| On April 1, 2008, Ambient Corporation (“Ambient “ or the "Company") and Duke Energy (“Duke”), one of the largest electric power companies in the United States, entered into a Commercial Deployment Agreement (the “Agreement”) pursuant to which Ambient Smart Grid equipment and technology will be deployed over portions of Duke’s electric power distribution grid.
Under the terms of the Agreement, Duke will be purchasing from the Company Smart Grid equipment and services valued at approximately $10.7MM. The Company and Duke will both exert commercially reasonable efforts including, without limitation, the dedication of appropriate staff, facilities and equipment as well as access to facilities and sites to carry out the Deployment. In addition to the equipment to be supplied by Ambient, the Company will be providing engineering and technical support as needed to design, support and assist in the completion of the Deployment. |
