BOSTON, Feb. 17, 2011 /PRNewswire/ -- Ambient Corporation (OTC Bulletin Board: ABTG), a leader in smart grid communications infrastructure, filed a preliminary Information Statement on Schedule 14C with the Securities and Exchange Commissions on February 16, 2011. The Information Statement describes the approval by Ambient's Board of Directors and its majority stockholder of a reverse stock split of Ambient's common stock, within a specified range (of 1 share for 30 shares to 1 share for 100 shares), at any time on or before December 31, 2011, which the Board of Directors may implement (if at all) in its discretion.
A reverse stock split would be implemented (if at all) primarily in order to increase Ambient's prospects of successfully listing its common stock with the Nasdaq Capital Market.
"We believe that, given our current size and balance sheet position, our stock would meet all of the quantitative listing requirements for the Nasdaq Capital Market, other than those relating to the minimum bid price for listed shares," said John J. Joyce, President and CEO of Ambient Corporation. "In all likelihood, a reverse stock split in the appropriate ratio would help us reach and maintain that minimum bid price. We believe listing Ambient on the Nasdaq Capital Market would make Ambient a very attractive option for institutional investors."
Additional information relating to the foregoing is included in the preliminary Information Statement filed with the SEC.
About Ambient Corporation
Ambient designs, develops and markets Ambient Smart Grid® communications technologies and equipment. Using open standards-based technologies along with in-depth industry experience, Ambient provides utilities with solutions for creating smart grid communication platforms and technologies. Headquartered in Newton, MA, Ambient is a publicly traded company (OTC Bulletin Board: ABTG). More information on Ambient is available at www.ambientcorp.com.
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that 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, including but not limited to, the potential for a reverse stock split of the Ambient Common Stock and the listing of the Ambient Common Stock on The Nasdaq Capital Market, our dependence on one key customer, our ability to raise additional capital when needed, the sufficiency of working capital, the competitive market generally and in the smart grid market specifically, the success of our collaborative arrangements, changes in economic conditions generally and the smart grid market specifically, changes in technology, legislative or regulatory changes that affect us, and the risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2009, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
Ambient, Ambient Smart Grid, Communications for a Smarter Grid and AmbientNMS are registered trademarks of Ambient Corporation with the U.S. Patent and Trademark Office.
SOURCE Ambient Corporation