AMPEX CORPORATION COMPLETES TRANSITION TO HOLDING COMPANY STRUCTURE; MASS DATA STORAGE OPERATIONS TRANSFERRED TO AMPEX DATA SYSTEMS CORPORATION BUSINESS EDITORS/HIGH-TECH WRITERS
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REDWOOD CITY, Calif.--(BUSINESS WIRE)--April 7, 1999--Ampex
Corporation (AMEX:AXC.A) 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.
Ampex Data Systems Corporation, headquartered in Redwood City, is
one of the world's leading providers of technologies for the
acquisition, storage and processing of visual information. Ampex
designs and delivers extremely high-capacity, high-performance digital
image storage solutions for large-scale corporate, government,
network, entertainment and telecommunications applications.
Ampex customers include such leading organizations as AT&T, the
Federal Aviation Administration, Fox Television, HBO, Netcom, and
Prevue Networks. Ampex Data Systems is a wholly-owned subsidiary of
Ampex Corporation (AMEX:AXC.A).
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. The company is further expanding
its presence in image-based markets by building an early presence in
Internet video. Ampex's strategy is to increase the range, content and
quality of its video offerings over the world wide web in line with
future increases in the availability of high-speed Internet access.
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CONTACT: Ampex
Karen D. Schweikher, 650/367-4111
KEYWORD: CALIFORNIA COLORADO INTERNATIONAL EUROPE ASIA PACIFIC
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET
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