Synopsis.. May 28, 2004 08:00 AM US Eastern Timezone
American Technology Corporation Reports Highlights of Annual Meeting of Shareholders; New Management Team Provides Updated Business and Revenue Guidance
SAN DIEGO--(BUSINESS WIRE)--May 28, 2004--American Technology Corporation (ATC) (Nasdaq:ATCO), an innovator, marketer and global distributor of focused and controlled sound reproduction technologies and products, reported the highlights of its Annual General Meeting of Shareholders held yesterday in San Diego.
The formal business of the meeting included the ratification of BDO Seidman, LLP, as the Company's independent auditors for its fiscal year ending September 30, 2004, and the election of Elwood G. Norris, Kalani Jones, Richard M. Wagner, David Carter and Daniel Hunter to the Board of Directors. After the conclusion of the formal business of the meeting, Kalani Jones, president and chief operating officer, Joseph A. Zerucha, vice president of the company's Business Group, and Carl Gruenler, vice president of the company's Government and Force Protection Group, gave business and technology presentations.
MEETING HIGHLIGHTS BY PRESENTERS
Kalani Jones - President and COO
-- ATC is on its way to being globally recognized as the provider of
innovative, shaped and highly intelligible sound technologies and
products.
-- A new senior management team has been engaged, and two divisions
-- the Business Group and the Government and Force Protection
Systems Group -- have been created to provide focus and
accountability.
-- ATC has instituted several internal process changes to produce,
through manufacturing partnership, high quality products. These
changes include phase gate development, internal design review and
rigorous product testing.
-- ATC is working with announced and unannounced partners to support
the global distribution and expansion of the company's proprietary
sound technologies and products.
-- The Business Group is focused on selling HSS(R) products via
large, multi-million dollar programs and through global
distribution partners.
-- The Government and Force Protection Systems Group is focused on
the U.S. military market and leveraging into other U.S. and
international government sales.
Joseph A. Zerucha - Vice President of the Business Group
-- Division strategy: Implementing HSS distribution and
infrastructure to support revenue growth through direct sales,
indirect sales (through distribution channels), components sales
and licensing partnerships.
-- HSS Generation 2/BR is currently shipping.
-- Rolling out HSS Generation 3 in July. Generation 3 features:
-- Higher SPL (louder)
-- Lower distortion (cleaner sound)
-- Slimmer profile
-- Current products being sold include: HSS S120/BR and S220/BR;
NeoPlanar SoundBar 100, 300, 900 and Winged 8" drivers.
-- Addition of PEMSTAR as manufacturing partner.
-- Multiple, multi-million dollar HSS programs in various stages of
evaluation include:
-- Fortune 50 international goods company
-- Multi-billion dollar U.S. Government services organization
-- Fortune 50 international food services enterprise
-- Major advertising agency on behalf of a Fortune 500 beer
enterprise
-- Major advertising agency on behalf of fast food industry giant
-- Global news and advertising company
-- HSS marketing and sales focused on: brand managers, advertising
agencies, digital signage, point-of-decision, point-of-purchase,
eye-care offices, museums, grocery stores, retail outlets,
in-store networks, suppliers to trade show exhibits and others.
-- Recent HSS exposure through:
-- Distributor in France received an award for Best Product at
prestigious Paris exhibition
-- Showcased by Wired Magazine at their recent NextFest.2004
-- Installed in McDonalds at the Smithsonian National Air and
Space Museum
-- Featured on "The Today Show" (NBC - May 26)
-- Bellagio (Las Vegas) placing HSS in lobby atrium
-- ATC has established resellers in the U.K., France, Spain, Italy,
Greece, Japan and Korea, and is in negotiations with resellers in
16 other countries.
-- HSS revenue is growing as current and prospective customers gain
more experience and success implementing this industry-changing
technology into their products and applications.
Carl Gruenler - Vice President of the Government and Force Protection
Systems Group
-- Division strategy: To be the pre-eminent acoustic provider for
government and force protection, and to provide new-generation
intelligibility solutions for the worldwide government and
industry security market.
-- Focused on selling versions of the company's Long Range Acoustic
Device (LRAD(TM)), hardened NeoPlanar(R) products and a new
military sound system (5MC) announced today as stand-alone
products or integrated into military programs of record.
-- Current customers with product deployments include: U.S. Navy,
U.S. Marine Corps, U.S. Army and U.S. Coast Guard. Potential
customers ATC is working closely with include: U.S. Border Patrol,
Port Authority New York/New Jersey, New York Police Department and
others.
-- Markets/Uses for LRAD include: maritime, stationary, vehicular,
and airborne, plus asset and infrastructure protection; waterside
force protection, crowd control, area denial of personnel,
clearing buildings, psyops and anti-terrorism force protection.
-- Markets/Uses for NeoPlanar include: replacement for old-technology
speaker systems, new construction, physical security and
notification, aircraft hangars and flight lines, public address
systems, and force protection.
-- Markets/Uses for new 5MC military speaker system include: flight
decks, amphibious well decks, public address systems (large
areas), emergency notification (large areas) and force protection.
-- Working with multiple U.S. and international partners.
Kalani Jones concluded the management presentation by:
-- Giving revenue guidance of $2 million for the quarter ending June
30, 2004, and stating the company would provide further revenue
guidance next quarter.
-- The Government and Force Protection Systems Group is expected to
outperform the Business Group this quarter; however, HSS sales are
expected to increase over the most recent previous quarter ended
March 31, 2004.
-- ATC is searching for a chief financial officer and expects to
continue to invest in sales and marketing resources and product
engineering resources to drive accelerated revenue growth from a
growing portfolio of innovative sound solutions.
"We have made substantial organizational, technology, product and business progress this past year," Jones concluded. "We are Shaping the Future of Sound(R) by leveraging our substantial body of intellectual property to drive significant revenue growth for the company and our shareholders, and creating new revenue opportunities for our growing list of global customers."
About American Technology Corporation
American Technology Corporation is Shaping the Future of Sound(R) by developing, manufacturing and globally distributing its proprietary sound technologies and products, which include: 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. |
