Newton, MA / ACCESSWIRE / August 14, 2014 / Ambient Corporation, (OTC Pink: AMBTQ) provider of a secure, flexible, and scalable smart grid communications and applications platform, announced today that it has determined to effect a suspension of its reporting obligations under Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by filing a Form 15 with the Securities and Exchange Commission ("SEC") on August 14, 2014. Accordingly, Ambient will not be filing a quarterly report on Form 10-Q for the recently completed fiscal quarter ended June 30, 2014.
The action was taken in the wake of Ambient’s recent voluntary filing with the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 of Title 11 of the United States Code. Ambient’s Board has approved the suspension of its SEC reporting obligations primarily as a cost reduction measure, thereby allowing Company personnel and scarce resources to focus exclusively on continuing to operate the business and on the orderly sale of the Company’s assets to maximize the bankruptcy estate. Suspending and, ultimately, terminating Ambient’s SEC reporting obligations is expected to result in substantial legal, accounting, and related cost savings associated with reporting compliance and make those savings available for continued operation of the business and the maximization of the bankruptcy estate.
The Company is eligible to suspend its reporting obligations because it has fewer than 300 record holders of its common stock. Immediately upon the filing of the Form 15, certain reporting obligations of the Company, such as its obligation to file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, will immediately be suspended.
More information about Ambient’s Chapter 11 filing is available on the Internet at www.upshotservices.com/ambient.
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, More information on Ambient is available at http://www.ambientcorp.com/.
Ambient, Ambient Smart Grid and AmbientNMS are registered trademarks of Ambient Corporation.
Ambient Smart Grid Node and Ambient MicroNode are trademarks of Ambient Corporation.
Forward Looking Statements
Except for historical information, this press release contains statements that may be deemed to be "forward-looking statements”. 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, Ambient’s termination of its reporting obligations, and its ability to realize significant savings as a result thereof; the ability of Ambient to continue as a going concern; the Company’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases; the ability of Ambient to operate pursuant to the terms of the Debtor-In-Possession financing; the ability to satisfy conditions to the closing of the asset acquisition transaction; the risk that the Bankruptcy Court will not approve the asset purchase agreement between Ambient and Ericsson; the outcome or timing of the Chapter 11 process and the proposed asset sale (including the occurrence or likelihood of an auction); Ambient’s ability to maintain ordinary course business and relations with its customers as well as to retain key executives and employees; the potential adverse effect of a Chapter 11 filing on Ambient’s prospects; proceedings that may be brought by third parties in connection with the Chapter 11 process or the proposed asset sale; and the timing or amount, if any, of any distributions to the Company's stakeholders. 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.
Source: Ambient Corporation