Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Jim Goodman who wrote (2573)	4/21/1998 6:11:00 PM
From: Thomas Kirwin	Read Replies (1) \| Respond to of 17679

Ampex Corporation Signs Letter of Intent to Acquire MicroNet Technology, Inc. Business Wire - April 21, 1998 17:49 REDWOOD CITY, Calif.--(BUSINESS WIRE)--April 21, 1998--Ampex Corporation (AMEX:AXC) today announced that it has signed a letter of intent to acquire MicroNet Technology, Inc. (MicroNet). Founded in 1988, MicroNet, which had 1997 revenues in excess of $30 million, is a leading supplier of high performance RAID disk arrays for the video and commercial pre-press markets. MicroNet's customers include Disney Studios and The New York Times. Edward Bramson, Ampex's Chief Executive Officer, stated: "MicroNet represents the first step in Ampex's recently announced strategy to expand its technology base in electronic image processing and storage by acquiring businesses that address these markets. MicroNet has developed some interesting new products that extend beyond their current disk array base, and these products, which support both UNIX and Windows NT, are a major reason for our interest in MicroNet. We continue to look at other acquisition opportunities that could be synergistic with Ampex and MicroNet." Adam Michelin, Chief Executive Officer of MicroNet, stated: "We are delighted to become associated with Ampex. Their technical and financial resources can help us to achieve our goals for the high performance disk array and 'thin server' products that we plan to offer to our customers in image-based markets." Closing of the acquisition is contingent on various conditions, including the completion of due diligence by Ampex, and on the execution of a definitive acquisition agreement. If the transaction is completed, Ampex would issue approximately seven hundred thousand (700,000) Class A common shares to MicroNet's shareholders, and would acquire MicroNet subject to approximately $3.5 million of preferred stock, debt of $6 million, and other liabilities estimated at approximately $3 million. Ampex Corporation is one of the world's leading innovators in the fields of magnetic recording, image processing and high-performance digital storage. Ampex is currently focusing its technology on the emerging market for mass data storage in the visual information age. During its 54-year history of innovation, Ampex has been granted thousands of patents and numerous awards for technical achievement. Headquartered in Redwood City, Ampex's customers today include such leading organizations as AT&T, Boeing, Mobil Oil, Time Warner and NASA. Any statements contained herein that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Information on potential factors which could affect the Company's actual results of operations are included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 1997, and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 1998, which is expected to be filed shortly. CONTACT: Ampex Corporation Karen D. Schweikher, 650/367-4111