LRAD Corporation was named American Technology Corporation until stockholders approved a name change on March 24, 2010 at the annual general meeting. Along with the name change, the NASDAQ ticker symbol was changed from ATCO to LRAD.
LRAD Corporation was founded in 1980 as American Technology Corporation and recapitalized in 1992. In May 1996, the company launched its HyperSonic® Sound (HSS) technology and began engineering sound solutions for the commercial and government/force protection system markets. In 2000, the company purchased and subsequently improved its NeoPlanar® technology which has both commercial and government applications. In response to the October 2000 attack on the USS Cole, the company developed and introduced a revolutionary Long Range Acoustic Device (LRAD™) .
At a special meeting of the stockholders held on 6/2/2010, the spin-off of the HSS business into Parametric Sound Corporation was approved. Woody Norris subsequently resigned from LRAD Corporation and will head-up Parametric Sound, which will be traded separatetly via pinksheets.com. Norris and other insiders disclosed that they would benefit from the spin-off. LRAD shareholders are to receive a dividend of one share of Parametric Sound for every two shares of LRAD stock owned.