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SOURCE Ambient Corporation
Grid modernization and Smart Grid technology on the agenda
NEWTON, Mass., Feb. 19, 2013 /PRNewswire/ --Ambient Corporation (NASDAQ: AMBT), provider of a secure, flexible, and scalable smart grid platform, today will host a visit from newly elected U.S. Congressman Joseph P. Kennedy III (MA-4), at its headquarters in Newton, MA. Congressman Kennedy will meet with company leaders and employees to discuss the success of the Company's grid communications and applications platform and grid modernization efforts.
Congressman Kennedy will tour the facility and will be briefed on the Ambient Smart Grid® platform, a combination of hardware and software, which helps utilities manage operations critical to the delivery of secure, affordable, and reliable power. The Congressman, who holds a degree in Management Science and Engineering from Stanford University and serves on the House Committee on Science, Space and Technology, will also observe a demonstration of AmbientPQM™, Ambient's advanced power quality monitoring solution, which can be used to detect power outages.
President and Chief Executive Officer John J. Joyce commented, "It is an honor to have Congressman Kennedy visit our operation. We welcome the opportunity to provide the Congressman and his staff with the data needed to substantiate policies that promote investments for a better, more reliable and more efficient grid." Thomas J. Dunleavy, a member of Ambient's Board of Advisors, and a former Commissioner for the state of New York's Public Service Commission, added, "Hurricane Sandy exposed the vulnerabilities of an outdated electricity infrastructure. Now is the time to consider how to deploy technologies that are the backbone of an intelligent grid."
Governments, utilities, and industry around the world are investigating, and investing in, a variety of technologies and policies in order to upgrade their electricity networks. Ambient's innovative platform provides a great deal of flexibility. It allows a utility to deploy infrastructure, to support multiple smart grid applications – in parallel, including demand response, distribution automation, monitoring, and smart metering. It offers further flexibility by supporting the simultaneous use of a variety of wired and wireless communication technologies.
"Ambient is an example of the ground-breaking work being done in the 4th District," said Congressman Kennedy. "The historic storms this country has faced over the past few years, coupled with the increasingly interconnected nature of our cities and towns, means that a modernized electric grid is not a luxury but a priority. I am especially impressed by Ambient's efforts to prepare for the integration of renewable energy and low-carbon technologies – a must in our 21st-century economy."
Ambient Corporation, located at 7 Wells Avenue in Newton, MA, was founded in 1996 and has focused on the collaborative development of smart grid technology and communications solutions since 2000. Ambient, which ranked 54 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and clean technology companies in North America, grew its revenues 2,651% and its employee base 375% from 2007 to 2011. Today, the company employs more than 100 people, primarily hardware and software engineers.
About Ambient Corporation
Ambient designs, develops and sells the Ambient Smart Grid® communications and applications platform. The Ambient Smart Grid products and services include communications nodes; a network management system, AmbientNMS®; integrated applications; and maintenance and consulting services. Using open standards-based technologies along with in-depth industry experience, Ambient provides utilities with solutions for smart grid initiatives. Headquartered in Newton, MA, Ambient is a publicly traded company (NASDAQ: AMBT). More information on Ambient is available at www.ambientcorp.com.
Except for historical information, this press release contains statements that may be deemed to be "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include statements relating to the diversification of our customer base, further development and marketing of our communications platform and cultivating projects with potential customers, among others. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, which could have a material adverse effect on our operations and future prospects including, but not limited to, continuing compatibility of our platform with new utility applications and requirements, our ability to retain and attract customers, particularly in light of our dependence on a single customer for substantially all of our revenue; our expectations regarding our expenses and revenue, including our expectations that our research and development expenses and selling, general and administrative expenses may increase in absolute dollars; anticipated trends and challenges in our business and the markets in which we operate, including the market for smart grid technologies; our expectations regarding competition as more and larger companies enter our markets and as existing competitors improve or expand their product offerings; our plans for future products and enhancements of existing products; our anticipated cash needs and our estimates regarding our capital requirements; and our anticipated growth strategies. We undertake no obligation to publicly update or revise any forward-looking statements. Further information on the company's risks and uncertainties is available in our filings with the Securities and Exchange Commission.
Ambient and Ambient Smart Grid are registered trademarks of Ambient Corporation. AmbientPQM is a trademark of Ambient Corporation.
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