Ampex Launches European Expansion of Internet Video Network.

REDWOOD CITY, Calif.--(BUSINESS WIRE)--June 22, 1999--

--Company Signs Letter of Intent to Acquire Interest in

Leading German Webcaster, TV1 Internet Television Munich;

Also Plans Internet Video Facility in Berlin--

In a move expanding its growing Internet video network internationally, Ampex Corporation (AMEX:AXC), one of the world's top providers of visual information technologies and an emerging leader in the online video market, announced today that the Company has signed a letter of intent to acquire a minority interest in TV1 Internet Television based in Munich, Germany, www.tv1.de.

TV1 Internet Television is Germany's leading webcaster and one of the premier Internet video sites in Europe. Under the agreement, Ampex has the option to further increase its ownership in TV1 Internet Television. Ampex also announced that it will be constructing its own European Internet video production and distribution facility in Berlin, which will be shared with TV1.

"Our investment in TV1 Internet Television in Munich and plans for a Berlin facility are the first steps in the overseas development of Ampex's Internet video network, and add to our growing operations which include Alternative Entertainment Network (www.aentv.com), TV onthe WEB (www.tvontheweb.com) and the soon-to-be launched Executive Branch TV (www.exbtv.com)," said Edward Bramson, Chairman of Ampex Corporation. "The German-speaking community of more than 100 million people and Germany's position in the center of Europe make it the perfect location for our European launch. TV1 is known throughout Europe for the "look" and quality of its programming. We look forward to working with TV1 to expand the scope of their content and to drive the standard of Internet video in Europe forward."

Ampex intends to construct an Internet video production and distribution facility in Berlin, Germany. As part of the agreement TV1 can acquire a minority interest in the new facility and locate its Berlin operation there. Ampex has also established its own Internet video production and distribution facilities in Los Angeles, which are shared with AENTV, and is constructing an Internet video production center in New York City from which it will launch new programming in the fall. The Company is engaged in discussions to add additional Internet video production and distribution operations in major U.S. and overseas cities through strategic investments, acquisitions and internal development projects.

TV1 Internet Television, based in Munich, Germany is a subsidiary of NetLantic. The company creates Internet video programming for a wide range of corporations, trade associations and organizations and produces live webcasts of events throughout Europe. TV1 Internet Television recently teamed with Audi to produce a live webcast of the 24- hours at Le Mans, a unique promotion of the car company's first participation in the prestigious auto race. Its clients include Daimler Chrysler Aerospace, Deutsche Messe Hanover, Intel, Lotus, and Motorola. Terms of the transaction were not disclosed. Closing is expected to occur during the third quarter.

Ampex Corporation, www.ampex.com, headquartered in Redwood City, California is one of the world's leading innovators of technologies for the visual information industry. The Company, a participant in the Internet revolution since its early days, is leveraging its core expertise in image-based markets to develop the next generation of TV by assembling a network of targeted video-driven sites on the Internet. Ampex's strategy is to use its technological expertise to increase the content and quality of Internet video. The Company plans investments and alliances with existing webcasting companies, and will also develop its own production and distribution facilities. Ampex currently has strategic interests in TV onthe WEB, www.tvontheweb.com, a leading Internet video provider, Alternative Entertainment Networks, www.aentv.com, one of the largest on-demand streaming video sites and Executive Branch TV, www.exbtv.com, which will provide coverage of White House and executive agency activities over the Internet beginning this fall. The Company is constructing its own Internet video production facilities in Los Angeles and New York City.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve 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, those mentioned in the Company's 1998 Annual Report on Form 10-K filed with the SEC and its quarterly report on Form 10-Q for the quarter ended March 31, l999.