American Technology Corporation Announces Settlement with HST Inc.Business Editors/High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--Sept. 24, 2003 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 ) today announced the settlement of its legal dispute with HST (1) See Hubble Space Telescope. (2) An earlier asymmetrical modem protocol from U.S. Robotics that included error control and compression and transmits from 4800 to 14400 bps in one direction and from 300 to 400 bps in the other. Inc. The company agreed to pay a total of $458,000 for 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 related inventory and production costs, and to issue 100,000 shares of restricted common stock as settlement of all litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . As part of the settlement, the company and HST also entered into a nonexclusive royalty-bearing license allowing HST to manufacture and sell speakers based on ATC's 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 technology (SFT(R)) and a related ATC subwoofer technology. The company will amend its Form 10-Q for the quarter ended June 30, 2003, where a non-binding agreement in principle to settle this litigation was first disclosed, to reflect a $950,000 accrual during the third fiscal quarter for the estimated cash and non-cash costs of this settlement. The company does not expect to record further substantial charges related to this settlement. "We are pleased this agreement ends the legal proceedings and provides the opportunity for future revenues from Stratified Field Technology products," said Elwood G. Norris, chairman of American Technology Corp. "Settlement allows us to focus on growing our business through increasing deliveries of our revolutionary HSS, NeoPlanar(R), 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) sound products." Stratified Field is a thin film, non-magnetic, speaker technology that allows for flexible form factors and offers high-end, professional sound quality at competitive pricing. 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(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 SFT(R) (Stratified 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. |
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