Ultralife Corporation Receives $7.5 Million Communications Systems Contract

Rhea-AI Summary

Ultralife Corporation (NASDAQ: ULBI) has secured a contract worth approximately $7.5 million to provide A-320 amplifiers and A-320HVA radio vehicle mounts to an international defense contractor as part of a government modernization initiative. Deliveries are scheduled to begin in Q4 2022 and extend into the first half of 2023. This agreement highlights Ultralife's strategy to expand its global presence and solidify its role in advanced communication systems for military applications.

Positive

• Secured a contract valued at approximately $7.5 million.
• Demonstrates success in broadening global presence with international allies.
• Contributes to revenue growth strategy through defense business.

Negative

• None.

NEWARK, N.Y., Sept. 22, 2022 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ: ULBI) has received a contract valued at approximately $7.5 million to supply its integrated system of A-320 amplifiers and A-320HVA radio vehicle mounts to a major international defense contractor for an ongoing government/defense modernization program. Deliveries are expected to commence in the fourth quarter of 2022 and continue through the first half of 2023.

“This contract further demonstrates our success in executing a key element of our revenue growth strategy – the broadening of our global presence with international allies by extending our core U.S. government and defense business,” said Michael D. Popielec, Ultralife’s President and Chief Executive Officer. “Our amplifier platform provides a technically advanced building block for the increasingly complex, secure communications systems required for soldier modernization. In this case, our integrated amplifiers and radio vehicle mounts have once again been selected as a critical component of a multi-year communications modernization 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: Ultralife Corporation Philip Fain (315) 210-6110 pfain@ulbi.com		Investor Relations Contact: LHA Jody Burfening (212) 838-3777 jburfening@lhai.com

FAQ

What is the recent contract value announced by Ultralife Corporation?

Ultralife Corporation announced a recent contract valued at approximately $7.5 million.

When will deliveries for the new contract by Ultralife Corporation begin?

Deliveries for the new contract are expected to commence in the fourth quarter of 2022.

What products is Ultralife supplying under the new contract?

Ultralife is supplying A-320 amplifiers and A-320HVA radio vehicle mounts.

Who is the contract with for Ultralife Corporation's recent announcement?

The contract is with a major international defense contractor.

How does the new contract impact Ultralife's revenue growth strategy?

The contract supports Ultralife's strategy to broaden its global presence and enhance its defense business.