Ampex Corporation Completes Transition to Holding Company Structure; Mass Data Storage Operations Transferred to Ampex Data Systems Corporation
REDWOOD CITY, Calif.--(BUSINESS WIRE)--April 7, 1999--Ampex Corporation (AMEX:AXC) today announced that it has transferred substantially all of its mass data storage operations to its wholly-owned subsidiary, Ampex Data Systems Corporation.
With its primary operations in Colorado Springs, Colo. and Redwood City and offices in Europe and Japan, Ampex Data Systems will continue to design, manufacture and market the complete range of Ampex mass data storage products. These include the company's highly regarded DCRsi(TM), DIS(TM), and DST(R) products for the acquisition and archiving of electronic images and other large data sets.
With this step, Ampex Corporation will operate primarily through subsidiaries and affiliates. In addition to Ampex Data Systems, the company owns all of the common stock of MicroNet Technology, Inc. (www.micronet.com), based in Irvine, Calif., which manufactures high performance disk arrays. Ampex Corporation also has strategic investments in web services and Internet video through Reiter Associates (www.reiterassoc.com), TV onthe WEB, Inc. (www.tvontheweb.com) and the Alternative Entertainment Network (www.aentv.com).
"As Ampex's commitment to new markets expands, our business units increasingly have differing needs and strategies. This new organizational structure helps to focus the plans of each unit and to execute them faster. Our growth strategy for Internet video envisions additional internal projects, strategic investments and acquisitions, which makes a holding company increasingly appropriate," stated Edward Bramson, chairman of Ampex Corporation.
Ampex Data Systems, which is headed by K. Michael Cooper, president, will continue to be headquartered in Redwood City. "This new structure affords Ampex Data Systems both access to resources and a marketing focus which permits us to continue to provide world-class storage solutions to our customers in the broadcast, government, pre-press and enterprise markets," Cooper said.
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