Well, I'll be..Volume Production AMERICAN TECHNOLOGY APPOINTS HST, INC. AS MANUFACTURER OF NEOPLANAR(R)
SPEAKER COMPONENTS
High-Tech Speaker Elements Will Now be Available for Government and
Consumer Products Markets
(SAN DIEGO, California, May 1, 2002)--American Technology Corporation
(Nasdaq: ATCO) announced today that it has appointed HST, Inc. as a
manufacturer of components for its patented NeoPlanar technology for
government and consumer products markets.
American Technology's NeoPlanar technology is a revolutionary sound
reproduction system employing a special thin film, and a single layer of
ultra-thin high-energy neodymium magnets. The most important quality of
NeoPlanar loudspeakers is the ability to provide extremely wide band, low
distortion performance from a device as thin as 1/8th inch and as light as
a few ounces.
American Technology recently announced a Letter of Intent to acquire in a
stock transaction San Diego-based HST, Inc. HST is a rapidly growing,
profitable designer and manufacturer of technologically advanced components
for branded consumer products.
"Pending the closing of the HST acquisition we intend to move rapidly with
HST to create volume production of NeoPlanar components for our contract
with Bath Iron Works (BIW), a General Dynamics company (NYSE: GD), and for
several other customers who are not military-related," stated Terry Conrad,
President of American Technology. "To date we have been producing NeoPlanar
speakers in our Carson City, Nevada development facility. HST allows us to
achieve much higher volume production at reduced costs thereby improving
our margins and opening new markets."
Mr. Conrad added, "HST is producing HyperSonic(R) Sound components and we
will commence volume deliveries of HSS systems in early May. HST has
demonstrated their ability to apply production science to automate the
manufacture of high-tech products. While we previously licensed NeoPlanar
technology to Harman International (NYSE: HAR), a major automobile speaker
OEM with their own production, until now we have not been positioned to
offer volume NeoPlanar components to other OEM markets. Several OEMs have
already started to design end-user products around our standard NeoPlanar
components."
Tod Boretto, President of HST commented, "We have been working intensely
the last 30 days to design production for NeoPlanar components and we are
pleased to formally launch production. We expect to have tooling and
production lines in operation within seven weeks. With American Technology
engineers, we have designed standard components that can fit in a range of
products for markets including government, commercial and consumer products."
The acquisition of HST is subject to a number of preconditions. Provided
all conditions are satisfied, the Company expects to consummate the
transaction by end of its fiscal year ending September 30, 2002. However,
there can be no assurance that all conditions will be satisfied or that if
satisfied, the transaction will close when expected.
About American Technology Corporation
American Technology is Shaping the Future of Sound(R) by developing and
licensing its technology and intellectual property portfolio which
includes: the award-winning HSS(R) (HyperSonic(R) Sound Technology);
Stratified Field(R) Technology; NeoPlanar(R); PureBass(R) Sub-Woofer
Technology; Directed Stick Radiator technology and FM Sounds(TM) consumer
radio products. The company is establishing a strong portfolio of patents,
trademarks, and know-how including over 110 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 HST, Inc.
HST designs and manufactures advanced material components for branded
consumer products. Leading customers include Callaway Golf, Ping, Dunlop,
Answer Products, Blackhawk, Archery HST has a research staff for the
ongoing creation of new components for military, consumer, construction,
automotive and other industries. See www.hst-inc.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: This document contains forward-looking statements relating to future
transactions, performance, technology and product development which may
affect future results and the future viability of the company. Actual
results could be affected or differ materially from those projected in the
forward-looking statements as a result of risks and uncertainties,
including satisfaction of conditions precedent, development of future
products, technological shifts, potential technical difficulties that could
delay new products, competition, general economic factors, pricing
pressures, the uncertainty of market acceptance of new products and
services by OEMs and end-user customers, and other factors identified and
discussed in the Company's most recent 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.
# # #
Editors Note: HyperSonic Sound, HSS, NeoPlanar, Stratified Field,
PureBass, FM Sounds, and Shaping the Future of Sound are trademarks or
registered trademarks of American Technology Corporation. All other
company, product, and service names are the property of their respective
owners.
FOR FURTHER INFORMATION CONTACT:
Investor Relations:
Robert Putnam
(858) 679-3168
robert@atcsd.com
Media Inquiries:
Donald Mathias
(949) 855-4520
(714) 931-6846 (Cell)
dwmath@aol.com
Best,
Savant |
