In this research, a new single-phase direct AC-to-AC converter, operating in buck and boost mode, with a bipolar voltage gain, is proposed. The operation is accomplished through high frequency direct and indirect PWM control of a single switch with low voltage stresses. This reduces, not only the control effort, but also the switching losses. The low voltage stresses across the high frequency switches, reduce the dv/dt problem significantly without any loss and bulky voltage snubber arrangement. The operation, in its all-operating modes, has a low inductor ripple current and switching current. The proposed converter may be employed as an AC voltage restorer in a power distribution system to cope with the voltage sag and swell issues. The detailed analysis of the proposed converter is carried out in order to compare its performance with the existing converters. The simulation results obtained using the MATLAB/Simulink environment are verified through experimental results.