Ambient Secures $3.0 Million in Permanent Funding- Ramping Up Production for Largest Ambient Smart Grid(TM) Deployment

Thursday April 24, 9:15 am ET

BOSTON--(BUSINESS WIRE)--Ambient Corporation (OTCBB: ABTG - News) 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.”

“The ‘utility of the future’ vision is one we believe in, and believe other utilities are moving towards as well. All of these factors combined, along with Ambient’s recent advancements with their technology, add up to why we have committed additional capital into Ambient,” continued Mr. Stastney.

“At our annual meeting of stockholders last year, we set forth goals and objectives we wanted to meet: grow revenue, enhance our technology and protect our intellectual property, stabilize our capital structure and foster the creation of industry standards. The continued support of Vicis allows us to strive to consistently meet these goals,” stated John J. Joyce, President and CEO of Ambient. “The structure of the latest tranche affords Ambient the necessary flexibility and working capital to execute and deliver on the purchase order announced earlier this month.”