Ampex Announces New CEO and New Board Members.Intends to Further Exploit Intellectual Property Assets REDWOOD CITY, Calif. -- Ampex Corporation (Nasdaq:AMPX) today announced that it has appointed D. Gordon Strickland as its new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president. He replaces Edward J. Bramson, who has resigned from the Company and its Board of Directors to devote more time to other business interests. Mr. Strickland also will serve as a member of the Company's Board of Directors. Gordon Strickland was most recently the CEO of Medical Resources, an operator of diagnostic imaging centers, from May 2004 through December 2006 and continues to serve as the company's non-executive Chairman of the Board. Prior to that, Mr. Strickland was President and CEO of MCSi, Inc., an integrator of audio/visual and broadcast systems. Before that, he was CEO and President of the Kerr Group, a manufacturer of glass containers and plastic packaging. William A. Stoltzfus, Jr., who has served as an independent director since 1992, has advised the Company that he will not stand for reelection re·e·lect also re-e·lect tr.v. re·e·lect·ed, re·e·lect·ing, re·e·lects To elect again. re to the Board of Directors at the Company's 2007 Annual Meeting of Shareholders. Ned Goldstein, Esq. has joined the Board of Directors. Mr. Goldstein is a Director and President of M-CAM, Inc., a company specializing in intellectual property finance, monetization and enforcement. The Company's Board of Directors also noted that it has initiated a search for an additional director with complementary skills to assist the Company to further exploit its intellectual property. The Company currently holds over 450 patents and patent applications covering digital image processing Digital image processing is the use of computer algorithms to perform image processing on digital images. Digital image processing has the same advantages over analog image processing as digital signal processing has over analog signal processing — it allows a much wider , digital image compression and recording technologies. Ampex Corporation, www.ampex.com, headquartered in 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. , is one of the world's leading innovators and licensors of technologies for the visual information age. This release may contain information about the Company's future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under 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. Actual results may differ materially from historical results or those indicated by such forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties disclosed in its 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. and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , as well as other documents periodically filed with the Securities and Exchange Commission. |
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