NEWTON, Mass., Oct. 4, 2012 /PRNewswire/ -- Ambient Corporation (NASDAQ: AMBT), provider of a secure, flexible and scalable smart grid communications and applications platform, announced today that it has set up a European subsidiary, Ambient Corporation ( Europe) Ltd, to better support regional utilities and Distribution Network Operators, and to increase focus on this growing and vibrant market.
Ambient's Global Vice President of Sales & Marketing, Donald Pollock said, "It is a great time for us to be setting up dedicated regional operations that will enable us to work more closely with our partners and customers, both existing and potential, providing local, expedient support and service. In addition, we will continue to invest in resources for the European market to further develop our business."
According to the 2012 Q1 Smart Grid Networking and Communications report from Pike Research, the European smart grid communications node revenues are forecast to grow at a compound annual growth rate of 5.4% between 2011 and 2020, with a sustained peak of spending from 2015 to 2018, stimulated by smart metering deployments. The region is also expanding into more advanced grid modernization projects.John J. Joyce, President and CEO of Ambient Corporation, also commented, "This expansion underscores Ambient's commitment to the European market and is a testament to the advantages that our field-proven smart grid communications and applications platform can provide to utilities seeking to implement grid modernization projects. We are also very much looking forward to showcasing new products at the upcoming Metering Europe Exhibition in early October in Amsterdam." For more information about Ambient and its products, please visit www.ambientcorp.com.
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.