ompany Press Release
SOURCE: TV onthe WEB
TV onthe WEB(SM) Receives Strategic Investment
from Ampex Corporation
Transaction Includes TV onthe WEB(SM)'s Acquisition of Parent Production Company, Gardy
McGrath International
Live Webcast at www.tvontheweb.com Today at 2:00 p.m. ET Will Address Details
RESTON, Va., Jan. 25 /PRNewswire/ -- TV onthe WEB(SM) Inc. today announced that the company had received a
strategic investment from Ampex Corp. (Amex: AXC - news), to secure a minority position and finance the continued
development and expansion of the Internet's first interactive, community- based TV network. The investment also facilitated the
acquisition of TV onthe WEB(SM)'s parent full-service production company, Gardy McGrath International,
Inc.(www.gardy-mcgrath.com). A LIVE webcast from the studios of TV onthe WEB(SM) will be held this afternoon at 2:00
p.m. ET at www.tvontheweb.com to address details.
TV onthe WEB(SM) pioneered new applications in on-demand archiving and live webcasting that have evolved into the TV
onthe WEB(SM) Network of Channels at www.tvontheweb.com. The network specializes in narrowcasting to specific
business-to-business and special interest groups through revenue- generating TV channels underwritten by organizations well
known in those niche communities. This unique approach has successfully generated revenue streams from live event,
advertising, e-commerce, pay-per-view, and subscription sources, in addition to the income generated from the firm's
webcasting services.
''With recent overwhelming demand for new TV onthe WEB(SM) channels, the funding from Ampex couldn't come at a better
time in our growth process,'' commented Dave Gardy, Chairman and CEO of TV onthe WEB(SM) and President of Gardy
McGrath. ''We are pleased to have backing from an organization with such a rich history in the development of quality video
technology and such an intelligent vision for the future as it relates to Internet video applications.''
The acquisition of Gardy McGrath was intended to solidify TV onthe WEB(SM)'s lead to market in Internet television
production capability, which TV onthe WEB(SM) has utilized in hundreds of live webcasts. ''Gardy McGrath's huge stock
video library, proprietary webcast systems, and 13 years of full- service production expertise in both broadcast and corporate
arenas has been integral to our initial success and will be key to maintaining our competitive advantage as we grow our
narrowcast network,'' remarked Gardy. ''The Ampex and Gardy McGrath relationships, along with our exclusive strategic
alliance with PSINet for network support give us a solid head start in this new medium.''
Edward Bramson, Chief Executive Officer of Ampex, stated, ''TV onthe WEB(SM) has led the Internet industry with
innovative applications for video programming that serve a target audience, even with the limited bandwidth available. As
bandwidth improves, the demand will increase for such applications, further establishing TV onthe WEB(SM)'s market
presence and growth potential.''
Ampex Corporation, a pioneer in audio, digital video and digital image processing, has participated in the evolution of the
Internet since the origins of the system in the 1980's. The company is building a market- oriented organization to leverage its
digital image technology and expertise internally and through selected strategic investments.
The company's goal is to develop integrated audio, video and electronic commerce offerings for delivery over the World Wide
Web. ''By establishing an early market presence in broadband web applications, '' Bramson said, '' we are positioned to
expand range, content and quality of our offerings in line with future increases in the availability of high-speed Internet access''.
SOURCE: TV onthe WEB
More Quotes and News:
Ampex Corp (AMEX:AXC - news)
Related News Categories: internet, telecom
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