Ultralife Batteries to Acquire Innovative Solutions Consulting, Inc. for $3 M
Enabling effective use of unmanned systems for military and civil defence applications
Date: 17 Feb 2009 - 18 Feb 2009
Location: Singapore, Singapore
Date: 23 Feb 2009 - 26 Feb 2009
Location: Vienna, VA, United States
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(Newark, N.Y., September 14, 2007) -- Ultralife Batteries, Inc. (NASDAQ: ULBI) has entered into a definitive agreement to acquire all of the outstanding shares of Innovative Solutions Consulting, Inc. (ISC), an engineering and technical services company located in Hollywood, Maryland, for approximately $3 million, subject to customary closing conditions. The acquisition is expected to close by the end of September.
Established in 1999, ISC is an engineering and technical services firm specializing in the design, integration, and fielding of mobile, modular, and fixed-site communication and electronic systems. The company's systems clients include: the U.S. military, U.S. Army Special Operations Command, National Security Agency, Office of Naval Research and such prime contractors as BAE Systems and Titan Systems. Products in development include ISC's recently introduced Rapid Response Vehicle, which is designed to provide critical communications to support emergency management, surveillance and disaster relief situations. In 2006, ISC generated approximately $4 million in revenue.
Under the terms of the agreement, the purchase price will consist of $1 million in cash and an earn-out totaling up to $2 million to be paid over three years based on exceeding certain agreed-upon annual sales measures. The company plans to finance the transaction with operating cash and available credit. Management anticipates that the transaction will be accretive in 2008.
"With its established reputation for high-quality technical capabilities and engineering skills in designing communication and electronic systems, ISC offers a natural extension to our communications accessories business and augments Ultralife's engineering expertise. In addition, through ISC's strong relationships with a diverse group of U.S. governmental agencies, we will be able to open another channel of distribution for our broad portfolio of communications accessories and portable power products," said John D. Kavazanjian, Ultralife's president and chief executive officer. "Once acquired, we will include ISC in our Government/Defense business, and ISC will continue to operate out of its Maryland facility under the leadership of Jim Evans, Ultralife vice president and general manager."
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Ultralife Corporation
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