AMBIENT RETIRES APPROXIMATELY $2.4 MILLION OF LONG-TERM DEBT
Security Interest on Ambient Property is Terminated
Boston, MA, July 2, 2007 - Ambient Corporation (OTCBB: ABTG), a leader in Broadband over Power Lines (BPL) solutions, today announced that it has made the July 2007 payment on its 8% Senior Secured Convertible Debentures in cash and also pre-paid in cash an additional $1,952,700 of these Debentures.
Following the payments made today, the security interest on Ambient’s intellectual property in favor of the Debenture holders has been released. Additionally, the accompanying restrictions on Ambient with respect to certain corporate transactions have also been terminated. These developments position Ambient to secure long-term funding on more favorable terms. Additionally, these cash payments significantly reduce further dilution associated with the monthly issuances of below market-price stock to repay principal and interest on the Debentures. Ambient has also advised the Debenture holders that it intends to pay in cash the August 2007 Debenture payment.
John J. Joyce, President and CEO of Ambient, stated, “Our focus continues to be on four primary goals and objectives: stabilizing the capital structure, increasing revenues, enhancing our technology while protecting our intellectual property, and fostering the creation of industry standards. These are what will position Ambient for its future growth.”
Mr. Joyce continued, “Paying down the Debentures is yet another step in the stabilizing of our capital structure and positioning the Company for securing more favorable longer-term funding.”
About Ambient Corporation
Ambient is a pioneer in the Broadband over Power Lines (BPL) industry and is engaged in the design, development and marketing of patented, FCC-certified BPL equipment and technologies. Ambient utilizes proprietary technology and in-depth industry experience to provide optimal solutions for Smart Grids and the Broadband Access and In-Premise markets. Headquartered in Newton, MA, Ambient is a publicly traded company (OTCBB: ABTG). Visit Ambient at www.ambientcorp.com.
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that 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, including but not limited to, changes in economic conditions generally and the broadband over power lines (“BPL”) market specifically, changes in technology, legislative or regulatory changes that affect us, the availability of working capital, changes in costs and the availability of goods and services, the introduction of competing products, changes in our operating strategy or development plans, our ability to attract and retain qualified personnel, and changes in our acquisition and capital expenditure plans, and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1 of our Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
Ambient is a trademark of Ambient Corporation registered in the U.S. Patent and Trademark Office.
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