Ultralife Corp. (ULBI) Announces $2.7M Settlement Charge with U.S. Government
Ultralife Corp., a portable power solutions and electronics systems provider, Friday announced that its first quarter 2011 results will include a $2.7 million charge, which will be accounted for as a reduction to revenues. The charge reflects a proposed settlement with the U.S. Government related to three exigent contracts that were completed between 2003 and 2004. As noted in the company’s 10k filing for the period ended December 31, 2010, the company received a proposed settlement from the U.S. Attorney’s Office in regards to ongoing discussions the company has for three exigent, non-bid contracts with the U.S. Government that have…