American Technology Corporation and General Dynamics Armament and Technical Products, Inc. Resolve
Licensing Dispute
SAN DIEGO--(BUSINESS WIRE)--April 28, 2004--American Technology
Corporation (Nasdaq:ATCO) today announced that it and General Dynamics
Armament and Technical Products, Inc. (GD-ATP) have mutually agreed to
resolve their disputes in an amicable manner, and to dismiss the
arbitration proceedings brought in connection with the two license and
sale agreements to which they were a party. After due investigation of
the disputes, GD-ATP and ATC agreed that neither was liable to the
other and that no party engaged in any wrongdoing. The resolution has
resulted in the termination of the two agreements, and in ATC assuming
GD-ATP's role in servicing certain LRAD customers previously serviced
by GD-ATP.
About American Technology Corporation
American Technology Corporation is Shaping the Future of Sound(R)
by developing and licensing its technology and intellectual property
portfolio which includes: the award-winning HSS(R) (HyperSonic(R)
Sound Technology); NeoPlanar(R) Technology; LRAD(TM) (Long Range
Acoustic Device); PureBass(R) Sub-Woofer Technology; and Stratified
Field(R) Technology (SFT(R)). The Company is establishing a strong
portfolio of patents, trademarks, and intellectual property including
over 140 U.S. and foreign patents and patent filings to date. For more
information on the company and its technologies and products please
visit our web site at www.atcsd.com.
Safe Harbor statement under the Private Securities Litigation
Reform Act of 1995: Except for historical information contained
herein, the matters discussed are forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act. You should
not place undue reliance on these statements. We base these statements
on particular assumptions that we have made in light of our industry
experience, the stage of product and market development as well as our
perception of historical trends, current market conditions, current
economic data, expected future developments and other factors that we
believe are appropriate under the circumstances. These statements
involve risks and uncertainties that could cause actual results to
differ materially from those suggested in the forward-looking
statements, including but not limited to changes in the sound
reproduction industry, our ability to develop future products,
technology shifts, potential technical or manufacturing difficulties
that could delay products, competition, pricing pressures, the
uncertainty of market acceptance of new products and services by
customers, warranty or other claims, the outcome of pending or future
litigation, general economic factors and other risks identified and
discussed in the Company's filings with the Securities and Exchange
Commission. These forward-looking statements are based on information
and management's expectations as of the date hereof. Future results
may differ materially from the Company's current expectations.
American Technology Corporation disclaims any intent or obligation to
update those forward-looking statements, except as otherwise
specifically stated.
CONTACT: American Technology Corporation
Investor Relations:
Robert Putnam, 858-679-3168
robert@atcsd.com
or
Media Inquiries:
Don Mathias, 949-855-4520
dwmath@aol.com
SOURCE: American Technology Corporation |
