AMERICAN TECHNOLOGY CORPORATION RELEASES SUMMARY OF ANNUAL GENERAL MEETING
OF SHAREHOLDERS
Toll-Free Playback of Meeting Available Through April 12
(SAN DIEGO, California, April 6, 2001) -- American Technology Corporation
(NASDAQ: ATCO) a licensor of innovative new sound technologies, held its
Annual General Meeting of Shareholders Thursday in Escondido, California.
BDO Seidman, LLP was ratified as independent auditors of the Company for
its fiscal year ending September 30, 2001, and Elwood G. Norris, Richard M.
Wagner, David J. Carter, and O’Connell J. Benjamin were elected as
directors. Terry Conrad, president of American Technology, was added to the
board of directors.
Terry Conrad, president, and Elwood G. Norris, chairman and CEO, followed
the formal business of the meeting with a presentation to shareholders
summarizing the development and marketing programs for the Company’s retail
radio products and patented and patents-pending HSS(TM), NeoPlanar(TM),
StratifiedField(TM), and PureBass(TM) sound reproduction technologies.
At the meeting, management announced that for the quarter ended March 31,
2001, the company, for the first time, had significant technology-related
revenue. Management expects that technology and intellectual
property-related revenue will continue to grow rapidly, providing the
majority of the Company’s revenues going forward.
HSS
HSS, a revolutionary technology patented by the company that allows
extremely directional placement of audio from a transducer up to several
hundred feet away, remains a focal point for the Company. HSS customers
include eSOUNDideas, Americhip Inc., and Bath Iron Works, a General
Dynamics company. The Company discussed milestones it has completed to
create emitters and electronics to prepare HSS for applications ranging
from point-of-purchase displays, customized trade show booths, and
drive-through restaurants to megaphones, military communications, and home
theater surround sound systems that do away with the need to wire side or
rear speakers. This year, the Company expects to announce several more HSS
licensees and the beginning of mass production of HSS emitters and
electronics.
NeoPlanar
NeoPlanar, (Planar Magnetic Transducer technology, or PMT), an ultra-thin,
high-output magnetic speaker acquired by American Technology in 2000, was
demonstrated in a cinema-style format from the stage and in an automobile
stereo installation outside the theater. On April 4, the Company announced
that it had agreed to a Letter of Intent with Harman International
Industries, Inc., on certain intellectual property related to American
Technology’s planar magnetic transducer technology. During the meeting the
Company stated that it expects to make its first announcement this month
regarding military applications for NeoPlanar technology.
StratifiedField
StratifiedField, American Technology’s thin, formable, non-magnetic speaker
technology, is expected to come to market this year. Customers for
StratifiedField technology include Bath Iron Works, a General Dynamics
company, HST, Authentic Ltd., a wholly-owned subsidiary of NEC, and Thomson
Multimedia Inc. Additional audio companies interested in StratifiedField
are in various stages of non-disclosure, evaluation, and negotiations for
potential licenses from American Technology.
PureBass
PureBass, a wide-range, low frequency subwoofer technology featuring high
output in a small size, is the newest of the company’s featured
intellectual property holdings. American Technology’s first customer for
PureBass technology is HST. The Company delineated plans to develop various
sizes and models of PureBass for demonstration and delivery to several
interested audio companies over the next four months.
The Company also unveiled a new American Technology Corporation logo and
provided shareholders with a preview of selected pages from its new web
site currently under development. The web site is expected to be launched
this month.
Outside the theater, attendees were greeted with voice messages transmitted
via an HSS beam and experienced a NeoPlanar 6-speaker stereo system built
into a BMW sport sedan. Inside the theater, attendees saw and heard
examples of the company’s latest home theater, personal audio, consumer
electronics, and cinema applications for HSS, NeoPlanar, StratifiedField,
and PureBass sound reproduction technologies.
The toll-free phone number for playback of the meeting is (888) 509-0082.
Playback will be available through April 12. |
