This application was bundled with Microtek scanners, but this happened a long time ago. Nowadays, the Ulead website has been merged with Corel because Corel acquired them. The new products from Corel can be checked using the links posted below. No, there are no updates available for the application since it's discontinued.
All products of Corel: http://www.corel.com/us/all-products/
Note: Keep in mind that the products might not be free and require a license to enable all the features they offer, but some of them are available for download as a trial.