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

To: wlcnyc who wrote (12683)	12/1/1999 8:26:00 PM
From: Rob Palmer	Read Replies (1) \| Respond to of 17679

Did anyone post this yet? This is AXC's release relating to the UPGD deal. I didn't know they put one out. REDWOOD CITY, CA, Nov 29, 1999 (BS WIRE) -- AMPEX Corporation (AMEX: AXC) is pleased to announce that Upgrade International Corp. (OTCBB: UPGD) has signed an exclusive licensing agreement, subject to satisfying the terms and conditions of the agreement, for use of the patented Keepered Media technology on magnetic cards. (Describe KM Technology). This agreement is conservatively estimated to generate from $5 million to $10 million in the first full year of the agreement. Ed Bramson CEO of AMPEX noted "We think this arrangement will provide substantial cash flow over the term of the agreement. Since the costs associated with KM have been recognized in prior periods, the majority of the KM revenue should translate to the bottom line." Mr. Bramson is also positive due to recent industry publications which see smart card use in it's beginning stages and industry experts expect usage of the smart cards to increase an astounding 10 fold over the coming 5 years. He also stated that this agreement will allow Ampex to continue investing in its Internet Entertainment subsidiaries which are conducting multiple internet entertainment site launches over the next few weeks which have drawn excellent reviews from users and advertisers who have previewed the sites. This News Release may contain forward-looking statements relating to future results, performance, plans, events or other matters. Such statements involve numerous risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of the Company's products and services and markets for such products and services, the timing and level of customer orders, competitive products and services and pricing, changes in economic conditions and the markets for the Company's products and services and other risks and uncertainties. Actual results, performance and events may differ materially. Readers are cautioned not to place undo reliance on these forward-looking statements. Which speak only as of the date of this News Release. The Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or circumstances after the date of this News Release. Copyright (C) 1999 BS Wire. All rights reserved. Distributed via COMTEX.