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Technology Stocks : Ampex Corporation (AEXCA) -- Ignore unavailable to you. Want to Upgrade?

To: Hal Campbell who wrote (9450)	6/22/1999 9:38:00 AM
From: Paul Lee	Read Replies (1) \| Respond to of 17679

Ampex Launches European Expansion of Internet Video Network REDWOOD CITY, Calif.--(BUSINESS WIRE)--June 22, 1999-- --Company Signs Letter of Intent to Acquire Interest in Leading German Webcaster, TV1 Internet Television Munich; Also Plans Internet Video Facility in Berlin-- In a move expanding its growing Internet video network internationally, Ampex Corporation (AMEX:AXC), one of the world's top providers of visual information technologies and an emerging leader in the online video market, announced today that the Company has signed a letter of intent to acquire a minority interest in TV1 Internet Television based in Munich, Germany, www.tv1.de. TV1 Internet Television is Germany's leading webcaster and one of the premier Internet video sites in Europe. Under the agreement, Ampex has the option to further increase its ownership in TV1 Internet Television. Ampex also announced that it will be constructing its own European Internet video production and distribution facility in Berlin, which will be shared with TV1. "Our investment in TV1 Internet Television in Munich and plans for a Berlin facility are the first steps in the overseas development of Ampex's Internet video network, and add to our growing operations which include Alternative Entertainment Network (www.aentv.com), TV onthe WEB (www.tvontheweb.com) and the soon-to-be launched Executive Branch TV (www.exbtv.com)," said Edward Bramson, Chairman of Ampex Corporation. "The German-speaking community of more than 100 million people and Germany's position in the center of Europe make it the perfect location for our European launch. TV1 is known throughout Europe for the "look" and quality of its programming. We look forward to working with TV1 to expand the scope of their content and to drive the standard of Internet video in Europe forward." Ampex intends to construct an Internet video production and distribution facility in Berlin, Germany. As part of the agreement TV1 can acquire a minority interest in the new facility and locate its Berlin operation there. Ampex has also established its own Internet video production and distribution facilities in Los Angeles, which are shared with AENTV, and is constructing an Internet video production center in New York City from which it will launch new programming in the fall. The Company is engaged in discussions to add additional Internet video production and distribution operations in major U.S. and overseas cities through strategic investments, acquisitions and internal development projects. TV1 Internet Television, based in Munich, Germany is a subsidiary of NetLantic. The company creates Internet video programming for a wide range of corporations, trade associations and organizations and produces live webcasts of events throughout Europe. TV1 Internet Television recently teamed with Audi to produce a live webcast of the 24- hours at Le Mans, a unique promotion of the car company's first participation in the prestigious auto race. Its clients include Daimler Chrysler Aerospace, Deutsche Messe Hanover, Intel, Lotus, and Motorola. Terms of the transaction were not disclosed. Closing is expected to occur during the third quarter.