American Technology Corp. and Henschel, a Division of L-3 Communications, Announce Letter of Intent Henschel to License ATC's Acoustic Technologies for Naval Use Under Proposed Licensing Agreement
SAN DIEGO, Apr 27, 2001 (BUSINESS WIRE) -- American Technology Corp. (NASDAQ: ATCO chart, msgs), a licensor of innovative new sound technologies, today announced that it has signed a Letter of Intent (LOI) with Henschel, a wholly-owned division of L-3 Communications Corp. (NYSE: LLL chart, msgs), under which Henschel intends to license certain ATC audio reproduction technologies including HSS(TM) and arrange to purchase or manufacture devices for naval uses.
The LOI anticipates that if remaining testing and negotiations are successful, license fees would be paid to ATC, and royalties paid on sales made by Henschel to its customers.
Jon Miller, vice president of business development at Henschel, stated, "We look forward to further exploring applications for these audio technologies in installations for our naval customers around the world. ATC's unique technologies could have a positive effect in shipboard communications systems where light weight, unique audio features, and dependability are of prime importance."
Terry Conrad, president of ATC added, "In addition to revolutionary commercial and retail applications, several of our sound reproduction technologies are proving to be advantageous in military and shipboard applications. Henschel has a reputation and long-standing tradition of quality manufacturing for navies and government contractors and we are very pleased to be working with them."
About Henschel
The Henschel name is found on freighters sailing all the oceans of the world, on nuclear submarines traveling under the polar icecaps, on nearly every merchant ship around the world, and on every ship in the United States Navy fleet. Founded in 1919, Henschel is a major supplier to the United States Navy of communication systems and equipment; navigation data processing, distribution, and display; and ship control and monitoring systems and equipment; as well as control and monitoring systems for transportation and heavy industry applications. For more information on Henschel, a wholly-owned division of L-3 Communications, visit www.henschel.com.
About American Technology Corp.
American Technology Corp. is shaping the future of sound by developing and licensing its technology and intellectual property portfolio which includes: the award-winning HSS(TM) (HyperSonic(TM) Sound) and StratifiedField(TM) Technologies; NeoPlanar(TM) Technology; PureBass(TM) Sub-Woofer Technology; and FM Sounds(TM) consumer radio products. The company is establishing a strong portfolio of patents, trademarks, and know-how including over 100 U.S. and Foreign patents and patent filings to date. For more information on the company and its technologies and products, visit our Web site at www.atcsd.com.
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