American Technology Corp. Announces $10 Million Institutional Financing.Business Editors/High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--July 17, 2003 New Capital to Accelerate Marketing, Sales and Deliveries of ATC's Core Sound Technologies and Products American Technology Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ATCO ATCO Air Traffic Control Officer ATCO Association of Transport Coordinating Officers (UK) ATCO Air Tanker/Fixed Wing Coordinator ATCO Aviation Transportation Coordination Office ATCO Air Taxi and Commercial Operator ) announced today that it received $10 million in institutional financing through the sale of common shares and warrants to selected institutional investors. The institutions are well known technology investors including Vertical Ventures Investments, Special Situations Funds and SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. Merchant Fund. The company expects to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from this institutional financing for marketing, sales and deliveries of its proprietary core sound technologies and products including Generation II HSS HSS Humanities and Social Sciences HSS High Speed Steel HSS Home Subscriber Server (3GPP) HSS Hospital for Special Surgery (New York, NY, USA) HSS Hospital for Special Surgery HSS History of Science Society (R) highly directional sound systems, its long range sound products (LRAD LRAD Long Range Acoustic Device (non-lethal weapon that creates a directed beam of earsplitting noise) LRAD Long-Range Alpha (Particle) Detection LRAD Licentiate of the Royal Academy of Dance (TM) and HIDA HIDA Health Industry Distributors Association HIDA Hepatobiliary Iminodiacetic Acid (scan to evaluate galbladder) HIDA High Intensity Directional Acoustics (American Technology Corporation and Carver Corporation) (TM) and thin panel NeoPlanar(R) speakers as well as for general working capital. "This funding accelerates our corporate mission of Shaping the Future of Sound(TM) by strengthening our balance sheet and providing the resources to expand our sales force and speed deliveries of our revolutionary audio products to original equipment manufacturers and government and military agencies," said James Irish, 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 American Technology Corp. The proceeds are in exchange for 1,818,180 shares of the company's common stock and warrants to purchase 454,547 shares of the company's common stock. The shares of common stock were sold at a price of $5.50 per share and the warrants have an exercise price of $6.75 per share. The warrants are immediately exercisable and expire in July 2007. If exercised, the warrants could generate up to an additional $3 million in proceeds to American Technology. The common stock and warrants to purchase common stock have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. without a registration statement or exemption from registration. The company has agreed to file a registration statement on the securities. The company's Form 8-K, to be filed with the SEC, will provide a description of this transaction and copies of the executed documents. About American Technology Corp. American Technology Corp. is Shaping the Future of Sound(R) by developing and licensing its technology and intellectual property portfolio which includes: the award-winning HSS(R) (HyperSonic hy·per·son·ic adj. Of, relating to, or capable of speed equal to or exceeding five times the speed of sound. hy (R) Sound Technology); NeoPlanar(R) Technology; PureBass(R) Sub-Woofer Technology; HIDA(TM) (High Intensity Directed Acoustics), LRAD(TM) (Long Range Acoustic Device The long range acoustic device (LRAD) is a crowd-control and hailing device developed by American Technology Corporation. The equipment weighs 45 pounds (20 kg) and can emit sound in a 15 to 30° beam (only at high frequency) from a device 33 inches (83 cm) in ) and Stratified stratified /strat·i·fied/ (strat´i-fid) formed or arranged in layers. strat·i·fied adj. Arranged in the form of layers or strata. Field(R) Technology. The company is establishing a strong portfolio of patents, trademarks, and know-how including over 138 U.S. and Foreign patents and patent filings to date. For more information on the company and its technologies and products visit our web site at www.atcsd.com. Safe Harbor statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This document contains forward-looking statements relating to future transactions, performance, technology and product development which may affect future results and the future viability of the company. Actual results could be affected or differ materially from those projected in the forward-looking statements as a result of risks and uncertainties, including the ability of the company to continue as a going concern, development of future products, technological shifts, potential technical or manufacturing difficulties that could delay new products, competition, general economic factors, pricing pressures, the uncertainty of market acceptance of new products and services by OEMs and end-user customers, and other factors identified and discussed in the company's most recent filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from the company's current expectations. American Technology Corp. disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated by it. Editors Note: HyperSonic Sound, HSS, NeoPlanar, PureBass, HIDA, LRAD, and Shaping the Future of Sound are trademarks or registered trademarks of American Technology Corp. All other company, product, and service names are the property of their respective owners. (C) Copyright 2001 e.Digital Corp. All rights reserved. |
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