American Technology Corporation Announces Annual General Meeting of Stockholders; Company Reiterates
Guidance of Record Revenues in Fiscal 2005
Business Editors
SAN DIEGO--(BUSINESS WIRE)--March 21, 2005--American Technology
Corporation (ATC) (Nasdaq:ATCO), a leading innovator of proprietary
sound reproduction technologies, announced today that its Annual
General Meeting of Stockholders will be held on Thursday, April 28,
2005 at 2:00 p.m. Pacific Time. The meeting will take place at the
company's corporate offices in San Diego, and, as in past years, will
include a segment for the official business of the meeting, to be
followed by a segment where management will provide updates on the
Company's business, technology and financial performance. ATC will
also provide a live audio webcast of the meeting. Details of the
webcast will be announced before the meeting.
Elwood G. Norris, chairman and chief executive officer of ATC,
reiterated the company's latest revenue guidance. "As we announced
last month, revenues to date in fiscal 2005 have already surpassed
fiscal 2004 revenues. Due to the escalating demand for our proprietary
sound reproduction technologies from government, military and
commercial customers, we are projecting a substantial increase in
revenues for fiscal 2005 compared to fiscal 2004. We look forward to
presenting the latest information on ATC and our growing business in
upcoming company releases and following the official business at our
April 28, 2005 annual meeting of stockholders."
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) planar magnetic technology and others. The
Company is establishing a strong portfolio of patents, trademarks, and
intellectual property including over 160 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 Non-Executive Compensation
In accordance with NASDAQ Marketplace Rule 4350, as amended,
American Technology Corporation granted inducement stock options to
certain of its employees on March 16, 2005.
These options were granted without stockholder approval pursuant
to NASDAQ Marketplace Rule 4350(i)(1)(A)(iv) under the following
terms: An aggregate of 24,000 non-qualified stock options were granted
to two non-executive employees with an exercise price equal to the
fair market value on the grant date. Each option has a five-year term
and vests 25% on the first anniversary of the grant date and then
quarterly thereafter for the next 12 quarters, subject to continued
employment and other conditions.
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, the need for market acceptance of our sound
reproduction technologies, entry of competitors in the sound
reproduction market, the possibility our intellectual property
protections will not prevent others from marketing products similar to
or competitive with our products, our ability to develop future
products which maintain a competitive advantage over competing
products, pricing pressures, technology shifts, potential technical or
manufacturing difficulties that could delay products, possible
government regulations, general economic and political factors which
influence buying decisions, and other risks identified and discussed
in our 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 our 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
Robert Putnam, 858-679-3168 (Investor relations)
robert@atcsd.com
or
Don Mathias, 949-855-4520 (media)
dwmath@aol.com
21Mar05 21:15 GMT |
