May 15, 2007
To our Shareholders,
We began this year by issuing a letter to our shareholders, reviewing the progress of
2006. This letter is to bring you up to date of the Company’s progress since then.
The Company announced in September 2006 that we received a purchase order from
Duke Energy for BPL equipment in the aggregate amount of approximately $3.5 million.
We have fulfilled about 95% of that purchase order and continue to work towards the
completion of it. The commercial deployment of our BPL communications platform in
Charlotte, North Carolina continues.
As announced this month, the Company has entered into a new research and
development project with Consolidated Edison of New York. This project is based in
Manhattan and is focused on Con Edison’s underground system. The Company had
also announced early last year that it had moved to the grid management phase in our
Westchester, New York deployment with Con Edison. We have completed the work
there as defined by the contract with the New York State Energy Research and
Development Authority (NYSERDA) and have received payment accordingly.
The Company continues to work with San Diego Gas and Electric (SDG&E) in San
Diego, CA, Entergy Corporation in Little Rock, Arkansas and FirstEnergy Service
Company in Akron, Ohio. Albeit small in nature, these pilots are important to the proof of
concept phase many utilities are exploring.
The introduction of Ambient’s newest intelligent grid applications, current and voltage
sensing, enhancing our Smart Grid capabilities was unveiled in April. These applications
are vital in improving energy and operational efficiency for utilities. Ambient has also
introduced our newest medium-voltage inductive coupler to our utility partners, which is
significantly reduced in size and weight. Additionally, we have progressed to the third
generation of our network management system, AmbientNMS, and added a service
management system into it.
By enabling BPL technology for utilities to improve energy and operational efficiency,
especially in an aging grid infrastructure, Ambient has positioned itself as a leading
innovator in delivering Smart Grid capabilities. Ambient will continue to focus on the
development of new applications and products for the Smart Grid as well as
deployments with our utility and technology partners. We also continue to strengthen our
existing relationships and will seek additional partners as needed.
I am pleased to report that based on first quarter sales results included in our quarterly
report on Form 10-QSB for the quarter ended March 31, 2007, Ambient is reporting
revenues of approximately $1.8 million for first quarter 2007. The quarterly report
contains other important financial information.
At the Annual Meeting we will review our performance in 2006, our current financial
condition and our plans to position the Company for the future to enhance your
investment. Our 2007 Annual Meeting of Stockholders is scheduled to be held on
Thursday, May 24, 2007 at 9:30 a.m. (EDT) at the Hyatt Regency, 575 Memorial Drive,
Cambridge, MA. For those unable to attend, we will be posting a copy of my
presentation immediately following the meeting.
While we have challenges ahead of us, we believe that we have achieved many
milestones. As is the case with many companies focused on a nascent and evolving
field, the advancements in our BPL technology and its prospects are not fully reflected in
the market cap of the company today. We are enormously excited by the tremendous
possibilities that lie ahead.
We thank you for your continued support.
Sincerely,
John J. Joyce
President and CEO
Ambient Corporation
Ambient is a pioneer in the Broadband over Power Lines (BPL) industry and is engaged in the design,
development and marketing of patented, FCC-certified BPL equipment and technologies. Ambient utilizes
proprietary technology and in-depth industry experience to provide optimal green solutions for the Smart
Grid and the Access and In-Premise markets. Headquartered in Newton, MA, Ambient is a publicly traded
company (OTCBB: ABTG).«ÒÍã/
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