Ampex Corporation Press Release

Jan. 24, 2005 Ampex Corporation (OTCBB:AEXCA) today announced that it has concluded license agreements with three manufacturers of digital still cameras based in Japan: PENTAX Corporation, Matsushita Electric Industrial Co. Ltd., which markets to consumers under the PANASONIC and other brands, and Victor Company of Japan, Ltd. which markets under the JVC brand.

The agreements permit the use of several United States and foreign patents held by Ampex in the manufacture and sale of digital still cameras. The licenses provide that their terms are confidential.

Pursuant to the licenses, Ampex will receive during its first fiscal quarter, negotiated payments totaling approximately $5.5 million to settle liability for past use of its patents prior to conclusion of the agreements. The licensees will also pay to Ampex quarterly running royalties in the future based on the sales value of digital still cameras that utilize its patents.

Ampex continues to negotiate patent licenses with additional manufacturers of digital still cameras and camera-equipped cellular telephones and currently expects that it will conclude additional agreements within the next 90 days.

In addition to the companies listed above, Ampex has recently licensed its patents for use in digital still cameras, camera-equipped cellular telephones, and certain other digital consumer products to Canon Inc., (NYSE:CAJ) Sanyo Electric Co., Ltd. and Sony Corporation (NYSE:SNE)

In October 2004, Ampex initiated litigation against Eastman Kodak Company (NYSE:EK) in the International Trade Commission and in the Federal District Court of the District of Delaware for Kodak’s unauthorized use of an Ampex patent in the sale of digital still cameras.

The Company may initiate additional litigation to enforce its patents if it is not able to conclude licenses on acceptable terms.

Ampex Corporation, www.ampex.com, headquartered in Redwood City, California, is one of the world’s leading innovators and licensors of technologies for the visual information age.