Ambient Corporation (OTCBB: ABTG), a leader in Broadband over Power Lines (BPL) solutions, issued today the following update to its stockholders from President and CEO John J. Joyce.
Dear Stockholders:
Since my last update to shareholders on September 26, 2007, I am pleased to report Ambient has continued to make progress with our largest field deployment in the southeastern United States. Our deployments with Consolidated Edison, FirstEnergy Service Company and Entergy Corporation also continue to operate. These deployments, which use Ambient’s suite of BPL products, are directed towards a variety of goals including striving to dramatically improve the efficiency with which utilities serve their customers.
The Company’s focus remains on enabling Smart Grid applications. We remain active with outreach and developing relationships with key industry players. Recently, Ambient joined over 50 other green companies at the Massachusetts Technology Transfer Center's 3rd Annual Conference on Clean Energy to represent Smart Grid communications, and was present at the New York meeting of ValueRich, connecting Ambient with clean energy institutional investors.
Ambient also received its fourth U.S. patent in 2007, bringing the Company’s patent portfolio to eighteen (18) U.S. patents, covering a number of BPL technology areas. Ambient’s patents encompass such areas as data couplers on medium voltage power lines, coupler enhancements, data coupler usage, coupler placement in buildings, coupler construction and solutions to overcoming challenges of high voltage stress and high current. Actual patents and their claims may be viewed at www.uspto.gov. The US Patent and Trademark Office has notified Ambient of additional applications whose claims have been allowed, and publication is anticipated to follow.
Key Ambient personnel continue to participate in the development process of industry standards and legislation in both the U.S. House of Representatives (HR 3221) and the U.S. Senate (HR 6) through the GridWise Alliance and other lobbying efforts. As Ambient has previously stated, the Company believes the establishment of standards will help drive industry adoption for Smart Grids worldwide. Ambient’s system architecture is designed to incorporate any standards-based products, including any chipset, and can be modified to accommodate any standards-based chipset. Ambient equipment can be available as quickly as compliant chipsets are available.
In addition to the most recent financing of an additional $2.5MM of capital announced on November 2, 2007, the Company has notified the 2006 Debenture holders that it intends to pay the scheduled December 2007 payment in cash, rather than in registered shares of Ambient stock. As part of its continuing efforts to limit the distribution of Ambient stock at a discount-to-market price, Ambient has paid in cash the last five scheduled monthly 2006 Debenture payments, reducing current debt. Ambient’s remaining short-term debt with the 2006 Debenture holders, after making the December payment in cash, will be $103,500.
With the aforementioned developments, Ambient continues to strive to meet the following goals and objectives set forth in the 2007 Annual Meeting: increasing revenues, enhancing the Company’s technology and protecting its intellectual property rights, fostering the creation of industry standards and stabilizing the capital structure.
Unaudited consolidated financial statements for the nine months ended September 30, 2007, can be found in our third quarter 10QSB filed with the SEC on November 14, 2007 at http://www.sec.gov.
As always, thank you for your continued support and interest in Ambient.
Sincerely,
John J. Joyce
President and CEO of Ambient
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.
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Ambient Corporation
Anna E. Croop, 617-614-6739
Director of Corporate Communications
acroop@ambientcorp.com
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