The Following is a Direct Communication From the Chairman, CEO, and President of American Technology Corp.Business Editors SAN DIEGO--(BUSINESS WIRE)--Sept. 27, 2001 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 ): September 27, 2001 Dear Shareholder, In light of the tragic events that occurred in our nation on September 11th and the attendant economic and market uncertainties, we wanted to take this opportunity to update you and provide some guidance in this brief letter. After having met or spoken with our current and prospective licensees as well as our military contacts, management does not expect the terrorist acts to delay product development, implementation or commercialization of our technologies. In fact, some of our military business is now expected to grow as funding is becoming available for a variety of applications that only our technologies, in particular, 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), can address. In the military arena, both the U.S. Army and Navy attended HSS demonstrations and presentations by 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 representatives recently. In particular, they have requested that we submit formal proposals to them to accomplish specific objectives that require highly directional sound
Directional Sound . These involve the areas of countermine, counteroffense, semi-secure non-radio communications, and ship defense against approaching vessels with uncertain intentions. We have completed some of the proposals and we are working with these agencies as well as military contractors to exploit the benefits of our proprietary technology and intellectual property. As mentioned in past shareholder communications, we intend to build long-term relationships with the defense establishment where we see growth potential and as a hedge against cyclical and uncertain economic times. ATC's audio technologies are more than simple replacements for existing methods of sound reproduction. Our technologies are revolutionary, providing benefits to licensees and customers that have not been made possible before. HSS is the first commercially available parametric array The parametric array is a nonlinear transduction mechanism that generates narrow, nearly sidelobe free beams of low frequency sound, through the mixing and interaction of high frequency sound waves, effectively overcoming the diffraction limit (a kind of spatial 'uncertainty loudspeaker loudspeaker or speaker, device used to convert electrical energy into sound. It consists essentially of a thin flexible sheet called a diaphragm that is made to vibrate by an electric signal from an amplifier. , and its implementation offers the first cost-effective way to project a beam of sound to a precise location. The list of anticipated applications such as advertising, drive-through point of sale, personal communications, consumer electronics and military applications is growing, as is our list of interested customers. Our 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), NeoPlanar(TM), and PureBass(TM) acoustic technologies are being commercialized; products are moving toward volume manufacture, and further licensing activities are underway. These technologies offer extremely high fidelity high fidelity n. The electronic reproduction of sound, especially from broadcast or recorded sources, with minimal distortion. high , are light weight, and have several other favorable attributes that have previously proved elusive to electronic product, loudspeaker, and automobile manufacturers. Stratified Field consumer products are being implemented by our licensee, Thomson. NeoPlanar has been licensed by Harman International. We are on schedule to support NeoPlanar's accelerated introduction into automobiles as well as into other audio products and environments. We are pleased to report that revenue derived from our intellectual property base is growing, and that the value of our technical work is being validated by successful evaluations, industry acceptance and licensing agreements. We thank you, our shareholders, for your support and look forward to further communications about specific progress in the days ahead. Sincerely, Elwood G. Norris Chairman & 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. Terry Conrad President 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(TM) (HyperSonic hy·per·son·ic adj. Of, relating to, or capable of speed equal to or exceeding five times the speed of sound. hy (TM) Sound Technology); Stratified Field(R) Technology; NeoPlanar(TM); PureBass(TM) Sub-Woofer Technology; and FM Sounds(TM) consumer radio products. The company is establishing a strong portfolio of patents, trademarks and know-how including over 110 U.S. and foreign patents and patent filings to date. For more information on the company and its technologies and products please visit our Web site at www.atcsd.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future performance, technology and product development that 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 future products and results, technological shifts, potential technical 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. |
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