Ampex and Hillside agree to 60 day extension to standstillaAgreement; engages Commercial Strategy to pursue licensing efforts

Co announces that it and Hillside Capital Incorporated have agreed to extend the standstill agreement until January 15, 2008 in order to afford the parties additional time to restructure the Hillside Notes previously issued to fund the Company's pension contributions. At September 30, 2007, outstanding Hillside Notes totaled $44.8 million. Co also announces that it has entered into an agreement with Commercial Strategy to assist Ampex in pursuing a new licensing strategy, wherein possible strategic partnerships and other business relationships may be identified and developed. The co believes Commercial Strategy is well positioned to identify actionable licensing opportunities and has the background, intellectual property monetization experience and long-standing major corporate client relationships to assist Ampex in achieving significant economic and strategic goals. A previous agreement with M-CAM, Inc. will expire in January 2008 in accordance with its terms.