Ultralife Corporation Receives $5.5 Million Communications Systems Contract

Rhea-AI Summary

Ultralife Corporation (NASDAQ: ULBI) has secured a purchase order worth approximately $5.5 million to provide vehicle communications systems for the U.S. Army through a global defense contractor. This contract highlights the effectiveness of Ultralife's development strategy in creating advanced communication systems. Shipments are anticipated to start and conclude in 2023, reinforcing Ultralife's role in a multi-year program focused on enhancing soldiers' communication capabilities.

Positive

• Secured a $5.5 million purchase order for vehicle communications systems.
• Demonstrates effective product development strategy and strong collaboration with partners.
• Shipments scheduled for 2023, indicating stable revenue projection.

Negative

• None.

NEWARK, N.Y., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ: ULBI) has been awarded a purchase order valued at approximately $5.5 million to supply its vehicle communications systems to a global prime defense contractor for the U.S. Army. Ultralife’s vehicle communications platform provides the soldier with an enhanced range of digital voice and data communications and operational flexibility. Shipments are expected to commence and be completed in 2023.

“We are delighted to receive this follow-on full-rate production order that further attests to the effectiveness of our new product development strategy of designing and building technically advanced, integrated communication systems devices in collaboration with our strategic partners,” said Michael D. Popielec, Ultralife’s President and Chief Executive Officer. “We look forward to our continued participation in this multi-year program.”

About Ultralife Corporation

Ultralife Corporation serves its markets with products and services ranging from 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.

Headquartered in Newark, New York, the Company's business segments include Battery & Energy Products and Communications Systems. Ultralife has operations in North America, Europe and Asia. For more information, visit www.ultralifecorporation.com.

Company Contact:	Investor Relations Contact:
Ultralife Corporation	LHA
Philip A. Fain	Jody Burfening
(315) 210-6110	(212) 838-3777
pfain@ulbi.com	jburfening@lhai.com

FAQ

What is the recent purchase order value for Ultralife Corporation (ULBI)?

Ultralife Corporation has received a purchase order valued at approximately $5.5 million.

Who awarded the $5.5 million contract to Ultralife Corporation (ULBI)?

The contract was awarded by a global prime defense contractor for the U.S. Army.

When are the shipments for Ultralife Corporation's vehicle communications systems expected to start?

Shipments are expected to commence and be completed in 2023.

What is the purpose of the vehicle communications systems supplied by Ultralife Corporation (ULBI)?

The systems enhance soldiers' digital voice and data communications and operational flexibility.