ULTRALIFE CORP - Director's Dealing 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2007-03-15

Reporting Person: GRACE BROTHERS LTD (10% Owner)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-15	Common Stock	P	100	$8.1	Acquired	4419642	Direct
2007-03-15	Common Stock	P	100	$8.17	Acquired	4419742	Direct
2007-03-15	Common Stock	P	200	$8.2	Acquired	4419942	Direct
2007-03-15	Common Stock	P	100	$8.23	Acquired	4420042	Direct
2007-03-15	Common Stock	P	100	$8.24	Acquired	4420142	Direct
2007-03-15	Common Stock	P	300	$8.25	Acquired	4420442	Direct
2007-03-15	Common Stock	P	1798	$8.26	Acquired	4422240	Direct
2007-03-15	Common Stock	P	2020	$8.27	Acquired	4424260	Direct
2007-03-15	Common Stock	P	100	$8.29	Acquired	4424360	Direct
2007-03-15	Common Stock	P	1000	$8.3	Acquired	4425360	Direct
2007-03-15	Common Stock	P	200	$8.31	Acquired	4425560	Direct
2007-03-15	Common Stock	P	100	$8.33	Acquired	4425660	Direct
2007-03-15	Common Stock	P	900	$8.34	Acquired	4426560	Direct
2007-03-15	Common Stock	P	900	$8.35	Acquired	4427460	Direct
2007-03-15	Common Stock	P	400	$8.36	Acquired	4427860	Direct
2007-03-15	Common Stock	P	2800	$8.37	Acquired	4430660	Direct
2007-03-15	Common Stock	P	1956	$8.39	Acquired	4432616	Direct
2007-03-15	Common Stock	P	74400	$8.4	Acquired	4507016	Direct
2007-03-15	Common Stock	P	400	$8.41	Acquired	4507416	Direct
2007-03-15	Common Stock	P	1415	$8.42	Acquired	4508831	Direct
2007-03-15	Common Stock	P	200	$8.43	Acquired	4509031	Direct
2007-03-15	Common Stock	P	764	$8.45	Acquired	4509795	Direct
2007-03-15	Common Stock	P	1000	$8.46	Acquired	4510795	Direct
2007-03-15	Common Stock	P	218	$8.48	Acquired	4511013	Direct
2007-03-15	Common Stock	P	2200	$8.49	Acquired	4513213	Direct
2007-03-15	Common Stock	P	4500	$8.5	Acquired	4517713	Direct
2007-03-15	Common Stock	P	903	$8.55	Acquired	4518616	Direct