Ampex Sues Information Super Station LLC, et al for Fraud and Misappropriation of Funds; Also Names Dennis Dunbar, J. Patrick Dowd and Bart S. Fisher in Suit.Business Editors REDWOOD CITY, Calif.--(BUSINESS WIRE)--Feb. 11, 2000 Responding to a press release issued yesterday by Dennis Dunbar, 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. of ISS ISS See Institutional Shareholder Services (ISS). LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Edward Bramson, Ampex Corporation (AMEX AMEX See: American Stock Exchange :AXC AXC Chief Aviation Antisubmarine Warfare Technician (Naval Rating) AXC Add Cross-Connect Card ) CEO, stated, &uot;We are fully within our rights in operating EXBTV.com and intend to support this exciting new video-based web destination very aggressively.&uot; Earlier this month Ampex instituted proceedings against ISS and certain named individuals in Federal District Court in New York. The suit seeks substantial damages from each of the named defendants based on their alleged fraud, misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. , misappropriation misappropriation n. the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate, or by any of funds and failure to meet their obligations. Bramson went on to say, &uot;We believe that ISS's campaign of misleading publicity derives from the fact that their lawsuit is spurious and does not reflect the facts or the contracts involved. It is extremely revealing that ISS has not disputed its diversion of funds invested by Ampex to their own ends, as alleged in the Ampex complaint. We think this fact says more about the lack of credibility of the ISS claims and the people involved than anything else we could say.&uot; Ampex stated that it had turned the entire matter over to its attorneys and that it did not intend to comment further on the 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. . Dunbar is President of ISS. Dowd and Fisher are principals of Capital House Merchant Bank. Fisher is counsel to Porter, Wright, Morris and Arthur. Ampex Corporation, www.ampex.com, headquartered in Redwood City, Calif., is a holding company whose subsidiary, iNEXTV, is the premier global network of targeted video-based affiliates on the Internet. The iNEXTV network includes: AENTV.com, one of the largest on-demand streaming video sites on the Internet, specializing in the development and production of original programming focusing on the entertainment industry; EXBTV.com, producer and netcaster of original Internet programming covering the executive branch of government; TVontheWEB.com, a leading provider of Internet video services; TV1.de Internet Television, one of Europe's top webcasters, and their own channel, iSTYLETV, which produces original video programming for affluent lifestyles. The Company has two other subsidiaries; MicroNet Technology of Irvine, Calif., a provider of storage solutions to the pre-press market, and Ampex Data Systems of Redwood, Calif., a high-performance mass data storage manufacturer and technology leader. 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 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, risks of continuing losses from future operations, risks and uncertainties affecting the Company's Internet strategy, risks inherent in the outcome of any litigation, and other risks mentioned in the Company's 1998 Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q for fiscal 1999, filed with the SEC. The1999 10-K is expected to be filed with the SEC by March, 30, 2000. |
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