Message #26 From:
NewsBot Date: November 9, 2007 06:51:08 AM
Ambient Closes $2.5 Million Private Placement
Company Remains Focused on Enabling Smart Grid Efficiencies
Ambient Corporation (OTCBB: ABTG), a leader in Broadband over
Power Lines (BPL) solutions, today announced that it has closed on an
additional private placement of $2.5 million in principal amount of its
newly issued 8% Senior Secured three-year Convertible Note from an
institutional investor involved in Ambient’s
previous close, increasing the total 2007 investment into Ambient to
$10MM.
The investor in this round, Vicis Capital Master Fund (Vicis), was
issued the Note scheduled to mature in October of 2010, and which
requires no repayment of principal until the maturity date. Interest on
the Note does not begin accruing until July 2008; with first quarterly
interest payment due in September 2008.
Commenting on the raise, John J. Joyce, President and CEO of Ambient,
stated, “Ambient is pleased to have the
backing of an institutional investor who shares, and supports, Ambient’s
long-term commercial vision. This additional infusion of capital allows
Ambient to continue with our initiatives, and reach important milestones
that are intended to mark the next phase of Ambient’s
growth.”
Ambient is focused on enabling energy efficiency using proprietary BPL
technology, which offers electric utilities a unique real-time view of
the electrical grid distribution system and enables energy saving
utility applications.
Shad Stastney, a partner with Vicis Capital, LLC, the investment manager
for Vicis Capital Master Fund, said of the investment, “This
latest investment in Ambient by Vicis further demonstrates our belief in
the management of Ambient and the future for Ambient’s
technology. Our overall interest in Ambient and BPL technology is the
potential it has to dramatically improve the efficiency with which
utilities serve their customers and reduce their environmental
footprint. We believe that Ambient is in a strong position to help with
implementing solid solutions to every day issues faced by utilities.”
Additional information relating to the Senior Secured Convertible Notes,
the warrants, and related matters will be included in Ambient’s
Current Report on Form 8-K, which Ambient will be shortly filing with
the Securities and Exchange Commission.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale
of these securities in any state in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification under
the securities laws of any such state. The offer and sale by Ambient of
the securities described herein has not been registered under the
Securities Act of 1933, and such securities may not be offered or sold
in the United States absent registration or an applicable exemption from
registration requirements.
About Vicis Capital Master Fund
Vicis Capital Master Fund currently manages approximately $2 Billion
across a range of strategies. Vicis Capital, LLC is the investment
manager for Vicis Capital Master Fund.
About Ambient Corporation
Ambient is a pioneer in the Broadband over Power Lines (BPL) industry
and is engaged in the design, development and marketing of patented,
FCC-certified BPL equipment and technologies. Ambient utilizes
proprietary technology and in-depth industry experience to provide
optimal solutions for Smart Grids and the Broadband Access and
In-premise markets. Headquartered in Newton, MA, Ambient is a publicly
traded company (OTCBB: ABTG). Visit Ambient at www.ambientcorp.com.
This press release contains forward-looking statements that involve
substantial uncertainties and risks.These forward-looking
statements are based upon our current expectations, estimates and
projections about our business and our industry, and that reflect our
beliefs and assumptions based upon information available to us at the
date of this release. We caution readers that forward-looking statements
are predictions based on our current expectations about future events.
These forward-looking statements are not guarantees of future
performance and are subject to risks, uncertainties and assumptions that
are difficult to predict. Our actual results, performance or
achievements could differ materially from those expressed or implied by
the forward-looking statements as a result of a number of factors,
including but not limited to, changes in economic conditions generally
and the broadband over power lines (“BPL”)
market specifically, changes in technology, legislative or regulatory
changes that affect us, the availability of working capital, changes in
costs and the availability of goods and services, the introduction of
competing products, changes in our operating strategy or development
plans, our ability to attract and retain qualified personnel, and
changes in our acquisition and capital expenditure plans, and the risks
and uncertainties discussed under the heading "RISK FACTORS" in Item 1
of our Annual Report on Form 10-KSB for the fiscal year ended December
31, 2006, and in our other filings with the Securities and Exchange
Commission. We undertake no obligation to revise or update any
forward-looking statement for any reason.
Ambient is a trademark of Ambient Corporation registered in the U.S.
Patent and Trademark Office.
MEDIA: Ambient Corporation Anna E. Croop, 617-614-6739 Directorof Corporate Communications acroop@ambientcorp.com or INVESTOR
RELATIONS: Flager Communications Jamie Dryer,
561-837-8057, Ext. 2 flagcom@bellsouth.net
