UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
October 7, 2003
ULTRALIFE BATTERIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
0-20852 16-1387013
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(Commission File Number) (I.R.S. Employer Identification No.)
2000 Technology Parkway, Newark, New York 14513
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(Address of principal executive offices) (Zip Code)
(315) 332-7100
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(Registrant's telephone number, including area code)
Item 5. Other Events.
On October 7, 2003, the Company completed a private placement of 200,000 shares
of unregistered common stock at a price of $12.50 per share, for a total of $2.5
million. As of June 28, 2003, Ultralife had 13,146,294 shares outstanding. The
net proceeds of the private placement are being used to advance funds to
Ultralife Taiwan, Inc. (UTI), in which Ultralife has an approximately 9.2%
ownership interest. The Company expects to convert this loan into shares of UTI
common stock on or before March 1, 2004. Refer to the attached Exhibit 99.1 for
the entire text of the release.
Item 7. Financial Statements, Pro Forma Financials and Exhibits.
(a) Financial Statements of Business Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Exhibits.
99.1 Press Release dated October 8, 2003
SIGNATURE
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.
ULTRALIFE BATTERIES, INC.
Dated: October 8, 2003 By: /s/ Robert W. Fishback
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Robert W. Fishback
VP of Finance and CFO
Index to Exhibits
(99) Additional Exhibits
99.1 Press Release dated October 8, 2003
Exhibit 99.1
Company Contact: Investor Relations Contact: Media Contact:
Ultralife Batteries, Inc. Lippert/Heilshorn Lippert/Heilshorn
& Associates, Inc. & Associates, Inc.
Robert W. Fishback Jody Burfening Chenoa Taitt
(315) 332-7100 (212) 838-3777 (212) 201-6635
bfishback@ulbi.com jburfening@lhai.com ctaitt@lhai.com
Ultralife Batteries, Inc. Raises Equity to Fund Investment in Ultralife Taiwan
Newark, New York - October 8, 2003 - Ultralife Batteries, Inc. (NASDAQ: ULBI)
today announced that it has completed a private placement of 200,000 shares of
unregistered common stock at a price of $12.50 per share, for a total of $2.5
million. As of June 28, 2003 Ultralife had 13,146,294 shares outstanding.
The net proceeds of the private placement are being used to advance funds to
Ultralife Taiwan, Inc. (UTI), in which Ultralife has an approximately 9.2%
ownership interest. The transaction will be recorded as a short-term note
receivable maturing on March 1, 2004, with interest accruing at 3% per annum.
The company expects to convert this note receivable into shares of UTI common
stock on or before March 1, assuming UTI is successful in raising additional
equity capital. Depending on the price at which UTI completes its contemplated
capital raise, Ultralife's ownership interest in UTI could increase to
approximately 15%.
John Kavazanjian, president and chief executive officer of Ultralife Batteries,
Inc., said, "UTI is a key partner in helping us build the rechargeable battery
segment of our business and, as such, is a very important component of our
growth strategy. To safeguard our interests, we are providing UTI with a
short-term bridge loan while it secures longer-term equity financing. We look
forward to continuing our partnership in the development and production of
rechargeable lithium battery products."
About Ultralife Batteries, Inc.
Ultralife is a leading developer, manufacturer, and marketer of standard and
customized lithium primary (non-rechargeable), lithium ion and lithium polymer
rechargeable batteries. Ultralife's high-energy batteries use advanced lithium
technology and are used in military, industrial and consumer portable electronic
products. Through its range of standard products and ability to customize for a
wide range of applications, Ultralife is able to provide the next generation of
battery solutions. OEM, retail and government customers include Energizer, Kidde
Safety, Philips Medical Systems, Radio Shack and the national defense agencies
of the United States and United Kingdom, among others.
Ultralife's headquarters, principal manufacturing and research facilities are in
Newark, New York, near Rochester. Ultralife (UK) Ltd., a second manufacturing
and research facility, is located in Abingdon, U.K. Both facilities are
ISO-9001/2000 certified.
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.
Further information on these factors and other factors that could affect
Ultralife's financial results is included in Ultralife's Securities and Exchange
Commission (SEC) filings, including the latest Annual Report on Form 10-K.
Ultralife(R) is a registered trademark Ultralife Batteries, Inc.
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