It's directional transmission technology. The power loss is minimized as the ultrasound is directed and focused at a particular location. There's no inverse square law here, and it's easily within the bound of known physics.
As far as I know, (indirect relationship with the a good friend of the founder, that I won't say anything more about to protect his privacy) Meredith is actually genius-level and a relentless work horse. I'd bet big on this one.
If I could work for any one company it would be uBeam. And I just started a great position, and I'd do it despite the press.
This is a "First they dismiss you. Then they laugh at you. Then you win" scenario.