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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: barrcuda who wrote (7633)	1/27/1999 3:23:00 PM
From: Chuck Lehman	Read Replies (1) \| Respond to of 27311

Here's the release: ULTRALIFE BOARD ANNOUNCES ORGANIZATIONAL CHANGES NEWARK, N.Y., Jan. 27 /PRNewswire/ -- The Board of Directors of Ultralife Batteries, Inc. (Nasdaq: ULBI) announced today the resignation of Mr. Bruce Jagid as Chief Executive Officer and Chairman of the Board. Mr. Jagid stated, "I have truly enjoyed the eight years that I have devoted to this exciting company. I am proud of our many accomplishments and the progress that we have made in establishing Ultralife as a leader in the lithium battery industry. Although this was a very difficult decision for me, I felt that the time had come for me to pass the reins to someone who will lead the Company to even greater levels of achievement. I am convinced that Ultralife will fulfill its great potential, and I will participate in that future success by remaining an active member of the Board of Directors." The Board of Directors has retained Heidrick & Struggles, a prominent executive search firm to assist in recruiting a new Chief Executive Officer. The Board has asked Mr. Joseph C. Abeles, an outside Director and co-founder of the Company, to lead an Executive Management Committee comprised of key members of management. Mr. Abeles has extensive experience running successful public companies and, along with his committee members, will assume the duties of the Chief Executive Officer until the search is completed. Mr. Abeles stated, "We are grateful to Mr. Jagid for the many contributions that he has made to Ultralife while acting as Chairman of the Board and Chief Executive Officer. We are pleased that he has chosen to remain on the Board so that we may continue to benefit from his knowledge and expertise. The newly formed Executive Management Committee and our entire management team will work diligently to ensure that Ultralife's business and customer relationships will continue to grow and improve." The Board of Directors has also elected Mr. Arthur Lieberman, a co-founder and Director of the Company, to be the new Chairman of the Board. Ultralife Batteries, Inc. manufactures and markets a comprehensive line of high-performance lithium batteries. The Company's primary lithium batteries are used in a wide variety of consumer, industrial and military products. The Company's advanced rechargeable batteries are being commercialized for notebook computers, mobile telephones and many other portable electronic products. Key customers include First Alert, Fyrnetics, Maple Chase, Eveready, Radio Shack, and the national defense agencies of the United Kingdom and the United States. Detailed information on Ultralife is available at the Company's web site, www.ulbi.com. SOURCE Ultralife Batteries, Inc. --------------------------------------------------------------------------------