Ultralife Batteries Raises $6.8 Million in Private Placement

July 30, 2001 by Jeff Shepard

Ultralife Batteries Inc. (Newark, NY) announced that it has completed a $6.8 million private placement of 1,090,000 shares of common stock at $6.25 per share.

President and CEO John Kavazanjian commented, "This private placement is very timely for Ultralife. It will give us the added funding to make key investments for new and developing business opportunities, and to enhance our sales and marketing efforts as we continue to execute our growth strategy." He added, "We believe that this financing will allow us to reach our goal of operating cash-flow break-even by the second quarter of fiscal 2002, and profitability by the end of fiscal 2002."