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Prospector
Profile
07.1587
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| Ampex Corporation |
NAICS |
334220 |
| 1228 Douglas Ave.
Redwood City, CA 94063 |
Description |
Video Cameras Mfg. |
| (650) 367-2011 |
Employees |
127 |
| http://www.ampex.com/ |
Revenue |
(mil) |
35.9200 |
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Income |
(mil) |
-3.9500 |
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Assets |
(mil) |
26.9200 |
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Liability |
(mil) |
131.3200 |
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(for the year ended 2006-12-31) |
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Category:
Default
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Event:
Ampex Corporation entered into a standstill agreement on Sept. 12, 2007, with Hillside Capital, Inc. The standstill agreement expired on Nov. 15, 2007, but is subject to extension or earlier termination in certain circumstances, which provides for the parties to complete documentation that will restructure the Hillside Notes, and clarifies how future pension contributions will be funded. On July 13, 2007, the company received notice from Hillside alleging that the company had breached the Hillside Agreement, and further alleging that if this breach was not cured by July 23, 2007, it would constitute an event of default under the Hillside Agreement, which would entitle Hillside to declare approximately $45 million of Hillside Notes immediately due and payable. The company does not agree that any breach had occurred, or that there is any basis for declaring a default under the Hillside Agreement or accelerating the Hillside Notes, and the company notified Hillside of its position. Any acceleration of the Hillside Notes, unless waived or rescinded, could result in the occurrence of an event of default under certain of the company's other obligations, including approximately $6.5 million of the Senior Notes due August 2008, which would entitle holders of the Senior Notes to accelerate the maturity of those obligations.
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Intellectual Property:
The Company currently holds approximately 450 patents and patent applications covering digital image processing, digital image compression and recording technologies. Its Rapid Image Retrieval patent had been responsible for the majority of the license income earned, principally from manufacturers of digital still cameras and manufacturers of camera-equipped cellular phones. The Company owns additional patents that relate to digital imaging, which are generally relevant to many digital consumer imaging products, and are currently receiving royalties on these patents from several manufacturers of digital camcorders and one manufacturer of DVD recorders. The Company's image data shuffling patents are used to reduce the amount of data required to transmit or record an image. These patents expire at various dates through 2013 and have been issued in the USA, France, Great Britain, Germany and Taiwan. Feed forward quantization patents are also useful in reducing the amount of data required to transmit or record images, principally video images. These patents expire at various dates through 2012 and have been issued in the USA, France, Great Britain, Germany and Taiwan. High-speed data decoding patents may be useful in any digital device that displays video. The patents expire at various dates through 2014 and are issued in the USA, Austria, France, Great Britain and Germany, and an application is pending in Japan. [SEC Filing 10-K 03-22-07]
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Description:
The Company engages in the development and licensing of visual information technology worldwide.
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Officers:
Edward J. Bramson (Chair & CEO); Craig L. McKibben (VP, Treas. & CFO); Robert L. Atchison (VP)
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Auditor:
BDO Seidman LLP
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Securities:
Common Stock Symbol AMPX; NasdaqNM;
3,924,506 common shares outstanding as of Sept. 30, 2007.
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