American Technology Corp. Obtains $6 Million Investment to Accelerate Audio Incubator Strategy; Institutional Investor Acqua Wellington Leads Financing.Business Editors SAN DIEGO--(BUSINESS WIRE)--April 6, 2000 American Technology Corp. (Nasdaq: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 ) Thursday announced that it raised $6 million through a Series "C" Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". offering. ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered announced that the proceeds will accelerate its audio incubator strategy. An expanding technology portfolio will be presented at the company's Annual Meeting of Shareholders on April 11. Institutional investor Acqua Wellington and existing long-term shareholders of the company participated in the financing. "This funding enables us to accelerate our corporate strategy to position ATC, through royalty-bearing licensing agreements, at the forefront of audio technology and development," stated Con Brosnan, chairman, president and chief executive officer. "We look forward to demonstrating our progress and detailing our audio incubator strategy on April 11th." American Technology Corp.'s Annual Meeting of Shareholders is scheduled for Tuesday, April 11, 2000 at the California Center for the Arts in Escondido, Calif. About Acqua Wellington: Acqua Wellington Asset Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control manages a family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". targeted at investment opportunities among mid-cap and small-cap companies in domestic and global equity markets. About American Technology: American Technology is shaping the future of sound by developing and licensing its patented and patents-pending technology portfolio which includes: the award-winning 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 (TM) (HyperSonic(TM) Sound Technology) and SFT(TM) (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(TM) Technology) as well as MFW(TM) (Magnified Force(TM) Woofer); and FM Sounds(TM) consumer radio products. For more information on the company and its technologies and products, visit 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 press release contains forward-looking statements relating to future performance, sales, and product development that may impact on 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 risk factors such as: future products and results; technological shifts; competition; changes in retail distribution; general economic conditions in the markets in which the company operates; the ability of the company, its customers, and suppliers to solve latent Year 2000 compliance issues; pricing pressures; and the uncertainty of market acceptance of new products by distributors and customers. |
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