NEWTON, MA, Nov. 4, 2003 — Ambient Corp. announced that it completed the private placement of $2,300,000 principal amount of its three year 6% Convertible Debentures and signed commitments to place an additional $2,300,000 of the debentures when the company’s registration statement covering the common stock underlying the debentures, filed on October 30, is declared effective by the Securities and Exchange Commission.
Additionally, the Company has issued and, when the registration statement is declared effective, will issue warrants to purchase up to 19,395,833 shares of common stock, exercisable at $.25 per share, to the purchasers of the debentures.
CEO John J. Joyce stated, “We are very pleased with the support of our investors. The completion of this round of funding will allow Ambient to more aggressively pursue commercial deployment opportunities and, at the same time, expand, and defend our portfolio of patents.” Joyce further stated, “This funding allows the Company to accelerate our commercialization efforts. Ambient is now positioned to: expand our existing field trials, leverage our national experimental license to pursue additional opportunities within the United States, and respond to global opportunities and strategic relationships”.
This round of funding completes the funding strategy first announced by the Company last summer. From the proceeds raised, the Company repaid the $400,000 of short-term indebtedness incurred this fall.
Joan S. Freilich, Executive Vice President and Chief Financial Officer for Consolidated Edison Inc., (NYSE: ED) Ambient’s largest stockholder and principal utility collaborator, stated, “”We continue to look for ways to enhance the energy services we provide to our customers through innovative technology and we are very pleased with the advances Ambient has made in this area. We look forward to continuing our successful partnership with Ambient.”
Chairman of Ambient’s Advisory Board, Senator J. Bennett Johnston, former Chairman of the U.S. Senate’s Energy and Natural Resources Committee and former Chairman of the Energy Appropriations sub-committee stated, “A fully funded Ambient is now in position to aggressively pursue opportunities in the market.” The Senator further stated, “I look forward to the commercialization of Ambient’s technology because it will provide significant benefits to our country: pervasive high-speed Internet access, enhanced utility services and new approaches to energy conservation.”
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.
About Ambient Corporation
Ambient Corporation (OTC BB: ABTG) is a development stage company engaged in the design, development and marketing of equipment and technologies that utilize existing electrical power medium voltage and low voltage distribution lines as a medium for the delivery of broadband and other communication services. The use of an electric power distribution system as a high-speed communication medium is commonly referred to as “power line communication” or “broadband over power lines.” Visit www.ambientcorp.com.