NEWTON, Mass., Oct. 19, 2011 /PRNewswire/ -- Ambient Corporation (NASDAQ: AMBT), today announced it ranked 140th on Deloitte's Technology Fast 500™ ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Ambient's annual revenue grew 771 percent from 2006 to 2010.
Ambient's chief executive officer, John J. Joyce, credits the continued deployment of the Ambient Smart Grid® communications platform at Duke Energy with the company's 771% revenue growth.
Mr. Joyce commented, "The modernization of the electric infrastructure is gaining traction, enabling the deployment of a flexible infrastructure. We at Ambient are excited to be on the leading edge of that transformation. We thank Deloitte for this award and feel it reflects not only our success but the success of our approach to the smart grid in general."
"Ambient, like all 2011 Technology Fast 500™ companies, has excelled in fostering innovation and channeling it into spectacular growth -- against the backdrop of one of the most challenging economies in history," said Eric Openshaw, vice chairman and U.S. technology, media and telecommunications leader, Deloitte LLP. "Deloitte recognizes Ambient for its remarkable accomplishment."
"We are pleased to honor Ambient as a 2011 Technology Fast 500 company," said Mark Jensen, managing partner, technology and venture capital services, Deloitte & Touche LLP. "As one of the fastest growing tech companies in North America, Ambient has demonstrated excellence in technological innovation, entrepreneurship and rapid growth."
Overall, 2011 Technology Fast 500™ companies achieved revenue growth ranging from 134 percent to 70,211 percent from 2006 to 2010, with an average growth of 1,736 percent.
About Deloitte's 2011 Technology Fast 500™
Technology Fast 500, which was conducted by Deloitte & Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2006 to 2010.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues.
Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD.
Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About Ambient Corporation
Ambient designs, develops and sells the Ambient Smart Grid® communications 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 their smart grid initiatives. Headquartered in Newton, MA, Ambient is a publicly traded company (NASDAQ: AMBT).
This press release contains statements that may be deemed to be "forward-looking statements" under federal securities laws. Any 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, including but not limited to, the 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 industry specifically, the success of our collaborative arrangements, changes in economic conditions generally and the smart grid industry specifically, changes in technology, legislative or regulatory changes , and other risks and uncertainties discussed under the heading "RISK FACTORS" in Item 1A of our Annual Report of Form 10-K for the fiscal year ended December 31, 2010, and in the Company's 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