Ambient Corporation Concludes Private Financing Agreement With The Gemini Funds Technology Investment Firm; Concludes Significant Investment on Behalf of Their Managed Funds.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 14, 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 an agreement with The Gemini Funds. Gemini, listed among Wall Street's premier technology investment funds, has made a significant investment in Ambient Corp. In announcing the investment, one of a number of major Wall Street technology funds to invest in Ambient Corp. in the past two months, 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 Corp. stated, "Gemini and other well-known Wall Street investment firms, are sending a clear signal as to their belief in the vast potential of power-line telecommunications technology, as well as Ambient Corp.'s vital role in unlocking this potential. We are delighted to have funds such as these as a continued affirmation of our business plan and direction." Ambient's PLTsolutions' 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 PLT PLT psittacosis-lymphogranuloma venereum-trachoma (group); see Chlamydia. PLT psittacosis-lymphogranuloma venereum-trachoma (group). economically viable as the prime broadband channel for homes and offices. 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, such as load balancing and automatic meter reading Automatic meter reading, or AMR, is the technology of automatically collecting data from water meter or energy metering devices (water, gas, electric) and transferring that data to a central database for billing and/or analyzing. . The idea of using electric power-lines to transmit multi-media telecommunications is revolutionary, and the utility companies themselves have an understandable interest in the development of this technology. On July 27, 2000 Consolidated Edison 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 had joined the Ambient Advisory Board. On August 16, 2000 Ambient and ConEd 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. Mark Isaacson CEO of Ambient Corp. further stated, "The recent attention we at Ambient have received from both utilities and investment banking firms has of course been 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. , but it is in equal measure, well conceived. I think both sectors are coming to realize the awesome possibilities of power-line technology as well as Ambient's unique position in the realization of those possibilities." About The Gemini Funds: The Gemini Funds are New York based private investment funds. 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 focusing on Power Line Telecommunication (PLT), 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 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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