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Ampex Corporation to Discontinue Internet Video Operations

(July 20, 2001)
Ampex Corporation 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 in Munich, Germany and will write off its investments in those entities completely.

Ampex attributed the decision to the difficulty in obtaining additional funding for iNEXTV due to adverse capital market conditions for Internet-based companies.

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