Ampex and Hillside Agree to 60 Day Extension to Standstill Agreement.REDWOOD CITY, Calif. -- Ampex Corporation (Nasdaq:AMPX) today announced that the Company and Hillside Capital Incorporated have agreed to extend the standstill agreement Standstill agreement Contract by which the bidding firm in a takeover attempt agrees to limit its holdings of another firm. standstill agreement until January 15, 2008 in order to afford the parties additional time to restructure the Hillside Notes previously issued to fund the Company's pension contributions. At September 30, 2007, outstanding Hillside Notes totaled $44.8 million. Hillside has agreed to extend the standstill agreement to enable Hillside and Ampex to negotiate a restructuring plan. As previously reported, the notice of default issued by Hillside in July 2007 will be rescinded at the closing of the restructuring, and Hillside has agreed not to accelerate the maturity of the Hillside Notes or commence legal action against the Company during the standstill period. 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 a leading innovator and licensor of technologies for the visual information age, as well as a manufacturer of high performance data storage products principally used in defense applications. 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, the progress of the Company's negotiations with Hillside, the possibility of legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. brought by or against the Company involving Hillside, the PBGC PBGC See: Pension Benefit Guaranty Corporation or other parties, the effect of any such 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. on the Company's business, assets, financial condition and ability to obtain additional debt or equity financing and complete its strategic business plans, the Company's ability to explore other avenues to fund operating requirements and debt service, the effect of any of the foregoing on the Company's stock price and exchange listing, and other risks and uncertainties disclosed in the Company's Annual Report of Form 10-K and its Quarterly Reports on Form 10-Q, as well as other documents periodically filed with the SEC. |
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