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Technology Stocks : ULBI..Ultralife Batteries -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (500)	5/11/2001 8:27:36 AM
From: webpilot	Read Replies (1) \| Respond to of 522

More on Ultralife Taiwan April 5, 2001 (TAIPEI) -- Ultralife Taiwan Inc. broke ground at the Hsinchu Science-based Industrial Park late last week to construct an NT$3 billion (US$93.75 million at US$1 = NT$32) factory to produce polymer rechargeable and lithium batteries. Ultralife Taiwan is a subsidiary of U.S. Ultralife Batteries Inc., headquartered in Newark, New York. The Taiwan company already has a factory. The construction of the new factory will be conducted in two stages. The first stage is projected to be completed by the end of this year and the second stage will be completed by the end of 2002. Upon completion of the second stage, the new factory will have an output capacity of three million lithium batteries and 1.5 million polymer rechargeable batteries a month. Ultralife Taiwan's first factory came on line in August 2000, with an output capacity of 100,000 lithium batteries a month. The company's board of directors has decided to speed up the company's expansion in light of the fast growth of the global lithium-battery and polymer-battery market. The global market is estimated to soar to 2.8 billion batteries combined in 2005, up from 1.8 billion batteries in 1998, to cope with the burgeoning demand for portable gear including mobile phones, personal digital assistants, and notebook computers. Ultralife Taiwan's executives note that the company is testing an advanced type of lithium battery it has developed with a Japanese company. They add that their company will begin pilot production of the new product in December this year and mass-production in the following month. Ultralife Taiwan's president, L T Lo, points out that the NT$3 billion needed for the company's new factory will partly come from syndicated bank loans and partly from the company itself. The company will hold a capital increase to raise NT$500 million (US$15.62 million) this month and a capital increase to raise another NT$500 million in October. Lo states that polymer lithium battery is the company's next product emphasis after rechargeable lithium products. The company will concentrate on producing polymer lithium batteries with a thickness below 3.6mm for use in mobile phones.