Ampex Signs MicroNet Acquisition Agreement.REDWOOD CITY, Calif.--(BUSINESS WIRE)--June 30, 1998--Ampex Corporation (AMEX AMEX See: American Stock Exchange :AXC AXC Chief Aviation Antisubmarine Warfare Technician (Naval Rating) AXC Add Cross-Connect Card ) today announced that it has signed the definitive acquisition agreement for the purchase of the outstanding capital stock of MicroNet Technology, Inc., Irvine, Calif. MicroNet designs and manufactures high-performance disk arrays for use in digital image applications, primarily digital pre-press and video. Final closing of the transaction is expected to occur shortly. An Ampex spokesperson stated, "MicroNet represents the first step in our program to acquire new businesses that will expand Ampex's presence in several digital image markets. We are extremely pleased to be working with MicroNet and its management team, and we expect to provide capital and other resources to support their growth strategies." The company indicated that it is actively considering additional acquisitions. Ampex Corporation, headquartered in Redwood City, is one of the world's leading providers of technologies for the acquisition, storage and processing of visual information. Today, Ampex is delivering digital image solutions for large-scale corporate, government, network, entertainment and telecommunications applications. During its more than 50-year history of innovation, Ampex has been granted thousands of patents and numerous awards for technical achievement. Ampex customers include such leading organizations as AT&T, Boeing, CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. , Mobil Oil, HBO Hyperbaric oxygen therapy (HBO) A form of oxygen therapy in which the patient breathes oxygen in a pressurized chamber. Mentioned in: Ozone Therapy , Time Warner and NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. . Any statements contained herein that are not historical facts are "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, and involve risks and uncertainties. Information on potential factors which could affect the company's actual results of operations are included in its filings with the Securities and Exchange Commission, including but not limited to 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 Dec. 31, 1997, its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 1998, and its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 1998, which is expected to be filed shortly.
CONTACT: Ampex Corporation
Karen D. Schweikher, 650/367-4111
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