Ambient Gets $3M

Ambient secures $3.0M in permanent funding

April 24, 2008

1 Min Read

BOSTON -- Ambient Corporation (OTCBB: ABTG) announced today that it has raised an additional investment of $3 million from Vicis Capital Master Fund (Vicis). In return for the investment, Vicis received warrants for 135 million shares of Ambient common stock and other consideration.

This cash infusion, along with the revenue generated from the contract announced earlier this month, position Ambient to pursue its business plan for the remainder of 2008 and afford it the necessary flexibility to increase inventory for future sales opportunities. As the present financing involves only warrants and no debt, Ambient will not be incurring principal or periodic payment obligations, thereby allowing Ambient to use the full amount of the funding to meet their present contractual obligations.

Shad Stastney, a partner with Vicis Capital, LLC, the investment manager for Vicis Capital Master Fund, commented, “This investment into Ambient by Vicis reiterates our long-term commitment in Ambient and belief in the resiliency of both the management and technology teams at Ambient, as well as the future for Ambient Smart Grid™. Our overall long-term interest in Ambient and smart grid technology is the potential it has to dramatically improve the efficiency with which utilities serve their customers and reduce their environmental footprint. We are excited to see this shared vision progress with their recent contract with one of the largest utility companies in the U.S.”

Ambient Corp.

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