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Technology Stocks : Aahh...iNEXTV (AXC) The NEXT Thing! -- Ignore unavailable to you. Want to Upgrade?

To: Paul Lee who wrote (4128)	7/20/2001 10:30:46 AM
From: Swamp Fox	Respond to of 4169

Ampex Corporation to Discontinue Internet Video Operations REDWOOD CITY, Calif.--(BUSINESS WIRE)--July 20, 2001--Ampex Corporation (Amex:AXC - news) today announced that it is discontinuing the operations of iNEXTV, its Internet video subsidiary. The Company will close iNEXTV's operations in New York City immediately and will terminate the development of Internet video technology in Redwood City. It will also discontinue making investments in its partially-owned affiliates, AENTV in Los Angeles and TV1.de in Munich, Germany and will write off its investments in those entities completely. In connection with the actions disclosed above, Ampex expects to record a second quarter charge of approximately $ 4.6 million to write down goodwill and other assets and to record a charge of approximately $ 5.5 million to reflect other costs of closure, principally real estate leases. Ampex attributed the decision to the difficulty in obtaining additional funding for iNEXTV due to adverse capital market conditions for Internet-based companies. Ampex Corporation, www.Ampex.com, headquartered in Redwood City, Calif., is a leading innovator and licensor of visual information technology.