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November
24, 2003
08:30 AM US Eastern Timezone
Ambient Announces Award of Additional Patent; Ambient's Successful Funding Results in Release of Lien on Its Technology
NEWTON,
Mass.--(BUSINESS WIRE)--Nov. 24, 2003--Ambient Corporation (OTCBB: ABTG),
a leader in Power Line Communications technology (PLC), today announced
the award of U.S. Patent Number 6,646,447 for "Identifying One
of a Plurality of Wires of a Power Transmission Cable."
Dr. Yehuda Cern, Chief Engineer of Ambient Corporation, stated, "This
patent represents another important step in the expansion of the use
of underground medium voltage distribution cables to carry high speed
data signals."
John J. Joyce CEO added, "The award of our new patent is another significant addition to Ambient's expanding patent portfolio."
Additionally, on November 20, 2003, Ambient completed the private placement of approximately $4.6 Million of its three-year 6% convertible debentures. In connection with this funding, Consolidated Edison Company of New York, Inc., Ambient's principal stockholder and development partner released its lien on the Company's assets previously granted to secure advances made to Ambient.
This funding, coupled with the continued progress in the Company's patent portfolio, will enable Ambient to move its technology towards commercialization, enter into new strategic development relationships and respond to global opportunities for power line communications.
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 us at www.ambientcorp.com.
This press
release may contain forward-looking statements that involve risks and
uncertainties. These statements may differ materially from actual future
events or results. Readers are referred to the documents filed by Ambient
Corporation with the SEC, including the company's most recent report
on Form 10-KSB and 10-QSB, which identify important risk factors that
could cause actual results to differ from those contained in the forward-looking
statements. Ambient is a trademark of Ambient Corporation registered
in the U.S. Patent and Trademark Office.
Contacts
Ambient Corporation
Anna E. Croop, 617-332-0004, ext. 210
anna.croop@ambientcorp.com
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