American Technology Corporation Names Michael A. Russell Chief Financial Officer; Brings 20+ Years of
Experience to CFO Position
SAN DIEGO--(BUSINESS WIRE)--June 22, 2004--American Technology
Corporation (ATC) (NASDAQ: ATCO) an innovator, marketer and global
distributor of proprietary focused and controlled sound reproduction
technologies and products, today announced Michael A. Russell as the
company's new chief financial officer. Carl Gruenler, who was serving
as interim chief financial officer, returns to full time service as
vice president of ATC's Government and Force Protection Group.
Russell has over 20 years experience as a senior financial
executive. He has held senior financial management positions in both
private and public technology companies including Metallic Power, HNC
Software (now a part of Fair Isaac, Inc.), Onebox Networks,
Cerwin-Vega and Vitesse Semiconductor. Russell holds an MBA and also a
bachelor's degree in engineering from UCLA.
"Mike has successfully built financial organizations with his
'hands-on' style, establishing and maintaining his role as a financial
leader and communicator both inside and outside the companies for
which he has worked," remarked Kalani Jones, ATC's president and chief
operation officer. "His education and background are ideal for
understanding both our financial and technical operations. We welcome
Mike as a key member of our senior management team and thank Carl for
his exemplary service as interim CFO. Carl is again giving full time
attention to leading ATC's rapidly growing Government and Force
Protection Group."
"I am excited to be joining ATC at a time when it appears poised
for sustained growth through increasing military and commercial
acceptance of its revolutionary sound technologies," said Russell. "I
look forward to working with ATC's talented management team, combining
my experience with theirs in Shaping the Future of Sound(R)."
Separately, the Company announced Joseph A. Zerucha has resigned
as vice president of sales and marketing of the Business Group. Kalani
Jones will lead ATC's Business Group in the interim until the Company
appoints a vice president to head the division.
"We are making good progress in marketing, test installations and
sales of our HSS(R) products, especially to the burgeoning digital
signage market," said Jones. "With the July rollout of HSS Generation
III, featuring higher SPL, lower distortion, slimmer profile and
reduced cost, we anticipate accelerating growth of our HSS business."
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); LRAD(TM) (Long Range Acoustic
Device); NeoPlanar(R) Technology; 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.
About Mr. Russell's Compensation
In accordance with NASDAQ Marketplace Rule 4350, as amended, the
Company will grant inducement stock options to Mr. Russell. The grant
will occur no later than 30 days following Mr. Russell's commencement
of employment. These options are being granted without stockholder
approval pursuant to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv) under
the following terms: the options will have an exercise price equal to
the fair market value of the Company's common stock on the grant date,
five-year duration (subject to earlier termination upon termination of
his continuous service), and vesting 25% on the first anniversary of
grant, and then in equal quarterly installments over the following
three years of continuous service with the Company.
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 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 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 |
