Ampex Corporation Files Form T-3 With the SEC.Business Editors 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)--Jan. 25, 2002 Ampex Corporation (Amex:AXC AXC Chief Aviation Antisubmarine Warfare Technician (Naval Rating) AXC Add Cross-Connect Card ) today announced that it has filed a Form T-3 application with the Securities and Exchange Commission for the qualification of an indenture for certain new 12% Senior Secured Notes due 2008, which are expected to be issued in exchange for $44,000,000 of its 12% Senior Notes due 2003 currently outstanding. As previously disclosed in Form 10Q for the quarter ended September 30, 2001, the holders of the outstanding Senior Notes agreed to defer a scheduled interest payment on the Senior Notes which was due September 15, 2001. The deferral expires February 28, 2002. The holders of a majority of the outstanding Notes have agreed, subject to certain conditions, to exchange their existing Notes for the new Senior Secured Notes. The new Notes, if issued, would provide for payment of principal and interest out of substantially all future patent royalties received by the Company, net of specified operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , as well as net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of certain asset sales. Payment of the new Notes would be subject to prior payment in full of the Company's outstanding Senior Discount Notes due March 31, 2002. The Company intends to seek to extend the maturity date and to make other changes to the Senior Discount Notes in order to complete restructuring of its senior debt. The consummation of the exchange is subject to qualification of the new indenture with the SEC, tenders of at least 95% of the outstanding Senior Notes and satisfaction of other conditions. The Company currently hopes to complete the exchange by February 28, 2002, but there can be no assurance that the exchange will be completed or as to the timing thereof. Ampex Corporation (www.Ampex.com), headquartered in Redwood City, CA, is one of the world's leading innovators and licensors of visual information technology. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995 that involve risk 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 of the Company's ability to continue as a going concern, risks of continuing losses and declining liquidity, risks of leverage and other risks mentioned in the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended September 30, 2001 and 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. for the fiscal year ended December 31, 2001, which is expected to be filed shortly. |
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