MILPITAS, Calif., Aug. 2, 2011 /PRNewswire/ -- AmbiCom Holdings, Inc. (OTCQB: ABHI), a leader in the development of wireless products for medical equipment suppliers, today announced that it has signed an agreement with a major medical device manufacturer to jointly develop a Wi-Fi card application for its cardiac defibrillator product.
The agreement calls for AmbiCom to design and develop a dual-band 802.11a/b/g/n Wi-Fi card for integration with the manufacturer's cardiac defibrillator product. The manufacturer will pay a fee of $470,000 for AmbiCom to develop the software and hardware architecture of the Wi-Fi card solution, including development, standard testing, and technical consultations. AmbiCom has already received an upfront fee of $125,000 to begin development, and management expects all work to be completed by October 1, 2011. These fees do not include the follow-on revenue expected from the sales of the actual Wi-Fi cards to manufacturer, post-development.
"We are very excited about this opportunity to jointly develop this hardware and software application for this manufacturer for its primary defibrillator product," said John Hwang, CEO and Chairman of AmbiCom. "This is another example of the relationshipsthis is a long term medical device partner of oursthat we have built over the years on the strength of our technology solutions and underlying customer and technical support. By being directly involved in the development of these solutions from the start, we can ensure this and other device partners the long-term support they need to support their own end customers."
AmbiCom is headquartered in Milpitas, California, and is a leading designer and developer of wireless products focusing on the wireless medical industry. The Company's wireless modules and devices are based on the Company's innovative application software for both Wi-Fi and Bluetooth technologies. AmbiCom is committed to wireless design and development of software and hardware, and to bringing new and innovative products to the wireless medical markets and other sectors. The Company plans to grow organically, and to augment that growth by selectively acquiring complementary products and technologies via acquisition opportunities deemed to be of strategic value.
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our ability to maintain our website and associated computer systems, our ability generate sufficient market acceptance for our shipping products and services, our inability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company's Current Report on Form 8-K filed on November 13, 2007, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward- looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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SOURCE AmbiCom Holdings, Inc.