American Technology Corporation Announces New Directed Sound Business Developments at Annual Meeting of Shareholders; HSS(R) and Automotive NeoPlanar(R) Installations Reported
SAN DIEGO--(Business Wire)--May 5, 2006--
American Technology Corporation (ATC) (Nasdaq:ATCO), a leading innovator of commercial, government, and military directed sound products and solutions, announced new directed sound business developments at its annual meeting of shareholders held yesterday in San Diego.
The formal business of the meeting included the election of Elwood G. Norris, John R. Zavoli, Tom Brown, David J. Carter, Daniel W. Hunter, and Admiral Ray Smith to the Company's board of directors, ratification of Swenson Advisors, LLP, as the Company's independent auditors for its fiscal year ending September 30, 2006, the approval of certain terms of the Company's July 2005 financing, and the defeat of a stockholder proposal. After the conclusion of the formal business of the meeting, Elwood G. Norris, the Company's founder and chairman, offered introductory remarks including thanking out-going board member Richard Wagner for his 20 years of service to the Company's board of directors. After his remarks, Norris turned the time over to John R. Zavoli, ATC's president and chief operating officer, for management's presentation.
Zavoli began the presentation by outlining key company accomplishments over the five-month tenure of the new management team including:
-- Adding two independent directors to the Company's board
-- Building a new management team with senior sales,
marketing, financial, and operations experience
-- Creating ATC's first marketing organization
-- A successful facility move
-- Hiring and ramping up product builds with a qualified
non-exclusive contract manufacturer
-- Obtaining a favorable jurisdiction ruling to facilitate
and expedite foreign exports of LRAD(TM) products
-- Instituting company-wide processes and procedures for
future growth
Zavoli then addressed the Company's unique industry-changing products and technologies that focus and direct sound, and the success ATC has had in proving its directed sound solutions to early market innovators and adapters. He also spoke of the Company's efforts in dealing with growing pains through streamlining operations, processes and procedures, focusing on core competencies, and expanding ATC's marketing presence through national and international resellers, distributors, and channel partners.
"Beyond volume and tone, ATC is commercializing a third dimension of sound - directionality," remarked Zavoli. "Our directed sound products enable users to place sound where they want it and provide directional silence in areas of their choice. Our audio solutions free users from many environmental factors, offer virtual sourcing, and facilitate the shaping of sound.
"We are quickly putting in place our marketing strategy, which includes moving from stand-alone products to integrated products and systems," said Zavoli. "A transition from an R & D organization to a profitable sales and marketing company must include understanding which market segments will accept our directed sound products and how we can dominate them."
Zavoli outlined some of the markets, by product, in which ATC is currently engaged:
HSS(R)
-- Digital signage
-- Narrowcasting (for museums, retail stores, airports,
hospitals, amusement parks and other venues)
-- Personalized listening stations (replacement for public
headphones, point of sale displays, and other applications)
LRAD(TM)
-- Public safety (crowd control, outdoor communications)
-- Security/perimeter surveillance (ships, oil rigs, nuclear
plants, prisons, and other critical infrastructure)
-- Military (force protection, psychological operations,
checkpoints, maritime and other areas requiring intelligible
communications and long-range hailing and warning to determine
intent)
NEOPLANAR(R)
-- Mass notification/public address systems
-- Mass communication systems
-- Vehicle cabins
SOUNDVECTOR(TM)
-- Back-up alarms
-- Emergency sirens
During the presentation, Zavoli announced the following new business developments:
-- In addition to on-going HSS installations in select Kroger and
Wal-Mart de Mexico stores, new HSS installations in select
Meijer superstores
-- HSS installations in the Henry Ford Museum and other venues
-- ATC is working with a major defense contractor on an
integrated non-lethal weapons system incorporating LRAD
-- Licensee ECCO launched its first SoundVector-based back-up
alarm product at a trade show in France last week
-- ATC unveiled its newest HSS product, the H-460, which features
higher output and greater clarity
-- The first NeoPlanar automotive installations through licensee
Harman International
"As we announced today, we will be releasing our Q2 fiscal 2006 financial results and holding our first quarterly conference call on May 9th," concluded Zavoli. "While we have made progress in many areas of our business over the last six months, we know more is required. With our directed sound products gaining traction in certain markets, and with the assistance of our board, management team and employees, we are confident that we can become profitable and be successful in Shaping the Future of Sound(R)."
About American Technology Corporation
American Technology Corporation is Shaping the Future of Sound(R) through its proprietary directed sound products and technologies which include: the award-winning HSS(R) (HyperSonic(R) Sound technology); LRAD(TM) (Long Range Acoustic Device) products family; NeoPlanar(R) products family, Sound Vector(TM) technology, and others. The Company is establishing a strong portfolio of patents, trademarks, and intellectual property including over 320 U.S. and foreign patents and pending patent applications 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, the performance of our management team, market acceptance of our directed sound technologies and products, entry of competitors, the possibility our intellectual property protections will not prevent others from marketing products similar to or competitive with our products, potential technical or manufacturing difficulties that could delay product deliveries or increase warranty costs, 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. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the company's Form 10-K for the year ended September 30, 2005. American Technology Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
American Technology Corporation Investor Relations: Robert Putnam, 858-676-0519 robert@atcsd.com or Media Inquiries: Don Mathias, 949-855-4520 dwmath@aol.com
Copyright Business Wire 2006 05May06 12:30 GMT
Symbols: de;TC1 us;ATCO |
