Ampex Announces Internet Technology Group; Division to Leverage Ampex Corporation's Expertise to Develop Next-generation Internet Video Capabilities.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--Oct. 26, 1999-- Ampex Corporation (Amex:AXC AXC Chief Aviation Antisubmarine Warfare Technician (Naval Rating) AXC Add Cross-Connect Card ) today announced that it has formed the Ampex Internet Technology Group (ITG ITG In the Groove ITG Investment Technology Group ITG Information Technology Group ITG International Trumpet Guild ITG Instituut Voor Tropische Geneeskunde (Dutch: Institute of Tropical Medicine; Antwerp, Belgium) ), which will centralize the Company's ongoing development of Internet video Video material obtained from the Internet. It may refer to streaming video from real time broadcasts, streaming archival material or downloading video files for watching later, all of which are viewed on the computer. technology. The group, based at the Company's Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. headquarters, will provide Internet video technology to be used initially by Ampex's Internet video network subsidiary, iNEXTV (www.inextv.com). ITG's first generation of improved picture quality for the Internet will debut on iNEXTV's new life-style affiliate expected to be online at the end of November. In the future, the Company expects to make its technology available to the other members of the iNEXTV network, as well as to non-affiliated Internet video providers. "Video is becoming a more important part of the Internet every day," said Edward J. Bramson, chairman of Ampex Corporation. "The demand for regular increases in Internet video picture clarity, smoothness and size are already occurring. Drawing on Ampex's expertise in digital video and compression technology, ITG will continue to work on improving the viewing experience for visitors to iNEXTV's many sites, as well as those of other quality-conscious video providers on the Internet." During a half century as one of the world's leading innovators for the visual information age, Ampex has developed numerous breakthrough technologies for the electronics, entertainment, corporate and government sectors. These include the first practical videotape recorder, the first slow motion instant replay, digital special effects special effects, in motion pictures, cinematographic techniques that create illusions in the audience's minds as well as the illusions created using these techniques. and the first composite digital video format. Ampex has been granted thousands of patents and has received 11 Emmys, an Oscar and numerous other awards for technical achievement in electronic imaging. iNEXTV Corporation, www.inextv.com, headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and a wholly-owned subsidiary of Ampex Corporation (Amex:AXC) is one of the world's largest providers of audio/ visual content for the Internet. iNEXTV is currently developing its premier video channel iSTYLETV , which it plans to launch at the end of November. iNEXTV produces Internet video programming in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Los Angeles, Reston, VA, Washington, DC and Munich, Germany, and has announced that it plans to expand its European operations to include Berlin next year. The iNEXTV network of affiliated video web sites currently includes TV onthe WEB, www.tvontheweb.com, Reston, Virginia, a leading Internet videonetcaster; Alternative Entertainment Network, www.aentv.com, Los Angeles, California, one of the largest on-demand streaming video sites, and TV1 Internet Television, www.tv1.de, Munich, Germany, one of Europe's top webcasters. The Company is also developing Executive Branch TV, www.exbtv.com, Washington, DC, which will provide coverage of executive agency activities and the White House over the Internet, which is scheduled for launch in November. Ampex Corporation, www.ampex.com, headquartered in Redwood City, California, is one of the world's leading innovators of technologies for the visual information age. Ampex's other subsidiaries, Ampex Data Systems Corporation and MicroNet Technology, Inc., provide high-performance digital storage solutions for industry, entertainment and government applications. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involves risks and uncertainties and unforeseen circumstances that could cause actual results to differ materially from those currently anticipated. Potential risks and uncertainties include, without limitation, risks and uncertainties affecting the Company's implementation of its Internet video strategy, including risks discussed in the Company's 1998 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC, its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarters ended March 31, 1999 and June 30, 1999, and its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 1999, which is expected to be filed shortly. |
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