Ambient Corporation Announces Resignation from Board of Directors
NEWTON, Mass., Sept. 19, 2013
NEWTON, Mass., Sept. 19, 2013 /PRNewswire/ -- Ambient Corporation (NASDAQ:
AMBT), provider of a secure, flexible, and scalable smart grid communications
and applications platform, announced today that Mr. Shad L. Stastney has
resigned from the Company's Board of Directors. Mr. Stastney tendered a letter
of resignation to the Company, which was accepted by the Board of Directors on
September 17, 2013. Mr. Stastney indicated that he thought his resignation was
in the best interest of the Company and that his resignation was not due to
any concern regarding Ambient. There has been no disagreement between the
Company and Mr. Stastney. Mr. Stastney served on the Company's Board of
Directors from 2008. He also served on the Finance Committee from September
2010 and as its Chair from August 2011.
John J. Joyce, President and CEO of Ambient Corporation, said, "I wish Shad
well in his future endeavors, and on behalf of the entire Board, I want to
express our appreciation of his contributions to Ambient and the Board."
Vicis Capital Master Fund, with which Mr. Stastney is associated, remains the
Company's majority stockholder and lender under a $5 million line of credit.
About Ambient Corporation
Ambient designs, develops and sells the Ambient Smart Grid^® communications
and applications platform. The Ambient Smart Grid products and services
include communications nodes; a network management system, AmbientNMS^®;
integrated applications; and maintenance and consulting services. Using open
standards-based technologies along with in-depth industry experience, Ambient
provides utilities with solutions for smart grid initiatives. Headquartered in
Newton, MA, Ambient is a publicly traded company (NASDAQ: AMBT). More
information on Ambient is available at www.ambientcorp.com.
Except for historical information, this press release contains statements that
may be deemed to be "forward-looking statements" made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These include statements relating to the diversification of our customer base,
further development and marketing of our communications platform and
cultivating projects with potential customers, among others. These
forward-looking statements are based upon our current expectations, estimates
and projections about our business and our industry and reflect our beliefs
and assumptions based upon information available to us at the date of this
release. We caution readers that forward-looking statements are predictions
based on our current expectations about future events. These forward-looking
statements are not guarantees of future performance and are subject to risks,
uncertainties and assumptions that are difficult to predict. Our actual
results, performance or achievements could differ materially from those
expressed or implied by the forward-looking statements as a result of a number
of factors, which could have a material adverse effect on our operations and
future prospects including, but not limited to, continuing compatibility of
our platform with new utility applications and requirements, our ability to
retain and attract customers, particularly in light of our dependence on a
single customer for substantially all of our revenue; our expectations
regarding our expenses and revenue, including our expectations that our
research and development expenses and selling, general and administrative
expenses may increase in absolute dollars; anticipated trends and challenges
in our business and the markets in which we operate, including the market for
smart grid technologies; our expectations regarding competition as more and
larger companies enter our markets and as existing competitors improve or
expand their product offerings; our plans for future products and enhancements
of existing products; our anticipated cash needs and our estimates regarding
our capital requirements; and our anticipated growth strategies. We undertake
no obligation to publicly update or revise any forward-looking statements.
Further information on the company's risks and uncertainties is available in
our filings with the Securities and Exchange Commission.
Ambient, Ambient Smart Grid and AmbientNMS are registered trademarks of
Ambient Corporation. Ambient Smart Grid Node, Ambient MiniNode and Ambient
MicroNode are trademarks of Ambient Corporation.
SOURCE Ambient Corporation
Contact: Joanna Hamblin, firstname.lastname@example.org, (617) 614-6793
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