Ultralife acquires Excell Battery Group for $23.5M; expects EPS accretion within 12 months

ULTRALIFE CORP

Total purchase price of $23.5M for Excell Canada and Excell USA; funded by cash and new credit facilities.
Excell generated $21.2M revenue for trailing twelve months ended Nov 30, 2021.
Acquisition expected to be accretive on EPS basis within twelve months; expands commercial revenue diversification.
Amended credit agreement: $10M term loan (5-year) and $30M revolver extended to May 2025, with potential increase to $50M.
Excell serves industrial markets: downhole drilling, OEM medical, mining, marine; brings experienced technical resources.

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