Ambient Corporation Awarded Contract by Consolidated Edison to Provide Application and Communications for Commercial and Industrial Customers
Ambient Corporation (NASDAQ: AMBT), provider of a secure, flexible, and scalable communications and applications platform, today announced that Consolidated Edison Company of New York, Inc. (NYSE: ED) has contracted Ambient® to provide application development and communications equipment to replace discontinued technology for commercial and industrial metering. Following a year of testing and a successful pilot, this contract award signals the acceptance of the Ambient solution for a roll-out to further locations across the New York City area.
"Consolidated Edison needed a solution to interface with Commercial and Industrial (C&I) meters at remote customer premises to collect and transmit data directly to their control center. Ambient's Smart Grid Nodes were selected due to their ability to meet all the specified criteria," stated David Masters, Ambient's Chief Technology Officer. "In addition, Ambient developed an application hosted locally on our node to collect, store, and transmit data from the meters."
"It is a testament to the versatility of our communications and applications platform that Consolidated Edison selected Ambient for this commercial and industrial project," said John J. Joyce, President and CEO of Ambient Corporation.
Ambient Corporation helps utilities modernize the grid with IP-based networking products and applications that integrate and connect existing and future grid assets on a secure, flexible, and scalable smart grid communications platform. Ambient's Smart Grid Node family enables real-time data communication for multiple applications, in parallel: smart metering, distribution automation, power quality monitoring for voltage optimization, and more.
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.
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