inc., completed on November&nbsp;16, 2007, and U.S. Energy Systems, Inc. and
U.S. Power Services, Inc. completed on November&nbsp;10, 2008.&nbsp; The
Company does not expect to have to make any current or future cash expenditures
as a result of this impairment.

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%"><B>Item&nbsp;5.02</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify"><B>Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.</B></DIV>
</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="justify"><B>A.&nbsp;John D. Kavazanjian
Tenders Notice of Intention to Resign from Ultralife Board</B><B><I>.
</I></B>On December&nbsp;27, 2010, John D. Kavazanjian tendered to the Board of
Directors (the &#8220;Board&#8221;) of the Company notice of his intention to
resign as a director of the Company effective December&nbsp;30, 2010. As
previously reported, Mr.&nbsp;Kavazanjian will be retiring from the Company
effective February&nbsp;7, 2011 and will cease serving as the Company&#8217;s
President and Chief Executive Officer on December&nbsp;30, 2010 when Michael D.
Popielec will assume those roles. Pursuant to the Company&#8217;s Corporate Governance
Principles, inside directors are required to submit a letter of resignation to
resign from the Board upon relinquishment of their position with the Company.
On December&nbsp;28, 2010, the Board accepted Mr. Kavazanjian&#8217;s
resignation.

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV
style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>B.&nbsp;Michael D. Popielec
Appointed to the Board</B><I>. </I>On December&nbsp;28, 2010, the Board
appointed Michael&nbsp;D. Popielec to the Board effective December&nbsp;30,
2010, the date that coincides with his appointment as the Company&#8217;s
President and Chief Executive Officer, succeeding Mr.&nbsp;Kavazanjian.
Mr.&nbsp;Popielec will serve as a director until the Company&#8217;s next
annual meeting of shareholders, to be held in June of 2011, and the Company
expects that in connection with that meeting he will be nominated for election
to the Board for another year.

<P style="font-size: 10pt" align="justify"><B>Item&nbsp;9.01&nbsp;&nbsp;Financial
Statements and Exhibits.</B>

<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD style="background: none transparent scroll repeat 0% 0%"
width="4%">&nbsp;</TD>
  <TD nowrap align="left" width="3%">(d)</TD>
  <TD width="1%">&nbsp;</TD>
  <TD>
<DIV style="text-align: justify">Exhibits. The following exhibit is being
furnished as part of this Report.</DIV>
</TD>
 </TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="87%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD nowrap align="left"
colspan="3"><B>Exhibit</B></TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap
align="left"><B>Number</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap
align="center"><B>Description</B></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release of Ultralife Corporation dated
December&nbsp;29, 2010</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="justify"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.

<P style="font-size: 10pt" align="justify">Date: December&nbsp;29,
2010

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%"
align="justify"><B>ULTRALIFE CORPORATION</B>

<P style="font-size: 10pt; margin-left: 46%" align="justify">By: <U><B>/</B>s/
Peter F.
Comerford&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Peter
F. Comerford<BR>
Vice President of Administration and<BR>
General Counsel<BR>


<P style="font-size: 10pt" align="justify"><B>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="8%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="71%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="11%">&nbsp;</TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD nowrap align="left"
colspan="5"><B>Exhibit</B></TD>
 </TR>
 <TR style="font-size: 10pt" valign="bottom">
  <TD style="border-bottom: #000000 1px solid" nowrap
align="left"><B>Number</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" nowrap align="center"
colspan="3"><B>Description</B></TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">99.1 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Press Release of Ultralife Corporation dated
December&nbsp;29, 2010 </TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c10331exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV
style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">


<P style="font-size: 10pt" align="right"><B>Exhibit&nbsp;99.1</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">
<!-- Begin Table Head -->

 <TR valign="bottom">
  <TD width="50%">&nbsp;</TD>
  <TD width="5%">&nbsp;</TD>
  <TD width="45%">&nbsp;</TD>
 </TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Company Contact: </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Investor Relations Contact:</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Ultralife Corporation </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Lippert/Heilshorn &amp; Associates, Inc.</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">Philip Fain </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Jody Burfening</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px">(315) 332-7100 </DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">(212) 838-3777</TD>
 </TR>
 <TR valign="bottom">
  <TD valign="top">
<DIV style="margin-left: 0px; text-indent: 0px"><U>pfain@ulbi.com</U></DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><U>jburfening@lhai.com</U></TD>
 </TR>
<!-- End Table Body -->

</TABLE>
</DIV>

<P style="font-size: 10pt" align="center"><B>Ultralife to Record Non-Cash
Impairment Charge of Approximately $14.0 Million for the Fourth Quarter of
2010</B>

<P style="font-size: 10pt" align="center"><B>Company Reaffirms Fiscal 2010
Operating Income Guidance of $7.0 Million, Excluding Non-Cash Impairment
Charge</B>

<P style="font-size: 10pt" align="justify">Newark, New York &#8211;
December&nbsp;29, 2010 &#8211; Ultralife Corporation (NASDAQ: ULBI) announced
today that the Company will take a non-cash impairment charge of approximately
$14.0&nbsp;million, or $0.81 per share, in the fourth quarter to write off
fully the goodwill and intangible and fixed assets associated with its standby
power business included in the Energy Services segment. The amount of this
charge is a preliminary estimate based on management assumptions and a
valuation analysis.

<P style="font-size: 10pt" align="justify">For the past two years, cautious
spending and continued delays in implementing large capital projects by
customers in the standby power industry have negatively impacted results for
the company&#8217;s Energy Services segment. The company&#8217;s analysis of
the value of the goodwill and intangible and fixed assets associated with the
standby power business, conducted under applicable accounting rules, indicates
that these assets should be written off. These assets arose from the
acquisitions of Stationary Power Services, Inc. and RPS Power Systems, Inc.,
completed on November&nbsp;16, 2007, and U.S. Energy Systems, Inc. and U.S.
Power Services, Inc. completed on November&nbsp;10, 2008.

<P style="font-size: 10pt" align="justify">&#8220;The decision to write off the
standby power business goodwill and intangible and fixed assets, required by
accounting standards, in no way affects the Company&#8217;s current operations
or alters its commitment to building its energy services business,&#8221; said
John D. Kavazanjian, president and chief executive officer.
&#8220;Ultralife&#8217;s energy services capabilities are an important part of
the Company&#8217;s energy storage strategy which presents attractive long-term
opportunities for value added solutions which incorporate our lithium ion
products. These service capabilities are also an important part of the
deployment of large scale energy storage systems such as those being developed
under Ultralife&#8217;s grants from the New York State Energy Research and
Development Authority (NYSERDA).

<P style="font-size: 10pt" align="justify">&#8220;While customer spending in
the standby power market has been depressed, we still believe increased
spending will resume as the economy continues to rebound. In addition, we see
significant opportunities developing in the wireless market associated with the
implementations of 3G and 4G networks. Orders have picked-up in the fourth
quarter, and we are building a solid pipeline of sales heading into 2011.&#8221;

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
</DIV>

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<DIV
style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify"><B>Updated Fiscal 2010 Guidance</B>

<P style="font-size: 10pt" align="justify">Separately, management updated its
full year guidance for 2010. Management now expects to report revenue of
approximately $177&nbsp;million. In addition, management reaffirmed its
operating income guidance of approximately $7.0 million, excluding the effect
on the account of the above-mentioned non-cash charge.

<P style="font-size: 10pt" align="justify"><B>About Ultralife Corporation</B>

<P style="font-size: 10pt" align="justify">Ultralife Corporation, which began
as a battery company, serves its markets with products and services ranging
from portable and standby power solutions to communications and electronics
systems. Through its engineering and collaborative approach to problem solving,
Ultralife serves government, defense and commercial customers across the globe.

<P style="font-size: 10pt" align="justify">Headquartered in Newark, New York,
the company&#8217;s business segments include: Battery &amp; Energy Products,
Communications Systems and Energy Services. Ultralife has operations in North
America, Europe and Asia. For more information, visit
<U>www.ultralifecorp.com</U>

<P style="font-size: 10pt" align="justify">This press release may contain
forward-looking statements based on current expectations that involve a number
of risks and uncertainties. The potential risks and uncertainties that could
cause actual results to differ materially include: worsening global economic
conditions, increased competitive environment and pricing pressures,
disruptions related to restructuring actions and delays. The Company cautions
investors not to place undue reliance on forward-looking statements, which
reflect the Company&#8217;s analysis only as of today&#8217;s date. The Company
undertakes no obligation to publicly update forward-looking statements to
reflect subsequent events or circumstances. Further information on these
factors and other factors that could affect Ultralife&#8217;s financial results
is included in Ultralife&#8217;s Securities and Exchange Commission
(SEC)&nbsp;filings, including the latest Annual Report on Form 10-K.

<P style="font-size: 10pt" align="center">###

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">5
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