Ambient Corporation Completes Private Financing with Seneca Capital; Proceeds to be Used Principally to Expand Operations of Ambient's Power-line Telecommunications Technology.Business/Technology Editors NEW YORK--(BUSINESS WIRE)--Sept. 5, 2000 Ambient Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ABTG ABTG AquaBio Tech Group ) announced today the completion of a private financing agreement with Seneca Capital. Under the terms of the agreement, Seneca Capital has made a significant investment in Ambient and has been given the right to participate in selected future financings. In announcing the agreement, Mark Isaacson, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ambient. stated, "Seneca's investment represents a strong vote of confidence in our management team and sends a clear signal that the investment community is becoming aware of both the vast potential of power-line telecommunications technology as well as Ambient's and our division PLTsolutions's vital role in unlocking this potential. We are delighted to have them aboard." Ambient's technology facilitates Internet and high-speed data transfer by utilizing existing utility power-lines. The same electrical wiring that is ordinarily used to transmit electric power to individual homes and businesses can be used to transmit high-speed data. Ambient has developed and owns proprietary technologies that are designed to overcome any existing infrastructure limitations. This makes Powerline Telecommunications economically viable as a prime broadband delivery solution for homes and offices. Since this technology will also enable electric utilities and power companies to create a basket of utility products that will add value to utility operational services, the utility companies themselves have an understandable interest in the development of this technology. On July 27, 2000 Consolidated Edison Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (NYSE NYSE See: New York Stock Exchange :ED), the nations largest investor-owned energy company, announced that they have joined Ambient's PLTsolutions's Advisory Board and on August 16, 2000 also announced a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. which should lead to commercialization and deployment of the technology. On July 11, 2000 Sumitomo Electric Industry, Japan's largest manufacturer of electric wire and cable announced a joint pilot program with Ambient whose objective is to harness Ambient proprietary technology for the Japanese market. Isaacson also stated, "The strong support and interest from both Wall Street and the utility companies in Ambient and in our PLTsolutions Inc. division is most gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. . We welcome Seneca into the Ambient family." About Seneca Capital: Seneca Capital is a New York-based private investment partnership. About Ambient: Ambient Corporation (OTC BB: ABTG) is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. incorporated in the United States that operates technology companies in both Israel and the US, focusing on Power Line Telecommunication (PLT PLT psittacosis-lymphogranuloma venereum-trachoma (group); see Chlamydia. PLT psittacosis-lymphogranuloma venereum-trachoma (group). ), telephony-related product offerings, Internet and E-Commerce for a variety of exciting new consumer applications, plus a basket of utility related services. This press release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by Ambient Corporation with the SEC, including the company's most recent report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Ambient is a trademark of Ambient Corporation registered in the U.S. Patent and Trademark Office. |
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