ULTRALIFE CORP - Director's Dealing 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2006-09-29

Reporting Person: GRACE BROTHERS LTD (10% Owner)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-29	Common Stock	P	3202	$10.3	Acquired	3685741	Direct
2006-09-29	Common Stock	P	1200	$10.31	Acquired	3686941	Direct
2006-09-29	Common Stock	P	1000	$10.32	Acquired	3687941	Direct
2006-09-29	Common Stock	P	100	$10.34	Acquired	3688041	Direct
2006-09-29	Common Stock	P	4300	$10.3498	Acquired	3692341	Direct
2006-09-29	Common Stock	P	100	$10.35	Acquired	3692441	Direct
2006-09-29	Common Stock	P	4302	$10.36	Acquired	3696743	Direct
2006-09-29	Common Stock	P	400	$10.37	Acquired	3697143	Direct
2006-09-29	Common Stock	P	3800	$10.3892	Acquired	3700943	Direct
2006-09-29	Common Stock	P	700	$10.39	Acquired	3701643	Direct
2006-09-29	Common Stock	P	1400	$10.3929	Acquired	3703043	Direct
2006-09-29	Common Stock	P	9602	$10.4	Acquired	3712645	Direct
2006-09-29	Common Stock	P	200	$10.41	Acquired	3712845	Direct
2006-09-29	Common Stock	P	1600	$10.42	Acquired	3714445	Direct
2006-09-29	Common Stock	P	1100	$10.43	Acquired	3715545	Direct
2006-09-29	Common Stock	P	6375	$10.45	Acquired	3721920	Direct
2006-09-29	Common Stock	P	1100	$10.4582	Acquired	3723020	Direct
2006-09-29	Common Stock	P	6000	$10.46	Acquired	3729020	Direct
2006-09-29	Common Stock	P	1000	$10.465	Acquired	3730020	Direct
2006-09-29	Common Stock	P	1000	$10.469	Acquired	3731020	Direct
2006-09-29	Common Stock	P	500	$10.47	Acquired	3731520	Direct
2006-09-29	Common Stock	P	1000	$10.48	Acquired	3732520	Direct
2006-09-29	Common Stock	P	4000	$10.5	Acquired	3736520	Direct

F1: This is a continuing Form 4 reflecting the remaining transactions from a previous filing.