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<p style="font-weight:bold;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">As
filed with the Securities and Exchange Commission on June&nbsp;30, 2005</font></b></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE
COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C. 20549</font></b></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;S-8</font></b></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION STATEMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">AND POST-EFFECTIVE AMENDMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">UNDER THE SECURITIES ACT OF 1933</font></b></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">AMPEX CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(formerly Ampex Incorporated)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact
name of registrant as specified in its charter)</font></p>

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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13-3667696</font></b></p>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction of
  incorporation or organization)</font></p>
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer Identification Number)</font></p>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1228
Douglas Avenue</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Redwood
City, CA 94063</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(415) 367-2011</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address
of principal executive offices, including zip code)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMPEX
CORPORATION 1992 STOCK INCENTIVE PLAN, AS AMENDED</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Full
title of the plan)</font></p>

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</font></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Joel D.
Talcott,&nbsp;Esq.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ampex
Corporation</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1228 Douglas
Avenue</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Redwood
City, CA 94063</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(415) 367-3330</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(</font></b>Name, address and telephone number, including area
code, of agent for service)</p>

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<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Copy to:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Craig L.
McKibben</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ampex
Corporation</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">135 East
57<sup>th</sup> Street</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York,
New York&#160; 10022</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 935-6144</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Approximate date of commencement of proposed
sale to the public:</font></b>&#160;
From time to time after the effectiveness of this Registration
Statement, as determined by the selling stockholder.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the only securities to be registered on this form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box.&#160; </font><font face="Wingdings">o</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any of the securities being registered on this form are to be
offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the
Securities Act of 1933 (the &#147;Securities Act&#148;), other than securities offered
only in connection with dividend or interest reinvestment plans, please check
the following box.&#160; </font><font face="Wingdings">&#253;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">If this form is filed to register additional securities for an offering
pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please check the
following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:0pt;">o</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">If this form is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering.&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:0pt;">o</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">If delivery of the
prospectus is expected to be made pursuant to Rule&nbsp;434, check the following
box.&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:0pt;">o</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:0pt;">CALCULATION
OF REGISTRATION FEE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title of<br>
  securities to be<br>
  registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount to<br>
  be registered(1)</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed maximum<br>
  offering price<br>
  per share(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed maximum<br>
  aggregate<br>
  offering price(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of<br>
  registration fee</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:22.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:22.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A Common Stock,<br>
  $0.01 par value per share</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">712,500
  shares</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$40.01</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$28,507,125.00</font></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.08%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$1,412.75 </font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Plus such
indeterminate number of shares pursuant to Rule&nbsp;416 as may be issued in
respect of stock splits, stock dividends and similar transactions.</p>

<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Estimated solely
for the purpose of calculating the registration fee pursuant to Rule&nbsp;457(h)(1)&nbsp;and<b><font style="font-weight:bold;"> </font></b>Rule&nbsp;457(c)&nbsp;under the Securities
Act, based upon the average of the high ($40.75) and low ($39.26) prices per
share of the Registrant&#146;s Common Stock as reported on Nasdaq on June&nbsp;27,
2005.</p>

<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Represents shares
issued or issuable under options granted or to be granted under the Ampex
Corporation 1992 Stock Incentive Plan, as amended.</p>

<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pursuant to Rule&nbsp;429(b)&nbsp;under
the Securities Act, this Registration Statement includes 412,500 shares of the
Registrant&#146;s Common Stock, as adjusted, previously registered on Form&nbsp;S-8
Registration Statements No.&nbsp;33-77664 (filed on April&nbsp;12, 1994),
No.&nbsp;33-92640 (filed on May&nbsp;23, 1995), No.&nbsp;333-05623
(filed on June&nbsp;10, 1996 and amended by Post-Effective Amendment filed on August&nbsp;30,
1996) and No.&nbsp;333-81534 (filed on January&nbsp;29, 2002).&#160; In connection with such previously registered
shares, the Registrant paid an aggregate registration fee of $11,214.00. In
connection with this Registration Statement, the Registrant is paying a fee
based solely on the 300,000 additional shares of the Registrant&#146;s Common Stock
being registered.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:black;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.3in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;">Pursuant to Rule&nbsp;429 under the Securities Act, the
reoffer prospectus included in this Registration Statement is a combined
reoffer prospectus and relates to this Registration Statement and to
Registration Statements No.&nbsp;33-77664 (filed on April&nbsp;12, 1994),
No.&nbsp;33-92640 (filed on May&nbsp;23, 1995), No.&nbsp;333-05623
(filed on June&nbsp;10, 1996 and amended by Post-Effective Amendment filed on August&nbsp;30,
1996) and No.&nbsp;333-81534 (filed on January&nbsp;29, 2002). This
Registration Statement also constitutes a Post-Effective Amendment to each of
the Registration Statements Nos. 33-77664, 33-92640, 333-05623
and 333-81534.</font></p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXPLANATORY
NOTES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The </font>Registrant has previously filed the Form&nbsp;S-8
registration statements and the post-effective amendment listed below (the &#147;Prior
Registration Statements&#148;) to register shares of its Class&nbsp;A Common Stock,
par value $0.01 per share (the &#147;Class&nbsp;A Stock&#148;) reserved for issuance
under the Ampex Corporation 1992 Stock Incentive Plan, as amended (the &#147;Stock
Incentive Plan,&#148; or the &#147;Plan&#148;):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;S-8
Registration Statement (File No.&nbsp;33-77664) filed on April&nbsp;12,
1994 to register 37,500 shares (as adjusted) of Class&nbsp;A Stock reserved for
issuance under the Plan;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;S-8
Registration Statement (File No.&nbsp;33-92640) filed on May&nbsp;23,
1995 to register 75,000 additional shares (as adjusted) of Class&nbsp;A Stock
reserved for issuance under the Plan;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;S-8
Registration Statement (File No.&nbsp;333-05623) filed on June&nbsp;10,
1996 to register 100,000 additional shares (as adjusted) of Class&nbsp;A Stock
reserved for issuance under the Plan;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Post-Effective
Amendment No.&nbsp;1 to Form&nbsp;S-8 Registration Statement filed on August&nbsp;30,
1996 to reflect amendments to the Plan made in accordance with Rule&nbsp;16b-3
under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;); and</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;S-8
Registration Statement (File No.&nbsp;333-81534) filed January&nbsp;29,
2002 to register 200,000 additional shares (as adjusted) of Class&nbsp;A Stock
reserved for issuance under the Plan.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="color:black;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;">On March&nbsp;18, 2005, the board of directors of the
Registrant approved an amendment to the Plan, subject to approval by
stockholders at the Registrant&#146;s 2005 Annual Meeting of Stockholders, to
increase the number of shares of Class&nbsp;A Stock available for issuance
under the Plan by 300,000 shares.&#160; On April&nbsp;19,
2005, the Registrant&#146;s board of directors approved certain amendments to the
Plan, which did not require stockholder approval, in order to conform the Plan
to new Section&nbsp;409A of the Internal Revenue Code relating to deferred
compensation, established under the American Jobs Creation Act of 2004. At the
Registrant&#146;s Annual Meeting of Stockholders held on June&nbsp;10, 2005, the
Registrant&#146;s stockholders approved the amendment to increase the shares
available under the Plan by 300,000.&#160; A
copy of the Plan, as so amended, is filed as Exhibit&nbsp;10.1 hereto.</font></p>

<p align="left" style="color:black;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This registration statement is being filed by
the Registrant to register the 300,000 additional shares of Class&nbsp;A Stock
reserved for issuance under the Plan.&#160;
Pursuant to Rule&nbsp;429 of the Securities Act, this registration
statement also serves as a Post-Effective Amendment to the Prior Registration
Statements in order to reflect the recent amendments made to the Plan, and to
include a reoffer prospectus prepared in accordance with General Instruction C
of Form&nbsp;S-8 and in accordance with the requirements of Part&nbsp;I
of Form&nbsp;S-3.&#160; The reoffer
prospectus may be used for reoffers and resales of the shares of Class&nbsp;A
Stock that have been issued to the selling stockholders upon exercise of
employee stock options granted under the Plan.&#160;
The contents of the Prior Registration Statements are incorporated
herein by reference.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;I</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION
REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registrant will send the documents
containing the information specified in Part&nbsp;I of Form&nbsp;S-8 to
Plan participants as specified by Rule&nbsp;428(b)(1)&nbsp;under the Securities
Act.&#160; Pursuant to the instructions to Form&nbsp;S-8,
the Registrant is not required to file these documents either as part of this
registration statement or as prospectuses or prospectus supplements under Rule&nbsp;424
of the Securities Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R</font></b><b><font style="font-weight:bold;">EOFFER PROSPECTUS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">712,500
Shares</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMPEX
CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Class&nbsp;A
Common Stock</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus relates to offers and sales
of up to 712,500 shares of our Class&nbsp;A Common Stock, or Class&nbsp;A
Stock, that have been or will be acquired by the selling stockholders upon
exercise of employee stock options granted to them under the Ampex Corporation
1992 Stock Incentive Plan, as amended.&#160;
The selling stockholders are certain officers and directors of Ampex who
may be deemed to be our &#147;affiliates,&#148; as defined in Rule&nbsp;405 under the
Securities Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders may sell the shares
directly or through broker-dealers or underwriters, at various times, in
various amounts and in various types of public or private transactions,
including in the open market, in negotiated transactions or by any combination
of these methods, at prevailing market prices or at privately negotiated
prices.&#160; Each selling stockholder will
determine the selling price of his or its shares at the time of sale, and will
receive all of the net proceeds from the sales and pay all brokerage
commissions and similar selling expenses, if any. We will pay the expenses
incident to the registration of the shares, but we will not receive any
proceeds from the sale of the shares by the selling stockholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders and any agents,
broker-dealers or underwriters that are involved in selling their shares may be
deemed to be &#147;underwriters&#148; within the meaning of the Securities Act of 1933,
as amended (the &#147;Securities Act&#148;), and any commissions received by them and any
profit on the resale of the shares may be deemed to be underwriting commissions
or discounts under that Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Class&nbsp;A Stock is quoted on the
Nasdaq National Market, under the symbol &#147;AMPX.&#148;&#160; On June&nbsp;27, 2005, the closing sale price
of our Class&nbsp;A Stock on Nasdaq was $40.58 per share.&#160; At the date of this prospectus, the Class&nbsp;A
Stock is the only outstanding class of our Common Stock.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investing in our Class&nbsp;A
Stock involves a high degree of risk.&#160;
You should carefully consider the &#147;Risk Factors,&#148; beginning on page&nbsp;4,
before buying any of our Class&nbsp;A Stock.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neither the
Securities and Exchange Commission (the &#147;Commission&#148;) nor any state securities
commission has approved or disapproved of these securities or determined if
this prospectus is truthful or complete.&#160;
Any representation to the contrary is a criminal offense.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this prospectus is June&nbsp;30,<b><font style="font-weight:bold;"> </font></b>2005.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE
OF CONTENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ForwardlookingStatements_124500" title="Click to goto FORWARD-LOOKING STATEMENTS">FORWARD-LOOKING STATEMENTS</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.1%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
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  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.9%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  INDEMNIFICATION FOR SECURITIES ACT LIABILITIES</a></font></b></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#InformationIncorporatedByReferenc_125811" title="Click to goto INFORMATION INCORPORATED BY REFERENCE">INFORMATION INCORPORATED BY REFERENCE</a></font></b></p>
  </td>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">You should rely only
on the information incorporated by reference or provided in this prospectus or
any prospectus supplement.&#160; We have not
authorized anyone to give you different information.&#160; You should not assume that the information
incorporated by reference provided in this prospectus or in any prospectus
supplement is accurate as of any date other than the date on the front of the
documents.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">This prospectus does
not constitute an offer to sell, or a solicitation of an offer to buy, nor
shall there be any sale of these shares by any person in any jurisdiction in
which it is unlawful for that person to make such an offer, solicitation or
sale.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ForwardlookingStatements_124500"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORWARD-LOOKING
STATEMENTS</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;page-break-after:auto;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">This prospectus
contains predictions, projections and other statements about the future that
are intended to be &#147;forward-looking statements&#148; within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause our actual results, performance or achievements, or
industry results, to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
risks, uncertainties and other important factors include, among others, those
described under &#147;Risk Factors,&#148; below. These forward-looking statements speak
only as of the date of this prospectus. We disclaim any obligation or
undertaking to disseminate updates or revisions of any expectations with regard
thereto or regarding any changes in events, conditions or circumstances on
which any such forwarding-looking statements are based.&#160; IN ASSESSING FORWARD-LOOKING STATEMENTS
CONTAINED IN THIS PROSPECTUS, YOU ARE URGED TO READ CAREFULLY ALL SUCH
CAUTIONARY STATEMENTS.</font></p>

<p align="left" style="border:none;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;padding:0in;page-break-after:auto;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="AmpexCorporation_124636"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMPEX
CORPORATION</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are a leading innovator and licensor of
visual information technology.&#160; During
our 60-year history, we have developed substantial proprietary technology
relating to the electronic storage, processing and retrieval of data,
particularly images.&#160; We currently hold
approximately 600 patents and patent applications covering digital image
processing, digital image compression and recording technologies.&#160; We leverage our investment in technology
through our corporate licensing division that licenses our patents to
manufacturers of consumer electronics products.&#160;
Through our wholly-owned subsidiary, Ampex Data Systems Corporation (&#147;Data
Systems&#148;), we also incorporate this technology in the design and manufacture of
very high performance data storage products, principally used in intelligence
gathering and defense applications to gather digital images and other data from
aircraft, satellites and submarines.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have two business segments, which we refer
to as our Recorders segment and our Licensing segment.&#160; Our Recorders segment primarily includes the
sale and service of data acquisition and instrumentation recorders (which
record data, principally images rather than computer information), and to a
lesser extent mass data storage products, all of which are made by our
manufacturing subsidiary, Data Systems.&#160;
Our Licensing segment involves the licensing of our intellectual
property to manufacturers of consumer digital video products through our corporate
licensing division.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We incorporated in Delaware in January&nbsp;1992
as the successor to a business originally organized in 1944. References to &#147;Ampex&#148;
include subsidiaries and predecessors of Ampex Corporation, unless the context
indicates otherwise.&#160; Our principal
executive offices are located at 1228 Douglas Avenue, Redwood City, California
94063, and our telephone number is (650) 367-2011.&#160; Our Class&nbsp;A Stock is quoted on the
Nasdaq National Market (&#147;Nasdaq&#148;) under the symbol &#147;AMPX.&#148;&#160; We also maintain a website on the Internet at
www.ampex.com.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our trademarks include &#147;Ampex&#148;, &#147;DST&#148;, &#147;DCRsi&#148;,
&#147;DIS&#148;, &#147;DDRs&#148; and &#147;DSRs&#148;, which are trademarks of Ampex Corporation.&#160; All other trademarks and service marks used
in this report are the property of Ampex or their respective owners.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="RiskFactors_124659"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RISK
FACTORS</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Investing in our Class&nbsp;A Stock involves a high
degree of risk.&#160; You should carefully
consider all of the information in this prospectus and, in particular, the
following risks before making an investment decision.&#160; The risks and uncertainties described below
are not the only ones we face.&#160;
Additional risks that are not yet known to us or that we deem immaterial
could also seriously impair our business, operating results and financial
condition.&#160; The trading price of our Class&nbsp;A
Stock could decline due to any of these risks, and you could lose all or part
of your investment.</font></i></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 align="left" style="font-weight:bold;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Risk Related to our Business</font></b></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Our operating results have
fluctuated significantly in the past and will continue to fluctuate in the
future, which could cause corresponding fluctuations in our stock price.</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our revenues and results of operations are generally
subject to quarterly and annual fluctuations.&#160;
Various factors affect our operating results, some of which are not
within our control, including:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>receipt
of lump sum, prepaid and ongoing licensing royalties;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>product
sales by licensees;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>new
licenses with licensees;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>litigation
expenses;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>debt
repayments and interest expense;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>customer
ordering and government spending patterns;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>availability
and market acceptance of new products and services;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>timing
of significant orders and new product announcements; and</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>order
cancellations.</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For example, our licensing revenue has historically
fluctuated widely due to a number of factors that we cannot predict, such as
the extent to which third parties use our patented technology, the ability of
manufacturers to redesign their products to avoid infringement of our patents,
the extent to which we must pursue litigation in order to enforce our patents
to protect our business, and the ultimate success of our licensing and
litigation activities.&#160; Licensing revenue
also depends in part on fluctuating sales volumes and prices of licensees&#146;
products that incorporate our technology.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the three months ended March&nbsp;31, 2005, we had
licensing revenue of $11.4 million and net income of $5.9 million as a result
of the recognition of significant royalty receipts for past and, in some cases,
future use of our patents.&#160; For the three
months ended March&nbsp;31, 2004, however, we only had licensing revenues of
$1.7 million and reported a net loss of $.25 million.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similarly, our recording revenues may fluctuate
significantly in future periods.&#160; While
this segment reported operating income for each of the three months ended March&nbsp;31,
2005 and 2004, its business is dependent on the funding of government defense
programs, which may come under increased pressure in the future, leading to a
decline in sales.&#160; In addition, a substantial
portion of our Recorders</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">segment backlog at a
given time is normally shipped within one or two quarters thereafter and
revenues in any quarter are heavily dependent on orders received in that quarter
and the immediately preceding quarter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, results of a given quarter or year may
not necessarily be indicative of results to be expected for future
periods.&#160; In addition, fluctuations in
operating results may negatively affect our debt service coverage, or our
ability to issue debt or equity securities should we wish to do so, in any
given fiscal period.&#160; In addition,
material fluctuations in our operating results in future periods could have a
material adverse effect on the price of our common stock.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we are unable
to protect our intellectual property adequately, our revenues will be reduced
and we may not be able to compete effectively.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The success of our licensing and recording activities
depends, in part, upon our ability to establish and maintain the proprietary
nature of our technology through the patent process.&#160; There can be no assurance that one or more of
our patents will not be successfully challenged, invalidated or circumvented or
that we will otherwise be able to rely on such patents for any reason.&#160; In addition, our competitors, many of whom
have substantial resources and have made substantial investments in competing
technologies, may seek to apply for and obtain patents that restrict our
ability to make, use and sell our products either in the United States or in
foreign markets.&#160; Monitoring unauthorized
use of our technology is difficult, and we cannot be certain that the steps we
have taken will prevent unauthorized use of our technology, particularly in
foreign countries where the laws may not protect our proprietary rights as
fully as the laws of the United States.&#160;
If any of our patents are successfully challenged, invalidated or
circumvented or our right or ability to manufacture our products becomes
restricted, our ability to continue to manufacture and market our products
could be adversely affected, which would likely have a material adverse effect
upon our business, financial condition and results of operations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our licensing revenues may be adversely affected due to
the expiration of certain of our patents.&#160;
Our rapid image retrieval patent, which is licensed to manufacturers of
digital still cameras, will expire in April&nbsp;2006.&#160; Other patents that we license to
manufacturers of consumer digital imaging products will expire at various times
through 2014.&#160; We believe that certain of
our patents covered by existing licenses are used in professional and consumer
digital camcorders.&#160; We expect to receive
royalties from these products for several years after the April&nbsp;2006
expiration of our rapid image retrieval patent.&#160;
We are conducting discussions with certain manufacturers of digital
still cameras, including existing licensees, to determine whether they are
infringing these patents, as well.&#160; If we
believe that their products are infringing our other patents, we have the right
to declare the licensees to be in breach of their agreements with us.&#160; If the licensees do not either demonstrate
non-infringement or begin to pay royalties, we have the right to cancel their
licenses and initiate litigation to enforce our patents.&#160; However, there is no assurance that our other
patents may be used in digital still cameras<b><font style="font-weight:bold;"> </font></b>now
or in the future.&#160; Therefore, after April&nbsp;11,
2006, our digital still camera royalties may be materially reduced or
eliminated.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless we are able to develop or acquire new patents
in the digital imaging or other fields, our licensing revenues will expire in
2014.&#160; Moreover, if other companies
develop unpatented proprietary technology similar to ours or competing
technologies, our competitive position will be weakened and we may experience
reduced license revenues.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our revenues and
operations may be adversely affected if we are not successful in our current
and future legal actions or proceedings.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The success of our Licensing segment depends upon the
validity of our digital imaging patents, which are used by manufacturers of
consumer digital imaging products.&#160; We
have recently initiated litigation to enforce one of our digital still camera
patents and we may decide to initiate additional</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">litigation against other
manufacturers of digital still cameras and other products to enforce our
patents, to protect trade secrets or know-how owned by us or to determine the
enforceability, scope and validity of the proprietary rights of others.&#160; Any litigation or interference proceedings
brought against, initiated by, or otherwise involving us, may require us to
incur substantial legal and other fees and expenses and may require some of our
employees to devote all or a substantial portion of their time to the
prosecution or defense of such litigation or proceedings.&#160; We also face the risk that a court could rule&nbsp;that
our patents are invalid or not infringed, causing existing licensees to
discontinue payments to us.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result, we have incurred significant litigation
expenses and may incur additional costs in future periods if we bring new
lawsuits or if existing litigation is not resolved through negotiations.&#160; Additionally, if we do not prevail in our
patent litigation, our patent royalties could be negatively impacted, which
would have an adverse impact on our business, revenues and operations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our business
depends materially on U.S. government spending, and a decrease in that spending
may adversely affect our revenues and earnings.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Recorders segment depends materially on continued
expenditures by the U.S. government on intelligence and defense programs.&#160; Significant portions of data acquisition and
instrumentation recorder sales reflect purchases by prime contractors to the
federal government, which are subject to significant fluctuations.&#160; The large U.S. budget deficit is expected to
result in the cancellation of various defense programs.&#160; We do not know whether programs in which we
participate will be affected by such cuts, program delays or deferred
funding.&#160; The loss or significant decline
in spending on various imaging and intelligence gathering programs, in which we
are subcontractors to prime government contractors, or the lack of acceptance
of our new products described below could have a material adverse effect on our
revenues and earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have recently introduced our new DDRs disk-based
data acquisition recorder and our new DSRs solid-state memory-based data
acquisition recorder for use in intelligence gathering activities.&#160; These products have been designed to replace
a large installed base of DCRsi tape-based data acquisition recorders over
several years.&#160; However, there can be no
assurance that these new products will be successful or achieve the same level
of market acceptance.&#160; If sales of new
systems decline in the future, we may be increasingly dependent upon revenues
from the sale of spare parts, service and tape.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have
substantial unfunded pension liabilities, which may adversely affect our
ability to maintain or grow our operations.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our defined benefit pension plan and the defined benefit pension plan of
our former magnetic tape manufacturing subsidiary (&#147;Media&#148;), which we sold in
1995, were frozen in 1994, but remain substantially underfunded.&#160; At March&nbsp;31, 2005, unfunded accumulated
plan benefit obligations under the pension plans totaled $51.4 million and
$19.7 million, respectively, and have been recognized as liabilities on our
consolidated balance sheet.</font></p>

<p align="left" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;vertical-align:baseline;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2004 and prior years, Media reimbursed us for
some of the pension contributions we made on behalf of the Media pension plan
based on a contractual obligation entered into at the time Media was sold.&#160; On January&nbsp;10, 2005, Media filed for
Chapter 11 reorganization.&#160; Based on our
assessment of Media&#146;s financial condition, we do not anticipate any additional
reimbursement of amounts paid to date or payable in the future on behalf of the
Media pension plan.&#160; Future pension
contributions payable under these pension plans will fluctuate based on actual
investment performance, life expectancy of the participants and other factors
versus such assumptions used to project future pension contributions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under a Joint Settlement Agreement between us,
Hillside Capital Incorporated, a former affiliate (&#147;Hillside&#148;), and the Pension
Benefit Guaranty Corporation, Hillside is required to advance pension</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contributions for our and
Media&#146;s pension plan in the event that we cannot make them.&#160; At our request, to date Hillside has made
pension contributions totaling $14.8 million pertaining to our and the Media
pension plans.&#160; Hillside has informed us
that they will make a pension contribution of $5.9 million in September&nbsp;2005.&#160; When Hillside advances pension contributions,
we become indebted to Hillside and issue promissory notes to Hillside in the
amount of our indebtedness (the &#147;Hillside Notes&#148;).&#160; In future years, we may request Hillside to
fund additional pension contributions under the Ampex and/or Media pension
plans if we are unable to make the payments ourselves.&#160; We believe that Hillside has sufficient
assets to fund future pension contributions under the Joint Settlement
Agreement, but we do not own or control Hillside and, except for the provisions
of the Joint Settlement Agreement, our ability to borrow pension contributions
from Hillside is beyond our control.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our substantial
indebtedness could materially adversely affect our operations and financial
results and prevent us from obtaining additional financing, if necessary.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of March&nbsp;31, 2005, we had outstanding
approximately $29.8 million of total long-term borrowings, which includes
approximately $15.8 million under our 12% Senior Notes due 2008 and $14.0
million of Hillside Notes that at March&nbsp;31, 2005 bear interest at 7.63%
per annum.&#160; The Hillside Notes were
incurred in connection with pension contributions advanced by Hillside in 2004
and prior years.&#160; In June&nbsp;2005, we
redeemed $10 million principal amount of our 12% Senior Notes.&#160; The 12% Senior Notes are secured by liens on
our future royalty receipts.&#160; We may
incur additional indebtedness from time to time in the future, subject to
certain restrictions imposed by our debt agreements, which could increase our
interest expense in future periods.&#160; If
we default in our obligations under the relevant loan agreements, the
Noteholders would have the right to accelerate the indebtedness and foreclose
on their liens, which would materially and adversely affect our financial
condition.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The degree to which we are leveraged could have other
important consequences to investors, including the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a
substantial portion of our cash flow from licensing operations must be
dedicated to the payment of principal of and interest on our outstanding
indebtedness until it is repaid in full, and until then will not be available
for other purposes;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our
ability to obtain additional financing in the future for working capital needs,
capital expenditures, acquisitions and general corporate purposes may be
materially limited or impaired by the terms of our existing debt agreements,
and even if existing lenders consent to the issuance of new debt, such
financing may not be available on terms favorable to us;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we
may be more highly leveraged than our competitors, which may place us at a
competitive disadvantage;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>our
leverage may make us more vulnerable to a downturn in our business or the
economy in general; and</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
financial covenants and other restrictions contained in our indentures and
other agreements relating to our indebtedness also restrict our ability to make
new investments, dispose of assets or to pay dividends on or repurchase common
stock.</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we cannot service our indebtedness, we will be
forced to adopt alternative strategies.&#160;
These strategies may include reducing or delaying capital expenditures,
selling assets, restructuring or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">refinancing our
indebtedness, or seeking additional equity capital.&#160; We cannot give any assurance that any of
these strategies will be successful or that they will be permitted under our
debt indentures.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our substantial
debt service and pension obligations may reduce our cash flow and our ability
to operate our business.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have limited liquidity with which to conduct our
operations.&#160; Although we had cash and
marketable securities of $16.6 million at March&nbsp;31, 2005, substantially
all cash generated by our Licensing segment in excess of related operating
expenses and certain other expenses, including patent litigation costs, is
first required to be applied to reduce debt which totaled $29.8 million at March&nbsp;31,
2005.&#160; In addition to our debt service
obligations, we are obligated to make future pension contributions to our and
Media&#146;s pension plans, which we estimate will total <b><font style="font-weight:bold;">$</font></b>41.8&nbsp;million over the next six years.&#160; Our management believes that our liquidity,
coupled with anticipated patent licensing revenue and our ability to borrow
pension contributions from Hillside, should be sufficient to satisfy our
projected cash obligations through at least March&nbsp;2006, however, we cannot
assure you that we will be able to satisfy these obligations.&#160; Furthermore, our limited liquidity may harm
our ability to operate or grow our business.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we acquire
companies in the future, we may experience integration costs and the acquired
businesses may not perform as we expect.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have made, and may under certain circumstances in
the future make, acquisitions of, and/or investments in, other businesses.&#160; These entities may be involved in new
businesses in which we have not historically been involved.&#160; We may not be able to identify or acquire
suitable acquisition candidates in the future, or complete any acquisitions or
investments on satisfactory terms.&#160; While
we are not currently seeking to make any acquisitions of a controlling interest
in new businesses and our principal debt instruments substantially restrict our
ability to make acquisitions or investments in new businesses, future acquisitions
and investments involve numerous additional risks.&#160; These risks include difficulties in the
management of operations, services and personnel of the acquired companies, and
of integrating acquired companies with us and/or each other&#146;s operations.&#160; We may also encounter problems in entering
markets and businesses in which we have limited or no experience.&#160; Acquisitions can also divert our attention
from other business concerns.&#160; We have
made and may make additional investments in companies in which we own less than
a 100% interest.&#160; Such investments
involve additional risks, including the risk that we may not be in a position
to control the management or policies of such entities, and the risk of
potential conflicts with other investors.&#160;
For example, we have written off all of our acquisitions of Internet
companies during 2000 and 2001.&#160; It is
possible that we could lose all or a substantial portion of any future
investments.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If are unable to
respond to rapid technological change or to develop new products, our revenues
and results of operations will be adversely affected.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All the industries and markets from which we derive or
expect to derive revenues, directly or through our licensing program, are
characterized by continual technological change and the need to introduce new
products, product upgrades and patentable technology.&#160; This has required, and will continue to
require, that we spend substantial amounts of capital on the research,
development and engineering of new products and advances to existing products,
as well as for assessing infringement of our patents by manufacturers of
consumer digital video products.&#160; We
cannot assure you that our existing products, technologies and services will
not become obsolete or that any new products, technologies or services will win
commercial acceptance.&#160; Obsolescence of
existing product lines, or inability to develop and introduce new products and
services, could have a material adverse effect on our revenues and results of
operations in the future.&#160; The development
and introduction of new technologies, products and services are subject to
inherent technical and market risks, and there can be no assurance that we will
be successful</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in this regard.&#160; In addition, reductions in our research and
development programs could adversely affect our ability to remain competitive.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because our Recorders segment is primarily focused on
our data acquisition and instrumentation products, we have devoted the majority
of our research and development to producing our new solid state and disk based
instrumentation recorders.&#160; We do not
currently intend to invest additional development resources to extend the life
of our 19-millimeter mass storage products beyond the quad density format
other than as required to support the needs of our customers.&#160; If our Recorders segment were to experience
further declines in product revenues, we may be required to reduce future
research, development and engineering costs.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have numerous
significant competitors in our Recorders segment, some of which have greater
financial resources than we do.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Recorders segment encounters significant
competition in all the markets for its products and services, and many of our
competitors in this industry have greater resources and access to capital than
us.&#160; In the instrumentation market, which
currently is our Recorders segment&#146;s major area of focus, we compete primarily
with companies that depend on government contracts for a major portion of their
revenues, including L-3 Communications Corporation, Calculex and Sypris
Solutions,&nbsp;Inc.&#160; Although the number
of our competitors in this industry has decreased in recent years as the
government spending in many areas has declined, many of these competitors have
greater financial resources than we do.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We rely on a
limited number of key suppliers and vendors to operate our business.&#160; If these suppliers or vendors experience
problems or favor our competitors, we could fail to obtain sufficient
quantities of products and services we require to operate our business
successfully.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Recorders segment purchases certain components and
magnetic media products from a single domestic or foreign manufacturer.&#160; Significant delays in deliveries or defects
in such components could adversely affect our manufacturing operations, pending
qualification of an alternative supplier.&#160;
In addition, we produce highly engineered products in relatively small
quantities.&#160; As a result, our ability to
cause suppliers to continue production of certain products on which we depend
may be limited.&#160; These suppliers may
require us to purchase lifetime quantities of their products or components,
which may cause our inventories to increase beyond levels required to support
current revenues.&#160; We do not generally
enter into long-term raw materials or components supply contracts.&#160; Accordingly, if we experience problems with
these manufacturers, we could fail to obtain sufficient resources to operate
our business successfully.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our international
operations subject us to social, political and economic risks of doing business
in foreign countries.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although we significantly curtailed our Recording
segment&#146;s international operations in prior years, sales to foreign customers
(including U.S. export sales) continue to be significant to our results of
operations.&#160; However, international
operations are subject to a number of special risks, including limitations on
repatriation of earnings, restrictive actions by local governments, and
nationalization.&#160; Additionally, export
sales are subject to export regulation and restrictions imposed by U.S.
government agencies.&#160; Although
fluctuations in the value of foreign currencies can affect our results of
operations, we do not normally seek to mitigate our exposure to exchange rate
fluctuations by hedging our foreign currency positions.&#160; Accordingly, our revenues from international
operations are subject to numerous risks, any of which may have an adverse
impact on our results of operations.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are dependent
on certain key personnel and the loss of one or more of these individuals could
disrupt our operations and adversely affect our financial results.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are highly dependent, and our success depends, upon
the availability and performance of our executive officers and directors,
including Edward J. Bramson, who has been our chief executive officer since
1991.&#160; Mr.&nbsp;Bramson is also engaged
in the management of certain other companies, but devotes most of his time to
the management of our operations.&#160; We
have not entered into employment agreements with Mr.&nbsp;Bramson or any of our
key employees, and we do not maintain key man life insurance on any of these
individuals.&#160; Accordingly, if we lose the
services of Mr.&nbsp;Bramson or our other executive officers, our business,
financial condition and operating results could be materially adversely
affected.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We could incur
substantial costs as a result of violations of or liabilities under
environmental laws.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our facilities are subject to numerous federal, state
and local laws and regulations designed to protect the environment from waste
emissions and hazardous substances.&#160;
Owners and occupiers of sites containing hazardous substances, as well
as generators and transporters of hazardous substances, are subject to broad
liability under various federal and state environmental laws and regulations,
including liability for investigative and cleanup costs and damages arising out
of past disposal activities.&#160; We have
been named from time to time as a potentially responsible party by the United
States Environmental Protection Agency with respect to contaminated sites that
have been designated as &#147;Superfund&#148; sites, and are currently engaged in various
environmental investigation, remediation and/or monitoring activities at
several sites located off our facilities.&#160;
There can be no assurance we will not ultimately incur liability in
excess of amounts currently reserved for pending environmental matters, or that
additional liabilities with respect to environmental matters will not be
asserted.&#160; In addition, changes in
environmental regulations could impose the need for additional capital
equipment or other requirements.&#160; Such
liabilities or regulations could have a material adverse effect on us in the future.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although we sold Media in November&nbsp;1995, we have
continuing liability with respect to environmental contamination at
manufacturing sites and disposal sites used by Media when it was our
subsidiary.&#160; On January&nbsp;10, 2005,
Media filed for Chapter 11 reorganization.&#160;
At March&nbsp;31, 2005, we have included an estimate of future clean up
costs of Media sites of $2.4 million, which is included in net liabilities of
discontinued operations.&#160; We cannot
assure you that future costs of cleanup will not exceed our current estimate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Complying with
changing corporate governance regulations, including an evaluation of our
internal controls, may adversely affect our business and operations.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changing laws, regulations and standards relating to
corporate governance and public disclosure, including the Sarbanes-Oxley Act of
2002, new SEC regulations and Nasdaq market rules, are creating uncertainty for
companies such as ours.&#160; These new or
changed laws, regulations and standards are subject to varying interpretations
in many cases due to their lack of specificity.&#160;
As a result, their application in practice may evolve over time as new
guidance is provided by regulatory and governing bodies, which could result in
continuing uncertainty regarding compliance matters and higher costs
necessitated by ongoing revisions to disclosure and governance practices.&#160; We are committed to maintaining high
standards of corporate governance, internal control and public disclosure.&#160; As a result, we intend to invest resources to
comply with evolving laws, regulations and standards, and this investment may
result in increased administrative expenses and a diversion of management time
and attention from revenue-generating activities to compliance activities.&#160; If our efforts to comply with new or changed
laws, regulations and standards differ from the activities intended by
regulatory or governing bodies, our reputation may be harmed.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are exposed to
potential risks from recent legislation requiring companies to evaluate their
internal control over financial reporting under Section&nbsp;404 of the
Sarbanes-Oxley Act of 2002.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will be evaluating our internal controls systems in
order to allow management to report on the effectiveness of our internal
control over financial reporting and our registered independent public
accounting firm to attest to this report in our Form&nbsp;10-K annual
report for the fiscal year ending December&nbsp;31, 2005, as required by Section&nbsp;404
of the Sarbanes-Oxley Act.&#160; We will perform
the system and process evaluation and testing (and implementing any necessary
remediation) required in an effort to comply with these report and attestation
requirements and expect to incur additional expenses and devote significant
management time towards completing actions required for management&#146;s
evaluation.&#160; The evaluation and
attestation processes required by Section&nbsp;404 are new and neither public
companies nor public accounting firms have significant experience in testing or
complying with these requirements.&#160;
Although we will develop and implement plans to fully satisfy the
requirements relating to internal controls and all other aspects of Section&nbsp;404
in a timely fashion, we cannot be certain as to the timing of completion of our
evaluation, testing and remediation actions or their impact on our operations
because, like other public companies, we and our registered independent public
accounting firm will be undergoing the process for the first time in a
regulatory environment where the standards to assess adequacy of compliance are
under development.&#160; We cannot assure you
that there will not be significant deficiencies or material weaknesses that
would be required to be reported as a result of the process.&#160; In addition, we cannot assure you that we
will timely complete actions required for management&#146;s evaluation according to
a timetable that will permit our registered independent public accounting firm
to timely complete its assessment of our internal control over financial
reporting and attest to management&#146;s report.&#160;
This development may subject us to regulatory investigations and
sanctions and lead to a loss of confidence in our internal control over
financial reporting.&#160; Any such action
could adversely affect our financial results and the market price of our common
stock.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 align="left" style="font-weight:bold;letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:left;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Risks Related to the Offering and Ownership of our Common
Stock</font></b></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The future price
of our common stock may fluctuate significantly, and you could lose all or part
of your investment.</font></i></b></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:normal;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The trading price of our common stock has been and can
be expected to be subject to significant volatility, reflecting a variety of
factors, including:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>fluctuations
in patent licensing revenues, developments in our patent licensing program and
the success or failure of litigation that we initiate to defend our patents;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>announcements
relating to developments in our Recorders segment;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>quarterly
fluctuations in operating results;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>modifications
to our senior debt agreements and other events that affect our liquidity;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>announcements
of the introduction of new products, technologies or services by us or our
competitors;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>announcements
of acquisitions of, or investments in, new businesses or other events;</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>sales
of shares of our common stock by insiders pursuant to Rule&nbsp;10b5-1
plans, under Rule&nbsp;144 or otherwise;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reports
and predictions concerning us by analysts and members of the media; and</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>general
economic or market conditions.</p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;text-indent:-.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the stock market in general, and technology
companies in particular, have experienced a high degree of price volatility,
which has had a substantial effect on the market prices of many such companies
for reasons that often are unrelated or disproportionate to operating
performance.&#160; Thus, these broad market
and industry fluctuations may adversely affect the price of our common stock,
regardless of our operating performance.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future sales or
the possibility of future sales of substantial amounts of our common stock by
our officers and directors may cause the price of our common stock to decline.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The resale of shares of our common stock by the
selling stockholders pursuant to this prospectus could cause the market price
of our common stock to decline.&#160; Even the
prospect of such resales could depress the market price for our common
stock.&#160; In addition, our officers,
directors and employees, including the selling stockholders, and certain other
stockholders hold significant numbers of additional shares of our common stock
that are not covered by this registration statement.&#160; Some of those shares are freely tradable
without restriction under the federal securities laws, and those that are not
may be sold in the future pursuant to newly filed effective registration
statements, in compliance with the requirements of Rule&nbsp;144 under the
Securities Act.&#160; Sales in the public
market of substantial amounts of our common stock, whether by our officers,
directors, employees or others, or the perception that such sales could occur,
could materially adversely affect prevailing market prices for our common stock
and our ability to raise additional capital through the sale of equity
securities.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anti-takeover
provisions in our certificate of incorporation and by-laws may reduce the
likelihood of any potential change of control or unsolicited acquisition
proposal that you might consider favorable.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our certificate of incorporation provides for a
classified board of directors, with members of each class elected for a
three-year term.&#160; It also provides for
nullification of voting rights of certain foreign stockholders in certain
circumstances involving possible violations of security regulations of the
United States Department of Defense.&#160;
Similarly, the indenture governing our outstanding Senior Notes requires
us to offer to repurchase the Senior Notes at a purchase price equal to 101% of
the outstanding principal amount thereof together with accrued and unpaid
interest in the event of a change of control, which includes the purchase by a
person or group of 50% or more of our outstanding voting stock or the transfer
of substantially all of our assets to any such person or group, other than to
certain of our subsidiaries and affiliates.&#160;
These provisions could deter, delay or prevent a third-party from
acquiring us, even if doing so would benefit our stockholders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our board of
directors may issue preferred stock without stockholder approval.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our charter authorizes our board of directors to
authorize the issuance of up to 1,000,000 shares of preferred stock.&#160; Preferred stock may be issued in one or more
series, the terms of which may be determined without further action by
shareholders.&#160; These terms may include
preferences, conversion or other rights, voting powers, restrictions, limitations
as to dividends or other distributions, qualifications or terms or conditions
of redemption.&#160; The issuance of any
preferred stock, however, could materially adversely affect the rights of
holders of our class A common stock, and therefore could reduce its value.&#160; In addition, specific rights granted to
future holders of preferred stock could be used to restrict our ability to
merge with, or sell assets to, a third party.&#160;
The power of the board of directors to issue preferred stock could make
it more difficult, delay, discourage, prevent or make it more costly to acquire
or effect a change in control, thereby preserving the current shareholders&#146;
control.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:left;text-indent:.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our executive
officers and directors will continue to have significant control over the
company after this offering, which may prevent you or other stockholders from
influencing significant corporate decisions.</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As reported in our 2005 proxy statement, our
executive officers and directors beneficially own, in the aggregate,
approximately 17.8% of our outstanding common stock.&#160; As a result, they may be able to influence
matters requiring stockholder approval.&#160;
These matters include the election of directors and approval of
significant corporate transactions, such as a merger, consolidation, takeover
or other business combination involving us.&#160;
Our executive officers and directors may have interests that differ from
yours and may vote in a way with which you disagree and which may be adverse to
your interests.&#160; This concentration of
ownership could also adversely affect the market price of our common stock or
reduce any premium over market price that an acquirer might otherwise pay.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="UseOfProceeds_125341"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">USE OF
PROCEEDS</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders are selling the
shares covered by this prospectus for their own accounts.&#160; Therefore, they will receive all of the net
proceeds from the sale of their shares, and we will not receive any proceeds
from the sale of their shares.&#160; See &#147;Plan
of Distribution.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="SellingStockholders_125348"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SELLING
STOCKHOLDERS</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under our Stock Incentive Plan, a total of 712,500
shares of our Class&nbsp;A Stock are available for issuance upon the exercise
of employee stock options and awards granted to officers, employees, directors
and certain consultants, advisors and service providers of Ampex and any parent
or subsidiary of Ampex.&#160; The shares of Class&nbsp;A
Stock to which this prospectus relates are being registered for reoffers and
resales by the selling stockholders who are officers and directors of Ampex who
may acquire, or have acquired, such shares upon exercise of awards granted
under the Plan, and who may be deemed to be our &#147;affiliates,&#148; as defined in Rule&nbsp;405
of the Securities Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not know whether any of the selling
stockholders will use this prospectus in connection with the offer or sale of
any shares of Class&nbsp;A Stock, or, if this prospectus is so used, how many
shares of Class&nbsp;A Stock will be offered or sold.&#160; The selling stockholders may resell all, a
portion, or none of the shares that they have acquired or may acquire pursuant
to the Plan.&#160; Pursuant to Rule&nbsp;424(b)&nbsp;under
the Securities Act, we will supplement this prospectus with the number of
shares of Class&nbsp;A Stock, if any, to be offered or sold by the selling
stockholders as that information becomes known.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="PlanOfDistribution_125352"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLAN OF
DISTRIBUTION</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders have not advised us
of any specific plans for the distribution of the shares offered hereby.&#160; The selling stockholders are registering all
of the shares covered by this prospectus for sale for their own accounts.&#160; We will not receive any proceeds from the
sale of any such shares by the selling stockholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders or their pledgees,
donees, transferees or other successors in interest may offer and sell shares
pursuant to this prospectus from time to time, in one or more of the following
transactions (which may include block transactions):</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>on
Nasdaq or any other national securities exchange or quotation service listing
or quoting the Class&nbsp;A Stock at the time of sale;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in
transactions other than on such exchanges or systems;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the over-the-counter market;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in
negotiated transactions;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>through
put and call options, short sales or other hedging transactions;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>at
fixed prices, which may be changed;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>at
varying prices determined at the time of sale; or</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>at
negotiated prices.</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any such underwriters, brokers, dealers or
agents may receive underwriting discounts and commissions, which may exceed
customary discounts, concessions or commissions.&#160; It is not possible at the present time to
determine the price to the public in any such sale.&#160; Accordingly, the public offering price and
the amount of any applicable underwriting discounts and commissions will be
determined at the time of such sale by each selling stockholder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate proceeds to each selling
stockholder from the sale of his or her shares will be the purchase price of
the shares sold less all applicable commissions and underwriters&#146; discounts, if
any, and other expenses of issuance and distribution not borne by us.&#160; We will pay substantially all the expenses
incident to the registration of the offering and sale of the shares by the
selling stockholders, but all fees, discounts and commissions of underwriters,
brokers, dealers or agents, if any, transfer taxes and other similar selling
expenses incurred by a selling stockholder will be borne by that selling
stockholder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The selling stockholders and any
broker-dealers that act in connection with the sale of shares might be deemed
to be &#147;underwriters&#148; within the meaning of the Securities Act, and any
commissions received by those broker-dealers and any profit on the resale of
the shares sold by them while acting as principals might be deemed to be
underwriting discounts or commissions under the Securities Act.&#160; The selling stockholders may agree to
indemnify any agent, dealer or broker-dealer that participates in transactions
involving sales of the shares against certain liabilities, including
liabilities arising under the Securities Act.&#160;
Because the selling stockholders and any such broker-dealers may be
deemed to be &#147;underwriters&#148; under the Securities Act, they will be subject to
the prospectus delivery requirements of the Securities Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any shares covered by this prospectus that
qualify for sale under Rule&nbsp;144 of the Securities Act may be sold under Rule&nbsp;144
rather than under this prospectus.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the securities laws of certain states,
the shares may be sold in such states only through registered or licensed
brokers or dealers.&#160; In addition, in
certain states the shares may not be sold unless they have been registered or
qualified for sale in such state or an exemption from registration or
qualification is available and the sale is in compliance with the exemption.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If and to the extent required, the specific
shares to be sold, the respective purchase prices and public offering prices,
the names of any agent, broker, dealer or underwriter, any applicable
commissions or discounts, and other facts material to the transaction will be
set forth in an accompanying prospectus</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">supplement or, if appropriate, a post-effective amendment to the
registration statement that includes this prospectus.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There can be no assurance that the selling
stockholders will sell any or all of the shares offered hereunder.&#160; In addition, there may be certain contractual
or other restrictions on the ability of a selling stockholder to sell any or
all of his or her shares.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="DisclosureOfCommissionPositionOnI_125729"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT
LIABILITIES</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our certificate of incorporation includes
provisions to (i)&nbsp;eliminate the personal liability of our directors for
monetary damages resulting from breaches of their fiduciary duty to the fullest
extent permitted by the Delaware General Corporation Law and (ii)&nbsp;indemnify
our directors and officers to the fullest extent permitted by Section&nbsp;145
of the Delaware General Corporation Law.&#160;
We believe that these provisions are necessary to attract and retain
qualified persons as directors and officers.&#160;
We maintain a directors&#146; and officers&#146; liability insurance policy to
support the foregoing indemnity obligations, which, under certain
circumstances, could require us to indemnify our directors and offices against
liabilities arising under the Securities Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers or
controlling persons under the foregoing provisions, we have been informed that
in the opinion of the Commission such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="LegalMatters_125735"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LEGAL
MATTERS</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The validity, authorization and issuance of
the shares offered hereby will be passed upon for us by Joel D. Talcott, our
Vice President, Secretary and General Counsel.&#160;
As of June&nbsp;27, 2005, Mr.&nbsp;Talcott owns 1,946 shares of Class&nbsp;A
Stock and holds employee stock options granted under the Plan to purchase an
additional 32,325 shares of Class&nbsp;A Stock, all of which are or will become
exercisable within 60 days of such date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="Experts_125739"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXPERTS</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consolidated financial statements and
financial statement schedule&nbsp;as of December&nbsp;31, 2004 and for the year
then ended incorporated in this prospectus by reference to our Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2004 have been
audited by BDO Seidman, LLP, an independent registered public accounting firm,
to the extent and for the periods set forth in their report incorporated herein
by reference, and are incorporated herein in reliance on such report, given upon
the authority of that firm as experts in auditing and accounting.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consolidated financial statements and
financial statement schedule&nbsp;as of December&nbsp;31, 2003 and for each of
the two years in the period ended December&nbsp;31, 2003 incorporated in this
prospectus by reference to our Annual Report on Form&nbsp;10-K for the
year ended December&nbsp;31, 2004 have been audited by PricewaterhouseCoopers,
LLP, an independent registered public accounting firm, to the extent and for
the periods set forth in their report incorporated herein by reference, and are
incorporated herein in reliance on such report, given upon the authority of
that firm as experts in auditing and accounting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="WhereYouCanFindMoreInformation_125801"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHERE YOU CAN FIND MORE INFORMATION</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus is part of the Form&nbsp;S-8
Registration Statement and Post-Effective Amendment we filed with the
Commission relating to the offering and sale of the shares of Class&nbsp;A
Stock covered by this prospectus. This prospectus does not contain all the information
set forth in the registration statement and does not contain the exhibits and
schedules to the registration statement. For further information about us and
our Class&nbsp;A Stock, you should review the registration statement and the
exhibits and schedules to the registration statement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also file annual, quarterly and special
reports, proxy statements and other information with the Commission. Our
Commission filings are available to the public over the Internet at the
Commission&#146;s website at http://www.sec.gov.&#160;
You may also read and copy any document we file with the Commission at
its Public Reference Room, located at 450 Fifth Street, N.W., Washington,
D.C.&#160; Please call the Commission at 1-800-SEC-0330
for more information about the Public Reference Room.&#160; Additional information about us is available
on our web site at www.ampex.com.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="InformationIncorporatedByReferenc_125811"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION INCORPORATED BY REFERENCE</font></b></a></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Commission allows us to &#147;incorporate by
reference&#148; much of the information we file with them, which means that we can
disclose important information to you by referring you to those publicly
available documents.&#160; The information
that we incorporate by reference is an important part of this prospectus.&#160; You must look at all of the Commission
filings that we incorporate by reference to determine if any of the statements
in any document previously incorporated by reference have been modified or
superseded.&#160; This prospectus incorporates
by reference the following documents:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31,
2004, filed with the Commission on April&nbsp;20, 2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our Quarterly Report on Form&nbsp;10-Q
for the fiscal quarter ended March&nbsp;31, 2005, filed with the Commission on May&nbsp;10,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our Current Report on Form&nbsp;8-K
filed with the Commission on January&nbsp;27, 2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our Current Report on Form&nbsp;8-K
filed with the Commission on February&nbsp;23, 2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on March&nbsp;23,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on April&nbsp;4,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Reports on Form&nbsp;8-K and 8-K/A filed with the
Commission on April&nbsp;5, 2005 and April&nbsp;8, 2005, respectively;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on April&nbsp;7,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on April&nbsp;20,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on April&nbsp;22,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on May&nbsp;3,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on May&nbsp;12,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on May&nbsp;19,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on June&nbsp;16,
2005;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Our
Current Report on Form&nbsp;8-K filed with the Commission on June&nbsp;24,
2005; and</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&#149;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
description of our Class&nbsp;A Stock contained in the Amendment No.&nbsp;1 to Form&nbsp;8-A
Registration Statement filed on November&nbsp;5, 1999 under Section&nbsp;12(g)&nbsp;of
the Exchange Act, including any amendments or reports filed for the purpose of
updating such description.</p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All reports and other documents subsequently filed
by us pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act
after the date of this prospectus and before termination of this offering shall
be deemed to be incorporated by reference into this prospectus and to be a part
hereof from the date of filing of such reports and other documents.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will provide at no cost to each person,<b><font style="font-weight:bold;"> </font></b>including any beneficial owner, to whom
this prospectus is delivered, a copy of any or all of the information that has
been incorporated by reference in, but not delivered with, this
prospectus.&#160; You may request a copy of
any such information by contacting us at the following address or telephone
number:&#160; Investor Relations, Ampex Corporation,
1228 Douglas Avenue, Redwood City, California 94063, (650) 367-4111.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should rely only on the information included or
incorporated by reference in this prospectus.&#160;
We have not authorized anyone else to provide you with different
information.&#160; The selling stockholder may
not offer to sell these shares in any state or jurisdiction where the offer is
not permitted.&#160; You should not assume
that the information in this prospectus is accurate as of any date other than
the date on the front of this prospectus.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;II</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION
REQUIRED IN REGISTRATION STATEMENT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
3.&#160; Incorporation of Certain Documents by
Reference.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following documents filed with the Commission are hereby
incorporated by reference in this registration statement:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31,
2004, filed with the Commission on April&nbsp;20, 2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the fiscal quarter
ended March&nbsp;31, 2005, filed with the Commission on May&nbsp;10, 2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current Report on Form&nbsp;8-K
filed with the Commission on January&nbsp;27, 2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current Report on Form&nbsp;8-K
filed with the Commission on February&nbsp;23,
2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current Report on Form&nbsp;8-K
filed with the Commission on March&nbsp;23,
2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current Report on Form&nbsp;8-K
filed with the Commission on April&nbsp;4, 2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current Reports on Form&nbsp;8-K
and 8-KA filed with the
Commission on April&nbsp;5, 2005 and April&nbsp;8, 2005, respectively;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current Report on Form&nbsp;8-K
filed with the Commission on April&nbsp;7,
2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current Report on Form&nbsp;8-K
filed with the Commission on May&nbsp;3, 2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current Report on Form&nbsp;8-K
filed with the Commission on May&nbsp;12, 2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-1.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the Registrant&#146;s Current
Report on Form&nbsp;8-K filed with
the Commission on May&nbsp;19, 2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Registrant&#146;s Current Report on Form&nbsp;8-K filed with the Commission on
June&nbsp;16, 2005;</p>

<p style="margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Registrant&#146;s Current Report on Form&nbsp;8-K filed with the Commission on
June&nbsp;24, 2005; and</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the description of the Registrant&#146;s Class&nbsp;A
Common Stock contained in the Amendment No.&nbsp;1 to Form&nbsp;8-A
Registration Statement filed on November&nbsp;5, 1999, under Section&nbsp;12(g)&nbsp;of
the Exchange Act, including any amendments or reports filed for the purpose of
updating such description.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents
filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of
the Exchange Act after the date hereof, and prior to the filing of a
post-effective amendment which indicates that all of the securities offered
hereby have been sold or which deregisters the securities offered hereby then
remaining unsold, shall also be deemed to be incorporated by reference into
this registration statement and to be a part hereof commencing on the
respective dates on which such documents are filed.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.&#160; Description of Securities.</font></b></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.&#160; Interests Of Named Experts And Counsel.</font></b></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The validity,
authorization and issuance of the shares offered hereby will be passed upon for
us by Joel D. Talcott, our Vice President, Secretary and General Counsel.<b><font style="font-weight:bold;">&#160; </font></b>As
of June&nbsp;27, 2005, Mr.&nbsp;Talcott owns 1,946 shares of Class&nbsp;A Stock
and holds employee stock options granted under the Plan to purchase an
additional 32,325 shares of Class&nbsp;A Stock, all of which are or will become
exercisable within 60 days of such date.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.&#160; Indemnification Of Directors And Officers.</font></b></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Section&nbsp;145 of the Delaware General Corporation Law,
or DGCL, permits a corporation to indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation), by
reason of the fact that the person is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise.&#160; The indemnity may include expenses (including
attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by the person in connection with such action, suit or
proceeding, if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the corporation&#146;s best interests
and, with respect to any criminal action or proceeding, had no reasonable cause
to believe the person&#146;s conduct was unlawful.</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">A Delaware corporation may indemnify officers and directors
in an action by or in the right of the corporation under the same conditions
described above, except that no indemnification is permitted without judicial
approval if the officer or director is adjudged to be liable to the
corporation.&#160; Where an officer or
director is successful on the merits or otherwise in the defense of any action
referred to above, the corporation must indemnify him against the expenses that
such officer or director actually and reasonably incurred. A corporation may,
in advance of the final disposition of any civil, criminal, administrative or
investigative action, suit or proceeding, pay the expenses (including attorneys&#146;
fees) incurred by an officer or director in defending such action, provided
that the director or officer undertakes to repay such amount if it shall
ultimately be determined that he is not entitled to be indemnified by the
corporation.&#160; The indemnification and
advancement of expenses provided is not deemed to be exclusive of any other
rights to which an officer or director may otherwise be entitled.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Under Article&nbsp;VIII of our by-laws, we generally
indemnify our directors and officers to the fullest extent permitted by
applicable law, but we are not required to do so in connection with any
proceeding initiated by an officer or director if the proceeding was not
authorized by our board of directors.&#160; We
will also advance expenses, including attorneys&#146; fees, but only upon receipt of
an undertaking by an indemnified officer or director to repay all amounts
advanced if it should ultimately be determined that he is not entitled to be
indemnified under our by-laws or otherwise.</font></p>

<p align="left" style="letter-spacing:-.1pt;line-height:normal;margin:0in 0in .0001pt .5in;punctuation-wrap:simple;text-align:left;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under ARTICLE&nbsp;X
of our restated certificate of incorporation, directors are not liable to us or
our stockholders for monetary damages for breach of fiduciary duty, except to
the extent that such elimination or limitation of liability is not permitted by
the DGCL.&#160; Under Section&nbsp;102(b)(7)&nbsp;of
the DGCL, a corporation may, in its certificate of incorporation, eliminate or
limit the personal liability of a director for monetary damages for violations
of the director&#146;s fiduciary duty, except (i)&nbsp;for any breach of the
director&#146;s duty of loyalty to the corporation or its stockholders, (ii)&nbsp;for
acts or omissions not in good faith or which involve intentional misconduct or
a knowing violation of law, (iii)&nbsp;for unlawful payment of dividends or
unlawful stock purchases or redemptions, as provided in Section&nbsp;174 of the
DGCL, or (iv)&nbsp;for any transaction from which a director derived an
improper personal benefit.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have
entered into agreements to indemnify our directors under which, among other
things, we will indemnify and advance certain expenses, including attorneys&#146;
fees, to such directors to the fullest extent permitted by applicable law, as
such law may be amended from time to time, and by our certificate of
incorporation, by-laws and resolutions.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As authorized
by Section&nbsp;145(g)&nbsp;of the DGCL, we also maintain an insurance policy
covering our past, present and future directors and officers and past, present
and future directors and officers of our subsidiaries for losses resulting from
claims for which any such officer or director was not indemnified by us.&#160; The policy also provides for reimbursement to
us and our subsidiaries for amounts paid to indemnify officers and directors
for loss resulting from claims against such officers and directors.&#160; The policy is subject to certain exclusions,
such as claims against officers and directors for dishonest, fraudulent or
criminal acts or omissions, willful violations of law, libel and slander,
bodily injury and property damage, pollution, etc.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.&#160; Exemption from Registration Claimed.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not
applicable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.&#160; Exhibits.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exhibits to this registration statement
on Form&nbsp;S-8 are listed in the Exhibit&nbsp;Index which appears
elsewhere herein and is incorporated herein by reference.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.&#160; Undertakings.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b>The
undersigned Registrant hereby undertakes:</p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to
include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities
Act;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to
reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement.&#160; Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;of
the Securities Act if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering price set
forth in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement; and</p>

<p style="margin:0in 0in .0001pt 2.0in;text-indent:-2.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 2.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided, however, that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;above
do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or 15(d)&nbsp;of
the Exchange Act that are incorporated by reference in the registration
statement.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>That,
for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <i><font style="font-style:italic;">bona fide</font></i>
offering thereof;</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</p>

<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual
report pursuant to section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act
(and, where applicable, each filing of an employee benefit plan&#146;s annual report
pursuant to section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated
by reference in this registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Insofar as
indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable.&#160; In the event that a claim
for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the
Securities Act of 1933, the Registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form&nbsp;S-8
and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of New York, State of
New York, on June&nbsp;30, 2005.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMPEX CORPORATION</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ CRAIG L. MCKIBBEN</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Craig L. McKibben</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Vice President and Treasurer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">POWER OF
ATTORNEY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose signature appears below does hereby constitute and appoint
Edward&nbsp;J. Bramson and Craig&nbsp;L. McKibben or either of them, with full
power to act, his attorney-in-fact, with the power of substitution for him in
any and all capacities, to sign any or all amendments to this registration
statement, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the Commission under the Securities Act, hereby
ratifying and confirming all that each of said attorneys-in-fact, or his
substitute or substitutes, may do or cause to be done by virtue hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the
Securities Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the dates indicated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.92%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signatures</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:25.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Edward J. Bramson</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, President, Chief Executive</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;30, 2005</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Edward J. Bramson</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officer and
  Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal
  Executive Officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Craig L. McKibben</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President, Director and Treasurer</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;30, 2005</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Craig L. McKibben</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal
  Financial Officer and</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal
  Accounting Officer)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter Slusser</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;30, 2005</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter Slusser</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William A. Stoltzfus,&nbsp;Jr.</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;30, 2005</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William A. Stoltzfus,&nbsp;Jr.</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Douglas T. McClure,&nbsp;Jr.</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;30, 2005</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="2%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Douglas T. McClure,&nbsp;Jr.</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEX TO
EXHIBITS</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibits</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1*</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Joel D. Talcott,&nbsp;Esq.</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1*</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ampex Corporation 1992 Stock Incentive
  Plan, as amended through June&nbsp;10, 2005.</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1*</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of BDO Seidman, LLP, independent registered
  public accounting firm.</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2*</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of PricewaterhouseCoopers, LLP,
  independent registered public accounting firm.</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3*</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Joel D. Talcott,&nbsp;Esq.
  (included in and incorporated by reference to Exhibit&nbsp;5.1 hereto)</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.4%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1*</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Power of Attorney (included in the
  signature page&nbsp;of this registration statement).</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Filed herewith</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>
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</body>

</html>
[{"type": "S-8", "sequence": "1", "filename": "a05-11684_1s8.htm", "description": "S-8", "secsgml_size_bytes": 249688}]
{"company-data": {"conformed-name": "AMPEX CORP /DE/", "cik": "0000887433", "assigned-sic": "3663", "irs-number": "133667696", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-126291", "film-number": "05928935"}, "business-address": {"street1": "1228 DOUGLAS AVENUE", "street2": "1228 DOUGLAS AVENUE", "city": "REDWOOD CITY", "state": "CA", "zip": "94063-3117", "phone": "650-367-2011"}, "mail-address": {"street1": "1228 DOUGLAS AVENUE", "street2": "1228 DOUGLAS AVENUE", "city": "REDWOOD CITY", "state": "CA", "zip": "94063-3117"}, "former-company": [{"former-conformed-name": "AMPEX INC /DE/", "date-changed": "19940505"}, {"former-conformed-name": "AMPEX INC", "date-changed": "19930328"}]}
As
filed with the Securities and Exchange Commission on June 30, 2005
Registration
No. 333-
UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington,
D.C. 20549
FORM S-8
REGISTRATION STATEMENT
AND POST-EFFECTIVE AMENDMENT
UNDER THE SECURITIES ACT OF 1933
AMPEX CORPORATION
(formerly Ampex Incorporated)
(Exact
name of registrant as specified in its charter)
Delaware
13-3667696
(State or other jurisdiction of
  incorporation or organization)
(I.R.S. Employer Identification Number)
1228
Douglas Avenue
Redwood
City, CA 94063
(415) 367-2011
(Address
of principal executive offices, including zip code)
AMPEX
CORPORATION 1992 STOCK INCENTIVE PLAN, AS AMENDED
(Full
title of the plan)
Joel D.
Talcott, Esq.
Ampex
Corporation
1228 Douglas
Avenue
Redwood
City, CA 94063
(415) 367-3330
(
Name, address and telephone number, including area
code, of agent for service)
Copy to:
Craig L.
McKibben
Ampex
Corporation
135 East
57
th
Street
New York,
New York  10022
(212) 935-6144
Approximate date of commencement of proposed
sale to the public:
From time to time after the effectiveness of this Registration
Statement, as determined by the selling stockholder.
If the only securities to be registered on this form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box.
o
If any of the securities being registered on this form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 (the "Securities Act"), other than securities offered
only in connection with dividend or interest reinvestment plans, please check
the following box.
ý
If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering.
o
If this form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering.
o
If delivery of the
prospectus is expected to be made pursuant to Rule 434, check the following
box.
o
CALCULATION
OF REGISTRATION FEE
Title of
securities to be
registered
Amount to
be registered(1)
Proposed maximum
offering price
per share(2)
Proposed maximum
aggregate
offering price(2)
Amount of
registration fee
Class A Common Stock,
$0.01 par value per share
712,500
  shares
(3)
$40.01
$28,507,125.00
$1,412.75
(4)
(1)
Plus such
indeterminate number of shares pursuant to Rule 416 as may be issued in
respect of stock splits, stock dividends and similar transactions.
(2)
Estimated solely
for the purpose of calculating the registration fee pursuant to Rule 457(h)(1) and
Rule 457(c) under the Securities
Act, based upon the average of the high ($40.75) and low ($39.26) prices per
share of the Registrant's Common Stock as reported on Nasdaq on June 27,
2005.
(3)
Represents shares
issued or issuable under options granted or to be granted under the Ampex
Corporation 1992 Stock Incentive Plan, as amended.
(4)
Pursuant to Rule 429(b) under
the Securities Act, this Registration Statement includes 412,500 shares of the
Registrant's Common Stock, as adjusted, previously registered on Form S-8
Registration Statements No. 33-77664 (filed on April 12, 1994),
No. 33-92640 (filed on May 23, 1995), No. 333-05623
(filed on June 10, 1996 and amended by Post-Effective Amendment filed on August 30,
1996) and No. 333-81534 (filed on January 29, 2002).  In connection with such previously registered
shares, the Registrant paid an aggregate registration fee of $11,214.00. In
connection with this Registration Statement, the Registrant is paying a fee
based solely on the 300,000 additional shares of the Registrant's Common Stock
being registered.
Pursuant to Rule 429 under the Securities Act, the
reoffer prospectus included in this Registration Statement is a combined
reoffer prospectus and relates to this Registration Statement and to
Registration Statements No. 33-77664 (filed on April 12, 1994),
No. 33-92640 (filed on May 23, 1995), No. 333-05623
(filed on June 10, 1996 and amended by Post-Effective Amendment filed on August 30,
1996) and No. 333-81534 (filed on January 29, 2002). This
Registration Statement also constitutes a Post-Effective Amendment to each of
the Registration Statements Nos. 33-77664, 33-92640, 333-05623
and 333-81534.
EXPLANATORY
NOTES
The
Registrant has previously filed the Form S-8
registration statements and the post-effective amendment listed below (the "Prior
Registration Statements") to register shares of its Class A Common Stock,
par value $0.01 per share (the "Class A Stock") reserved for issuance
under the Ampex Corporation 1992 Stock Incentive Plan, as amended (the "Stock
Incentive Plan," or the "Plan"):
1.
Form S-8
Registration Statement (File No. 33-77664) filed on April 12,
1994 to register 37,500 shares (as adjusted) of Class A Stock reserved for
issuance under the Plan;
2.
Form S-8
Registration Statement (File No. 33-92640) filed on May 23,
1995 to register 75,000 additional shares (as adjusted) of Class A Stock
reserved for issuance under the Plan;
3.
Form S-8
Registration Statement (File No. 333-05623) filed on June 10,
1996 to register 100,000 additional shares (as adjusted) of Class A Stock
reserved for issuance under the Plan;
4.
Post-Effective
Amendment No. 1 to Form S-8 Registration Statement filed on August 30,
1996 to reflect amendments to the Plan made in accordance with Rule 16b-3
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and
5.
Form S-8
Registration Statement (File No. 333-81534) filed January 29,
2002 to register 200,000 additional shares (as adjusted) of Class A Stock
reserved for issuance under the Plan.
On March 18, 2005, the board of directors of the
Registrant approved an amendment to the Plan, subject to approval by
stockholders at the Registrant's 2005 Annual Meeting of Stockholders, to
increase the number of shares of Class A Stock available for issuance
under the Plan by 300,000 shares.  On April 19,
2005, the Registrant's board of directors approved certain amendments to the
Plan, which did not require stockholder approval, in order to conform the Plan
to new Section 409A of the Internal Revenue Code relating to deferred
compensation, established under the American Jobs Creation Act of 2004. At the
Registrant's Annual Meeting of Stockholders held on June 10, 2005, the
Registrant's stockholders approved the amendment to increase the shares
available under the Plan by 300,000.  A
copy of the Plan, as so amended, is filed as Exhibit 10.1 hereto.
This registration statement is being filed by
the Registrant to register the 300,000 additional shares of Class A Stock
reserved for issuance under the Plan. 
Pursuant to Rule 429 of the Securities Act, this registration
statement also serves as a Post-Effective Amendment to the Prior Registration
Statements in order to reflect the recent amendments made to the Plan, and to
include a reoffer prospectus prepared in accordance with General Instruction C
of Form S-8 and in accordance with the requirements of Part I
of Form S-3.  The reoffer
prospectus may be used for reoffers and resales of the shares of Class A
Stock that have been issued to the selling stockholders upon exercise of
employee stock options granted under the Plan. 
The contents of the Prior Registration Statements are incorporated
herein by reference.
PART I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
The Registrant will send the documents
containing the information specified in Part I of Form S-8 to
Plan participants as specified by Rule 428(b)(1) under the Securities
Act.  Pursuant to the instructions to Form S-8,
the Registrant is not required to file these documents either as part of this
registration statement or as prospectuses or prospectus supplements under Rule 424
of the Securities Act.
R
EOFFER PROSPECTUS
712,500
Shares
AMPEX
CORPORATION
Class A
Common Stock
This prospectus relates to offers and sales
of up to 712,500 shares of our Class A Common Stock, or Class A
Stock, that have been or will be acquired by the selling stockholders upon
exercise of employee stock options granted to them under the Ampex Corporation
1992 Stock Incentive Plan, as amended. 
The selling stockholders are certain officers and directors of Ampex who
may be deemed to be our "affiliates," as defined in Rule 405 under the
Securities Act.
The selling stockholders may sell the shares
directly or through broker-dealers or underwriters, at various times, in
various amounts and in various types of public or private transactions,
including in the open market, in negotiated transactions or by any combination
of these methods, at prevailing market prices or at privately negotiated
prices.  Each selling stockholder will
determine the selling price of his or its shares at the time of sale, and will
receive all of the net proceeds from the sales and pay all brokerage
commissions and similar selling expenses, if any. We will pay the expenses
incident to the registration of the shares, but we will not receive any
proceeds from the sale of the shares by the selling stockholders.
The selling stockholders and any agents,
broker-dealers or underwriters that are involved in selling their shares may be
deemed to be "underwriters" within the meaning of the Securities Act of 1933,
as amended (the "Securities Act"), and any commissions received by them and any
profit on the resale of the shares may be deemed to be underwriting commissions
or discounts under that Act.
Our Class A Stock is quoted on the
Nasdaq National Market, under the symbol "AMPX."  On June 27, 2005, the closing sale price
of our Class A Stock on Nasdaq was $40.58 per share.  At the date of this prospectus, the Class A
Stock is the only outstanding class of our Common Stock.
Investing in our Class A
Stock involves a high degree of risk. 
You should carefully consider the "Risk Factors," beginning on page 4,
before buying any of our Class A Stock.
Neither the
Securities and Exchange Commission (the "Commission") nor any state securities
commission has approved or disapproved of these securities or determined if
this prospectus is truthful or complete. 
Any representation to the contrary is a criminal offense.
The date of this prospectus is June 30,
2005.
TABLE
OF CONTENTS
FORWARD-LOOKING STATEMENTS
AMPEX CORPORATION
RISK FACTORS
USE OF PROCEEDS
SELLING STOCKHOLDERS
PLAN OF DISTRIBUTION
DISCLOSURE OF COMMISSION POSITION ON
  INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
LEGAL MATTERS
EXPERTS
WHERE YOU CAN FIND MORE INFORMATION
INFORMATION INCORPORATED BY REFERENCE
You should rely only
on the information incorporated by reference or provided in this prospectus or
any prospectus supplement.  We have not
authorized anyone to give you different information.  You should not assume that the information
incorporated by reference provided in this prospectus or in any prospectus
supplement is accurate as of any date other than the date on the front of the
documents.
This prospectus does
not constitute an offer to sell, or a solicitation of an offer to buy, nor
shall there be any sale of these shares by any person in any jurisdiction in
which it is unlawful for that person to make such an offer, solicitation or
sale.
2
FORWARD-LOOKING
STATEMENTS
This prospectus
contains predictions, projections and other statements about the future that
are intended to be "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors that could cause our actual results, performance or achievements, or
industry results, to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
risks, uncertainties and other important factors include, among others, those
described under "Risk Factors," below. These forward-looking statements speak
only as of the date of this prospectus. We disclaim any obligation or
undertaking to disseminate updates or revisions of any expectations with regard
thereto or regarding any changes in events, conditions or circumstances on
which any such forwarding-looking statements are based.  IN ASSESSING FORWARD-LOOKING STATEMENTS
CONTAINED IN THIS PROSPECTUS, YOU ARE URGED TO READ CAREFULLY ALL SUCH
CAUTIONARY STATEMENTS.
AMPEX
CORPORATION
We are a leading innovator and licensor of
visual information technology.  During
our 60-year history, we have developed substantial proprietary technology
relating to the electronic storage, processing and retrieval of data,
particularly images.  We currently hold
approximately 600 patents and patent applications covering digital image
processing, digital image compression and recording technologies.  We leverage our investment in technology
through our corporate licensing division that licenses our patents to
manufacturers of consumer electronics products. 
Through our wholly-owned subsidiary, Ampex Data Systems Corporation ("Data
Systems"), we also incorporate this technology in the design and manufacture of
very high performance data storage products, principally used in intelligence
gathering and defense applications to gather digital images and other data from
aircraft, satellites and submarines.
We have two business segments, which we refer
to as our Recorders segment and our Licensing segment.  Our Recorders segment primarily includes the
sale and service of data acquisition and instrumentation recorders (which
record data, principally images rather than computer information), and to a
lesser extent mass data storage products, all of which are made by our
manufacturing subsidiary, Data Systems. 
Our Licensing segment involves the licensing of our intellectual
property to manufacturers of consumer digital video products through our corporate
licensing division.
We incorporated in Delaware in January 1992
as the successor to a business originally organized in 1944. References to "Ampex"
include subsidiaries and predecessors of Ampex Corporation, unless the context
indicates otherwise.  Our principal
executive offices are located at 1228 Douglas Avenue, Redwood City, California
94063, and our telephone number is (650) 367-2011.  Our Class A Stock is quoted on the
Nasdaq National Market ("Nasdaq") under the symbol "AMPX."  We also maintain a website on the Internet at
www.ampex.com.
Our trademarks include "Ampex", "DST", "DCRsi",
"DIS", "DDRs" and "DSRs", which are trademarks of Ampex Corporation.  All other trademarks and service marks used
in this report are the property of Ampex or their respective owners.
3
RISK
FACTORS
Investing in our Class A Stock involves a high
degree of risk.  You should carefully
consider all of the information in this prospectus and, in particular, the
following risks before making an investment decision.  The risks and uncertainties described below
are not the only ones we face. 
Additional risks that are not yet known to us or that we deem immaterial
could also seriously impair our business, operating results and financial
condition.  The trading price of our Class A
Stock could decline due to any of these risks, and you could lose all or part
of your investment.
Risk Related to our Business
Our operating results have
fluctuated significantly in the past and will continue to fluctuate in the
future, which could cause corresponding fluctuations in our stock price.
Our revenues and results of operations are generally
subject to quarterly and annual fluctuations. 
Various factors affect our operating results, some of which are not
within our control, including:
•
receipt
of lump sum, prepaid and ongoing licensing royalties;
•
product
sales by licensees;
•
new
licenses with licensees;
•
litigation
expenses;
•
debt
repayments and interest expense;
•
customer
ordering and government spending patterns;
•
availability
and market acceptance of new products and services;
•
timing
of significant orders and new product announcements; and
•
order
cancellations.
For example, our licensing revenue has historically
fluctuated widely due to a number of factors that we cannot predict, such as
the extent to which third parties use our patented technology, the ability of
manufacturers to redesign their products to avoid infringement of our patents,
the extent to which we must pursue litigation in order to enforce our patents
to protect our business, and the ultimate success of our licensing and
litigation activities.  Licensing revenue
also depends in part on fluctuating sales volumes and prices of licensees'
products that incorporate our technology.
For the three months ended March 31, 2005, we had
licensing revenue of $11.4 million and net income of $5.9 million as a result
of the recognition of significant royalty receipts for past and, in some cases,
future use of our patents.  For the three
months ended March 31, 2004, however, we only had licensing revenues of
$1.7 million and reported a net loss of $.25 million.
Similarly, our recording revenues may fluctuate
significantly in future periods.  While
this segment reported operating income for each of the three months ended March 31,
2005 and 2004, its business is dependent on the funding of government defense
programs, which may come under increased pressure in the future, leading to a
decline in sales.  In addition, a substantial
portion of our Recorders
4
segment backlog at a
given time is normally shipped within one or two quarters thereafter and
revenues in any quarter are heavily dependent on orders received in that quarter
and the immediately preceding quarter.
Accordingly, results of a given quarter or year may
not necessarily be indicative of results to be expected for future
periods.  In addition, fluctuations in
operating results may negatively affect our debt service coverage, or our
ability to issue debt or equity securities should we wish to do so, in any
given fiscal period.  In addition,
material fluctuations in our operating results in future periods could have a
material adverse effect on the price of our common stock.
If we are unable
to protect our intellectual property adequately, our revenues will be reduced
and we may not be able to compete effectively.
The success of our licensing and recording activities
depends, in part, upon our ability to establish and maintain the proprietary
nature of our technology through the patent process.  There can be no assurance that one or more of
our patents will not be successfully challenged, invalidated or circumvented or
that we will otherwise be able to rely on such patents for any reason.  In addition, our competitors, many of whom
have substantial resources and have made substantial investments in competing
technologies, may seek to apply for and obtain patents that restrict our
ability to make, use and sell our products either in the United States or in
foreign markets.  Monitoring unauthorized
use of our technology is difficult, and we cannot be certain that the steps we
have taken will prevent unauthorized use of our technology, particularly in
foreign countries where the laws may not protect our proprietary rights as
fully as the laws of the United States. 
If any of our patents are successfully challenged, invalidated or
circumvented or our right or ability to manufacture our products becomes
restricted, our ability to continue to manufacture and market our products
could be adversely affected, which would likely have a material adverse effect
upon our business, financial condition and results of operations.
Our licensing revenues may be adversely affected due to
the expiration of certain of our patents. 
Our rapid image retrieval patent, which is licensed to manufacturers of
digital still cameras, will expire in April 2006.  Other patents that we license to
manufacturers of consumer digital imaging products will expire at various times
through 2014.  We believe that certain of
our patents covered by existing licenses are used in professional and consumer
digital camcorders.  We expect to receive
royalties from these products for several years after the April 2006
expiration of our rapid image retrieval patent. 
We are conducting discussions with certain manufacturers of digital
still cameras, including existing licensees, to determine whether they are
infringing these patents, as well.  If we
believe that their products are infringing our other patents, we have the right
to declare the licensees to be in breach of their agreements with us.  If the licensees do not either demonstrate
non-infringement or begin to pay royalties, we have the right to cancel their
licenses and initiate litigation to enforce our patents.  However, there is no assurance that our other
patents may be used in digital still cameras
now
or in the future.  Therefore, after April 11,
2006, our digital still camera royalties may be materially reduced or
eliminated.
Unless we are able to develop or acquire new patents
in the digital imaging or other fields, our licensing revenues will expire in
2014.  Moreover, if other companies
develop unpatented proprietary technology similar to ours or competing
technologies, our competitive position will be weakened and we may experience
reduced license revenues.
Our revenues and
operations may be adversely affected if we are not successful in our current
and future legal actions or proceedings.
The success of our Licensing segment depends upon the
validity of our digital imaging patents, which are used by manufacturers of
consumer digital imaging products.  We
have recently initiated litigation to enforce one of our digital still camera
patents and we may decide to initiate additional
5
litigation against other
manufacturers of digital still cameras and other products to enforce our
patents, to protect trade secrets or know-how owned by us or to determine the
enforceability, scope and validity of the proprietary rights of others.  Any litigation or interference proceedings
brought against, initiated by, or otherwise involving us, may require us to
incur substantial legal and other fees and expenses and may require some of our
employees to devote all or a substantial portion of their time to the
prosecution or defense of such litigation or proceedings.  We also face the risk that a court could rule that
our patents are invalid or not infringed, causing existing licensees to
discontinue payments to us.
As a result, we have incurred significant litigation
expenses and may incur additional costs in future periods if we bring new
lawsuits or if existing litigation is not resolved through negotiations.  Additionally, if we do not prevail in our
patent litigation, our patent royalties could be negatively impacted, which
would have an adverse impact on our business, revenues and operations.
Our business
depends materially on U.S. government spending, and a decrease in that spending
may adversely affect our revenues and earnings.
Our Recorders segment depends materially on continued
expenditures by the U.S. government on intelligence and defense programs.  Significant portions of data acquisition and
instrumentation recorder sales reflect purchases by prime contractors to the
federal government, which are subject to significant fluctuations.  The large U.S. budget deficit is expected to
result in the cancellation of various defense programs.  We do not know whether programs in which we
participate will be affected by such cuts, program delays or deferred
funding.  The loss or significant decline
in spending on various imaging and intelligence gathering programs, in which we
are subcontractors to prime government contractors, or the lack of acceptance
of our new products described below could have a material adverse effect on our
revenues and earnings.
We have recently introduced our new DDRs disk-based
data acquisition recorder and our new DSRs solid-state memory-based data
acquisition recorder for use in intelligence gathering activities.  These products have been designed to replace
a large installed base of DCRsi tape-based data acquisition recorders over
several years.  However, there can be no
assurance that these new products will be successful or achieve the same level
of market acceptance.  If sales of new
systems decline in the future, we may be increasingly dependent upon revenues
from the sale of spare parts, service and tape.
We have
substantial unfunded pension liabilities, which may adversely affect our
ability to maintain or grow our operations.
Our defined benefit pension plan and the defined benefit pension plan of
our former magnetic tape manufacturing subsidiary ("Media"), which we sold in
1995, were frozen in 1994, but remain substantially underfunded.  At March 31, 2005, unfunded accumulated
plan benefit obligations under the pension plans totaled $51.4 million and
$19.7 million, respectively, and have been recognized as liabilities on our
consolidated balance sheet.
During 2004 and prior years, Media reimbursed us for
some of the pension contributions we made on behalf of the Media pension plan
based on a contractual obligation entered into at the time Media was sold.  On January 10, 2005, Media filed for
Chapter 11 reorganization.  Based on our
assessment of Media's financial condition, we do not anticipate any additional
reimbursement of amounts paid to date or payable in the future on behalf of the
Media pension plan.  Future pension
contributions payable under these pension plans will fluctuate based on actual
investment performance, life expectancy of the participants and other factors
versus such assumptions used to project future pension contributions.
Under a Joint Settlement Agreement between us,
Hillside Capital Incorporated, a former affiliate ("Hillside"), and the Pension
Benefit Guaranty Corporation, Hillside is required to advance pension
6
contributions for our and
Media's pension plan in the event that we cannot make them.  At our request, to date Hillside has made
pension contributions totaling $14.8 million pertaining to our and the Media
pension plans.  Hillside has informed us
that they will make a pension contribution of $5.9 million in September 2005.  When Hillside advances pension contributions,
we become indebted to Hillside and issue promissory notes to Hillside in the
amount of our indebtedness (the "Hillside Notes").  In future years, we may request Hillside to
fund additional pension contributions under the Ampex and/or Media pension
plans if we are unable to make the payments ourselves.  We believe that Hillside has sufficient
assets to fund future pension contributions under the Joint Settlement
Agreement, but we do not own or control Hillside and, except for the provisions
of the Joint Settlement Agreement, our ability to borrow pension contributions
from Hillside is beyond our control.
Our substantial
indebtedness could materially adversely affect our operations and financial
results and prevent us from obtaining additional financing, if necessary.
As of March 31, 2005, we had outstanding
approximately $29.8 million of total long-term borrowings, which includes
approximately $15.8 million under our 12% Senior Notes due 2008 and $14.0
million of Hillside Notes that at March 31, 2005 bear interest at 7.63%
per annum.  The Hillside Notes were
incurred in connection with pension contributions advanced by Hillside in 2004
and prior years.  In June 2005, we
redeemed $10 million principal amount of our 12% Senior Notes.  The 12% Senior Notes are secured by liens on
our future royalty receipts.  We may
incur additional indebtedness from time to time in the future, subject to
certain restrictions imposed by our debt agreements, which could increase our
interest expense in future periods.  If
we default in our obligations under the relevant loan agreements, the
Noteholders would have the right to accelerate the indebtedness and foreclose
on their liens, which would materially and adversely affect our financial
condition.
The degree to which we are leveraged could have other
important consequences to investors, including the following:
•
a
substantial portion of our cash flow from licensing operations must be
dedicated to the payment of principal of and interest on our outstanding
indebtedness until it is repaid in full, and until then will not be available
for other purposes;
•
our
ability to obtain additional financing in the future for working capital needs,
capital expenditures, acquisitions and general corporate purposes may be
materially limited or impaired by the terms of our existing debt agreements,
and even if existing lenders consent to the issuance of new debt, such
financing may not be available on terms favorable to us;
•
we
may be more highly leveraged than our competitors, which may place us at a
competitive disadvantage;
•
our
leverage may make us more vulnerable to a downturn in our business or the
economy in general; and
•
the
financial covenants and other restrictions contained in our indentures and
other agreements relating to our indebtedness also restrict our ability to make
new investments, dispose of assets or to pay dividends on or repurchase common
stock.
If we cannot service our indebtedness, we will be
forced to adopt alternative strategies. 
These strategies may include reducing or delaying capital expenditures,
selling assets, restructuring or
7
refinancing our
indebtedness, or seeking additional equity capital.  We cannot give any assurance that any of
these strategies will be successful or that they will be permitted under our
debt indentures.
Our substantial
debt service and pension obligations may reduce our cash flow and our ability
to operate our business.
We have limited liquidity with which to conduct our
operations.  Although we had cash and
marketable securities of $16.6 million at March 31, 2005, substantially
all cash generated by our Licensing segment in excess of related operating
expenses and certain other expenses, including patent litigation costs, is
first required to be applied to reduce debt which totaled $29.8 million at March 31,
2005.  In addition to our debt service
obligations, we are obligated to make future pension contributions to our and
Media's pension plans, which we estimate will total
$
41.8 million over the next six years.  Our management believes that our liquidity,
coupled with anticipated patent licensing revenue and our ability to borrow
pension contributions from Hillside, should be sufficient to satisfy our
projected cash obligations through at least March 2006, however, we cannot
assure you that we will be able to satisfy these obligations.  Furthermore, our limited liquidity may harm
our ability to operate or grow our business.
If we acquire
companies in the future, we may experience integration costs and the acquired
businesses may not perform as we expect.
We have made, and may under certain circumstances in
the future make, acquisitions of, and/or investments in, other businesses.  These entities may be involved in new
businesses in which we have not historically been involved.  We may not be able to identify or acquire
suitable acquisition candidates in the future, or complete any acquisitions or
investments on satisfactory terms.  While
we are not currently seeking to make any acquisitions of a controlling interest
in new businesses and our principal debt instruments substantially restrict our
ability to make acquisitions or investments in new businesses, future acquisitions
and investments involve numerous additional risks.  These risks include difficulties in the
management of operations, services and personnel of the acquired companies, and
of integrating acquired companies with us and/or each other's operations.  We may also encounter problems in entering
markets and businesses in which we have limited or no experience.  Acquisitions can also divert our attention
from other business concerns.  We have
made and may make additional investments in companies in which we own less than
a 100% interest.  Such investments
involve additional risks, including the risk that we may not be in a position
to control the management or policies of such entities, and the risk of
potential conflicts with other investors. 
For example, we have written off all of our acquisitions of Internet
companies during 2000 and 2001.  It is
possible that we could lose all or a substantial portion of any future
investments.
If are unable to
respond to rapid technological change or to develop new products, our revenues
and results of operations will be adversely affected.
All the industries and markets from which we derive or
expect to derive revenues, directly or through our licensing program, are
characterized by continual technological change and the need to introduce new
products, product upgrades and patentable technology.  This has required, and will continue to
require, that we spend substantial amounts of capital on the research,
development and engineering of new products and advances to existing products,
as well as for assessing infringement of our patents by manufacturers of
consumer digital video products.  We
cannot assure you that our existing products, technologies and services will
not become obsolete or that any new products, technologies or services will win
commercial acceptance.  Obsolescence of
existing product lines, or inability to develop and introduce new products and
services, could have a material adverse effect on our revenues and results of
operations in the future.  The development
and introduction of new technologies, products and services are subject to
inherent technical and market risks, and there can be no assurance that we will
be successful
8
in this regard.  In addition, reductions in our research and
development programs could adversely affect our ability to remain competitive.
Because our Recorders segment is primarily focused on
our data acquisition and instrumentation products, we have devoted the majority
of our research and development to producing our new solid state and disk based
instrumentation recorders.  We do not
currently intend to invest additional development resources to extend the life
of our 19-millimeter mass storage products beyond the quad density format
other than as required to support the needs of our customers.  If our Recorders segment were to experience
further declines in product revenues, we may be required to reduce future
research, development and engineering costs.
We have numerous
significant competitors in our Recorders segment, some of which have greater
financial resources than we do.
Our Recorders segment encounters significant
competition in all the markets for its products and services, and many of our
competitors in this industry have greater resources and access to capital than
us.  In the instrumentation market, which
currently is our Recorders segment's major area of focus, we compete primarily
with companies that depend on government contracts for a major portion of their
revenues, including L-3 Communications Corporation, Calculex and Sypris
Solutions, Inc.  Although the number
of our competitors in this industry has decreased in recent years as the
government spending in many areas has declined, many of these competitors have
greater financial resources than we do.
We rely on a
limited number of key suppliers and vendors to operate our business.  If these suppliers or vendors experience
problems or favor our competitors, we could fail to obtain sufficient
quantities of products and services we require to operate our business
successfully.
Our Recorders segment purchases certain components and
magnetic media products from a single domestic or foreign manufacturer.  Significant delays in deliveries or defects
in such components could adversely affect our manufacturing operations, pending
qualification of an alternative supplier. 
In addition, we produce highly engineered products in relatively small
quantities.  As a result, our ability to
cause suppliers to continue production of certain products on which we depend
may be limited.  These suppliers may
require us to purchase lifetime quantities of their products or components,
which may cause our inventories to increase beyond levels required to support
current revenues.  We do not generally
enter into long-term raw materials or components supply contracts.  Accordingly, if we experience problems with
these manufacturers, we could fail to obtain sufficient resources to operate
our business successfully.
Our international
operations subject us to social, political and economic risks of doing business
in foreign countries.
Although we significantly curtailed our Recording
segment's international operations in prior years, sales to foreign customers
(including U.S. export sales) continue to be significant to our results of
operations.  However, international
operations are subject to a number of special risks, including limitations on
repatriation of earnings, restrictive actions by local governments, and
nationalization.  Additionally, export
sales are subject to export regulation and restrictions imposed by U.S.
government agencies.  Although
fluctuations in the value of foreign currencies can affect our results of
operations, we do not normally seek to mitigate our exposure to exchange rate
fluctuations by hedging our foreign currency positions.  Accordingly, our revenues from international
operations are subject to numerous risks, any of which may have an adverse
impact on our results of operations.
9
We are dependent
on certain key personnel and the loss of one or more of these individuals could
disrupt our operations and adversely affect our financial results.
We are highly dependent, and our success depends, upon
the availability and performance of our executive officers and directors,
including Edward J. Bramson, who has been our chief executive officer since
1991.  Mr. Bramson is also engaged
in the management of certain other companies, but devotes most of his time to
the management of our operations.  We
have not entered into employment agreements with Mr. Bramson or any of our
key employees, and we do not maintain key man life insurance on any of these
individuals.  Accordingly, if we lose the
services of Mr. Bramson or our other executive officers, our business,
financial condition and operating results could be materially adversely
affected.
We could incur
substantial costs as a result of violations of or liabilities under
environmental laws.
Our facilities are subject to numerous federal, state
and local laws and regulations designed to protect the environment from waste
emissions and hazardous substances. 
Owners and occupiers of sites containing hazardous substances, as well
as generators and transporters of hazardous substances, are subject to broad
liability under various federal and state environmental laws and regulations,
including liability for investigative and cleanup costs and damages arising out
of past disposal activities.  We have
been named from time to time as a potentially responsible party by the United
States Environmental Protection Agency with respect to contaminated sites that
have been designated as "Superfund" sites, and are currently engaged in various
environmental investigation, remediation and/or monitoring activities at
several sites located off our facilities. 
There can be no assurance we will not ultimately incur liability in
excess of amounts currently reserved for pending environmental matters, or that
additional liabilities with respect to environmental matters will not be
asserted.  In addition, changes in
environmental regulations could impose the need for additional capital
equipment or other requirements.  Such
liabilities or regulations could have a material adverse effect on us in the future.
Although we sold Media in November 1995, we have
continuing liability with respect to environmental contamination at
manufacturing sites and disposal sites used by Media when it was our
subsidiary.  On January 10, 2005,
Media filed for Chapter 11 reorganization. 
At March 31, 2005, we have included an estimate of future clean up
costs of Media sites of $2.4 million, which is included in net liabilities of
discontinued operations.  We cannot
assure you that future costs of cleanup will not exceed our current estimate.
Complying with
changing corporate governance regulations, including an evaluation of our
internal controls, may adversely affect our business and operations.
Changing laws, regulations and standards relating to
corporate governance and public disclosure, including the Sarbanes-Oxley Act of
2002, new SEC regulations and Nasdaq market rules, are creating uncertainty for
companies such as ours.  These new or
changed laws, regulations and standards are subject to varying interpretations
in many cases due to their lack of specificity. 
As a result, their application in practice may evolve over time as new
guidance is provided by regulatory and governing bodies, which could result in
continuing uncertainty regarding compliance matters and higher costs
necessitated by ongoing revisions to disclosure and governance practices.  We are committed to maintaining high
standards of corporate governance, internal control and public disclosure.  As a result, we intend to invest resources to
comply with evolving laws, regulations and standards, and this investment may
result in increased administrative expenses and a diversion of management time
and attention from revenue-generating activities to compliance activities.  If our efforts to comply with new or changed
laws, regulations and standards differ from the activities intended by
regulatory or governing bodies, our reputation may be harmed.
10
We are exposed to
potential risks from recent legislation requiring companies to evaluate their
internal control over financial reporting under Section 404 of the
Sarbanes-Oxley Act of 2002.
We will be evaluating our internal controls systems in
order to allow management to report on the effectiveness of our internal
control over financial reporting and our registered independent public
accounting firm to attest to this report in our Form 10-K annual
report for the fiscal year ending December 31, 2005, as required by Section 404
of the Sarbanes-Oxley Act.  We will perform
the system and process evaluation and testing (and implementing any necessary
remediation) required in an effort to comply with these report and attestation
requirements and expect to incur additional expenses and devote significant
management time towards completing actions required for management's
evaluation.  The evaluation and
attestation processes required by Section 404 are new and neither public
companies nor public accounting firms have significant experience in testing or
complying with these requirements. 
Although we will develop and implement plans to fully satisfy the
requirements relating to internal controls and all other aspects of Section 404
in a timely fashion, we cannot be certain as to the timing of completion of our
evaluation, testing and remediation actions or their impact on our operations
because, like other public companies, we and our registered independent public
accounting firm will be undergoing the process for the first time in a
regulatory environment where the standards to assess adequacy of compliance are
under development.  We cannot assure you
that there will not be significant deficiencies or material weaknesses that
would be required to be reported as a result of the process.  In addition, we cannot assure you that we
will timely complete actions required for management's evaluation according to
a timetable that will permit our registered independent public accounting firm
to timely complete its assessment of our internal control over financial
reporting and attest to management's report. 
This development may subject us to regulatory investigations and
sanctions and lead to a loss of confidence in our internal control over
financial reporting.  Any such action
could adversely affect our financial results and the market price of our common
stock.
Risks Related to the Offering and Ownership of our Common
Stock
The future price
of our common stock may fluctuate significantly, and you could lose all or part
of your investment.
The trading price of our common stock has been and can
be expected to be subject to significant volatility, reflecting a variety of
factors, including:
•
fluctuations
in patent licensing revenues, developments in our patent licensing program and
the success or failure of litigation that we initiate to defend our patents;
•
announcements
relating to developments in our Recorders segment;
•
quarterly
fluctuations in operating results;
•
modifications
to our senior debt agreements and other events that affect our liquidity;
•
announcements
of the introduction of new products, technologies or services by us or our
competitors;
•
announcements
of acquisitions of, or investments in, new businesses or other events;
•
sales
of shares of our common stock by insiders pursuant to Rule 10b5-1
plans, under Rule 144 or otherwise;
11
•
reports
and predictions concerning us by analysts and members of the media; and
•
general
economic or market conditions.
In addition, the stock market in general, and technology
companies in particular, have experienced a high degree of price volatility,
which has had a substantial effect on the market prices of many such companies
for reasons that often are unrelated or disproportionate to operating
performance.  Thus, these broad market
and industry fluctuations may adversely affect the price of our common stock,
regardless of our operating performance.
Future sales or
the possibility of future sales of substantial amounts of our common stock by
our officers and directors may cause the price of our common stock to decline.
The resale of shares of our common stock by the
selling stockholders pursuant to this prospectus could cause the market price
of our common stock to decline.  Even the
prospect of such resales could depress the market price for our common
stock.  In addition, our officers,
directors and employees, including the selling stockholders, and certain other
stockholders hold significant numbers of additional shares of our common stock
that are not covered by this registration statement.  Some of those shares are freely tradable
without restriction under the federal securities laws, and those that are not
may be sold in the future pursuant to newly filed effective registration
statements, in compliance with the requirements of Rule 144 under the
Securities Act.  Sales in the public
market of substantial amounts of our common stock, whether by our officers,
directors, employees or others, or the perception that such sales could occur,
could materially adversely affect prevailing market prices for our common stock
and our ability to raise additional capital through the sale of equity
securities.
Anti-takeover
provisions in our certificate of incorporation and by-laws may reduce the
likelihood of any potential change of control or unsolicited acquisition
proposal that you might consider favorable.
Our certificate of incorporation provides for a
classified board of directors, with members of each class elected for a
three-year term.  It also provides for
nullification of voting rights of certain foreign stockholders in certain
circumstances involving possible violations of security regulations of the
United States Department of Defense. 
Similarly, the indenture governing our outstanding Senior Notes requires
us to offer to repurchase the Senior Notes at a purchase price equal to 101% of
the outstanding principal amount thereof together with accrued and unpaid
interest in the event of a change of control, which includes the purchase by a
person or group of 50% or more of our outstanding voting stock or the transfer
of substantially all of our assets to any such person or group, other than to
certain of our subsidiaries and affiliates. 
These provisions could deter, delay or prevent a third-party from
acquiring us, even if doing so would benefit our stockholders.
Our board of
directors may issue preferred stock without stockholder approval.
Our charter authorizes our board of directors to
authorize the issuance of up to 1,000,000 shares of preferred stock.  Preferred stock may be issued in one or more
series, the terms of which may be determined without further action by
shareholders.  These terms may include
preferences, conversion or other rights, voting powers, restrictions, limitations
as to dividends or other distributions, qualifications or terms or conditions
of redemption.  The issuance of any
preferred stock, however, could materially adversely affect the rights of
holders of our class A common stock, and therefore could reduce its value.  In addition, specific rights granted to
future holders of preferred stock could be used to restrict our ability to
merge with, or sell assets to, a third party. 
The power of the board of directors to issue preferred stock could make
it more difficult, delay, discourage, prevent or make it more costly to acquire
or effect a change in control, thereby preserving the current shareholders'
control.
12
Our executive
officers and directors will continue to have significant control over the
company after this offering, which may prevent you or other stockholders from
influencing significant corporate decisions.
As reported in our 2005 proxy statement, our
executive officers and directors beneficially own, in the aggregate,
approximately 17.8% of our outstanding common stock.  As a result, they may be able to influence
matters requiring stockholder approval. 
These matters include the election of directors and approval of
significant corporate transactions, such as a merger, consolidation, takeover
or other business combination involving us. 
Our executive officers and directors may have interests that differ from
yours and may vote in a way with which you disagree and which may be adverse to
your interests.  This concentration of
ownership could also adversely affect the market price of our common stock or
reduce any premium over market price that an acquirer might otherwise pay.
USE OF
PROCEEDS
The selling stockholders are selling the
shares covered by this prospectus for their own accounts.  Therefore, they will receive all of the net
proceeds from the sale of their shares, and we will not receive any proceeds
from the sale of their shares.  See "Plan
of Distribution."
SELLING
STOCKHOLDERS
Under our Stock Incentive Plan, a total of 712,500
shares of our Class A Stock are available for issuance upon the exercise
of employee stock options and awards granted to officers, employees, directors
and certain consultants, advisors and service providers of Ampex and any parent
or subsidiary of Ampex.  The shares of Class A
Stock to which this prospectus relates are being registered for reoffers and
resales by the selling stockholders who are officers and directors of Ampex who
may acquire, or have acquired, such shares upon exercise of awards granted
under the Plan, and who may be deemed to be our "affiliates," as defined in Rule 405
of the Securities Act.
We do not know whether any of the selling
stockholders will use this prospectus in connection with the offer or sale of
any shares of Class A Stock, or, if this prospectus is so used, how many
shares of Class A Stock will be offered or sold.  The selling stockholders may resell all, a
portion, or none of the shares that they have acquired or may acquire pursuant
to the Plan.  Pursuant to Rule 424(b) under
the Securities Act, we will supplement this prospectus with the number of
shares of Class A Stock, if any, to be offered or sold by the selling
stockholders as that information becomes known.
PLAN OF
DISTRIBUTION
The selling stockholders have not advised us
of any specific plans for the distribution of the shares offered hereby.  The selling stockholders are registering all
of the shares covered by this prospectus for sale for their own accounts.  We will not receive any proceeds from the
sale of any such shares by the selling stockholders.
The selling stockholders or their pledgees,
donees, transferees or other successors in interest may offer and sell shares
pursuant to this prospectus from time to time, in one or more of the following
transactions (which may include block transactions):
13
•
on
Nasdaq or any other national securities exchange or quotation service listing
or quoting the Class A Stock at the time of sale;
•
in
transactions other than on such exchanges or systems;
•
in
the over-the-counter market;
•
in
negotiated transactions;
•
through
put and call options, short sales or other hedging transactions;
•
at
fixed prices, which may be changed;
•
at
varying prices determined at the time of sale; or
•
at
negotiated prices.
Any such underwriters, brokers, dealers or
agents may receive underwriting discounts and commissions, which may exceed
customary discounts, concessions or commissions.  It is not possible at the present time to
determine the price to the public in any such sale.  Accordingly, the public offering price and
the amount of any applicable underwriting discounts and commissions will be
determined at the time of such sale by each selling stockholder.
The aggregate proceeds to each selling
stockholder from the sale of his or her shares will be the purchase price of
the shares sold less all applicable commissions and underwriters' discounts, if
any, and other expenses of issuance and distribution not borne by us.  We will pay substantially all the expenses
incident to the registration of the offering and sale of the shares by the
selling stockholders, but all fees, discounts and commissions of underwriters,
brokers, dealers or agents, if any, transfer taxes and other similar selling
expenses incurred by a selling stockholder will be borne by that selling
stockholder.
The selling stockholders and any
broker-dealers that act in connection with the sale of shares might be deemed
to be "underwriters" within the meaning of the Securities Act, and any
commissions received by those broker-dealers and any profit on the resale of
the shares sold by them while acting as principals might be deemed to be
underwriting discounts or commissions under the Securities Act.  The selling stockholders may agree to
indemnify any agent, dealer or broker-dealer that participates in transactions
involving sales of the shares against certain liabilities, including
liabilities arising under the Securities Act. 
Because the selling stockholders and any such broker-dealers may be
deemed to be "underwriters" under the Securities Act, they will be subject to
the prospectus delivery requirements of the Securities Act.
Any shares covered by this prospectus that
qualify for sale under Rule 144 of the Securities Act may be sold under Rule 144
rather than under this prospectus.
Under the securities laws of certain states,
the shares may be sold in such states only through registered or licensed
brokers or dealers.  In addition, in
certain states the shares may not be sold unless they have been registered or
qualified for sale in such state or an exemption from registration or
qualification is available and the sale is in compliance with the exemption.
If and to the extent required, the specific
shares to be sold, the respective purchase prices and public offering prices,
the names of any agent, broker, dealer or underwriter, any applicable
commissions or discounts, and other facts material to the transaction will be
set forth in an accompanying prospectus
14
supplement or, if appropriate, a post-effective amendment to the
registration statement that includes this prospectus.
There can be no assurance that the selling
stockholders will sell any or all of the shares offered hereunder.  In addition, there may be certain contractual
or other restrictions on the ability of a selling stockholder to sell any or
all of his or her shares.
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT
LIABILITIES
Our certificate of incorporation includes
provisions to (i) eliminate the personal liability of our directors for
monetary damages resulting from breaches of their fiduciary duty to the fullest
extent permitted by the Delaware General Corporation Law and (ii) indemnify
our directors and officers to the fullest extent permitted by Section 145
of the Delaware General Corporation Law. 
We believe that these provisions are necessary to attract and retain
qualified persons as directors and officers. 
We maintain a directors' and officers' liability insurance policy to
support the foregoing indemnity obligations, which, under certain
circumstances, could require us to indemnify our directors and offices against
liabilities arising under the Securities Act.
Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers or
controlling persons under the foregoing provisions, we have been informed that
in the opinion of the Commission such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.
LEGAL
MATTERS
The validity, authorization and issuance of
the shares offered hereby will be passed upon for us by Joel D. Talcott, our
Vice President, Secretary and General Counsel. 
As of June 27, 2005, Mr. Talcott owns 1,946 shares of Class A
Stock and holds employee stock options granted under the Plan to purchase an
additional 32,325 shares of Class A Stock, all of which are or will become
exercisable within 60 days of such date.
EXPERTS
The consolidated financial statements and
financial statement schedule as of December 31, 2004 and for the year
then ended incorporated in this prospectus by reference to our Annual Report on
Form 10-K for the year ended December 31, 2004 have been
audited by BDO Seidman, LLP, an independent registered public accounting firm,
to the extent and for the periods set forth in their report incorporated herein
by reference, and are incorporated herein in reliance on such report, given upon
the authority of that firm as experts in auditing and accounting.
15
The consolidated financial statements and
financial statement schedule as of December 31, 2003 and for each of
the two years in the period ended December 31, 2003 incorporated in this
prospectus by reference to our Annual Report on Form 10-K for the
year ended December 31, 2004 have been audited by PricewaterhouseCoopers,
LLP, an independent registered public accounting firm, to the extent and for
the periods set forth in their report incorporated herein by reference, and are
incorporated herein in reliance on such report, given upon the authority of
that firm as experts in auditing and accounting.
WHERE YOU CAN FIND MORE INFORMATION
This prospectus is part of the Form S-8
Registration Statement and Post-Effective Amendment we filed with the
Commission relating to the offering and sale of the shares of Class A
Stock covered by this prospectus. This prospectus does not contain all the information
set forth in the registration statement and does not contain the exhibits and
schedules to the registration statement. For further information about us and
our Class A Stock, you should review the registration statement and the
exhibits and schedules to the registration statement.
We also file annual, quarterly and special
reports, proxy statements and other information with the Commission. Our
Commission filings are available to the public over the Internet at the
Commission's website at http://www.sec.gov. 
You may also read and copy any document we file with the Commission at
its Public Reference Room, located at 450 Fifth Street, N.W., Washington,
D.C.  Please call the Commission at 1-800-SEC-0330
for more information about the Public Reference Room.  Additional information about us is available
on our web site at www.ampex.com.
INFORMATION INCORPORATED BY REFERENCE
The Commission allows us to "incorporate by
reference" much of the information we file with them, which means that we can
disclose important information to you by referring you to those publicly
available documents.  The information
that we incorporate by reference is an important part of this prospectus.  You must look at all of the Commission
filings that we incorporate by reference to determine if any of the statements
in any document previously incorporated by reference have been modified or
superseded.  This prospectus incorporates
by reference the following documents:
•
Our
Annual Report on Form 10-K for the fiscal year ended December 31,
2004, filed with the Commission on April 20, 2005;
•
Our Quarterly Report on Form 10-Q
for the fiscal quarter ended March 31, 2005, filed with the Commission on May 10,
2005;
•
Our Current Report on Form 8-K
filed with the Commission on January 27, 2005;
•
Our Current Report on Form 8-K
filed with the Commission on February 23, 2005;
•
Our
Current Report on Form 8-K filed with the Commission on March 23,
2005;
•
Our
Current Report on Form 8-K filed with the Commission on April 4,
2005;
•
Our
Current Reports on Form 8-K and 8-K/A filed with the
Commission on April 5, 2005 and April 8, 2005, respectively;
16
•
Our
Current Report on Form 8-K filed with the Commission on April 7,
2005;
•
Our
Current Report on Form 8-K filed with the Commission on April 20,
2005;
•
Our
Current Report on Form 8-K filed with the Commission on April 22,
2005;
•
Our
Current Report on Form 8-K filed with the Commission on May 3,
2005;
•
Our
Current Report on Form 8-K filed with the Commission on May 12,
2005;
•
Our
Current Report on Form 8-K filed with the Commission on May 19,
2005;
•
Our
Current Report on Form 8-K filed with the Commission on June 16,
2005;
•
Our
Current Report on Form 8-K filed with the Commission on June 24,
2005; and
•
The
description of our Class A Stock contained in the Amendment No. 1 to Form 8-A
Registration Statement filed on November 5, 1999 under Section 12(g) of
the Exchange Act, including any amendments or reports filed for the purpose of
updating such description.
All reports and other documents subsequently filed
by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act
after the date of this prospectus and before termination of this offering shall
be deemed to be incorporated by reference into this prospectus and to be a part
hereof from the date of filing of such reports and other documents.
We will provide at no cost to each person,
including any beneficial owner, to whom
this prospectus is delivered, a copy of any or all of the information that has
been incorporated by reference in, but not delivered with, this
prospectus.  You may request a copy of
any such information by contacting us at the following address or telephone
number:  Investor Relations, Ampex Corporation,
1228 Douglas Avenue, Redwood City, California 94063, (650) 367-4111.
You should rely only on the information included or
incorporated by reference in this prospectus. 
We have not authorized anyone else to provide you with different
information.  The selling stockholder may
not offer to sell these shares in any state or jurisdiction where the offer is
not permitted.  You should not assume
that the information in this prospectus is accurate as of any date other than
the date on the front of this prospectus.
17
PART II
INFORMATION
REQUIRED IN REGISTRATION STATEMENT
Item
3.  Incorporation of Certain Documents by
Reference.
The following documents filed with the Commission are hereby
incorporated by reference in this registration statement:
(a)
the
Registrant's Annual Report on Form 10-K for the fiscal year ended December 31,
2004, filed with the Commission on April 20, 2005;
(b)
the
Registrant's Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2005, filed with the Commission on May 10, 2005;
(c)
the Registrant's Current Report on Form 8-K
filed with the Commission on January 27, 2005;
(d)
the Registrant's Current Report on Form 8-K
filed with the Commission on February 23,
2005;
(e)
the Registrant's Current Report on Form 8-K
filed with the Commission on March 23,
2005;
(f)
the Registrant's Current Report on Form 8-K
filed with the Commission on April 4, 2005;
(g)
the Registrant's Current Reports on Form 8-K
and 8-KA filed with the
Commission on April 5, 2005 and April 8, 2005, respectively;
(h)
the Registrant's Current Report on Form 8-K
filed with the Commission on April 7,
2005;
(k)
the Registrant's Current Report on Form 8-K
filed with the Commission on May 3, 2005;
(l)
the Registrant's Current Report on Form 8-K
filed with the Commission on May 12, 2005;
(m)
the Registrant's Current
Report on Form 8-K filed with
the Commission on May 19, 2005;
(n)
the
Registrant's Current Report on Form 8-K filed with the Commission on
June 16, 2005;
(o)
the
Registrant's Current Report on Form 8-K filed with the Commission on
June 24, 2005; and
II-1
(p)
the description of the Registrant's Class A
Common Stock contained in the Amendment No. 1 to Form 8-A
Registration Statement filed on November 5, 1999, under Section 12(g) of
the Exchange Act, including any amendments or reports filed for the purpose of
updating such description.
All documents
filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of
the Exchange Act after the date hereof, and prior to the filing of a
post-effective amendment which indicates that all of the securities offered
hereby have been sold or which deregisters the securities offered hereby then
remaining unsold, shall also be deemed to be incorporated by reference into
this registration statement and to be a part hereof commencing on the
respective dates on which such documents are filed.
Item 4.  Description of Securities.
Not applicable.
Item 5.  Interests Of Named Experts And Counsel.
The validity,
authorization and issuance of the shares offered hereby will be passed upon for
us by Joel D. Talcott, our Vice President, Secretary and General Counsel.
As
of June 27, 2005, Mr. Talcott owns 1,946 shares of Class A Stock
and holds employee stock options granted under the Plan to purchase an
additional 32,325 shares of Class A Stock, all of which are or will become
exercisable within 60 days of such date.
Item 6.  Indemnification Of Directors And Officers.
Section 145 of the Delaware General Corporation Law,
or DGCL, permits a corporation to indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the corporation), by
reason of the fact that the person is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise.  The indemnity may include expenses (including
attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by the person in connection with such action, suit or
proceeding, if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the corporation's best interests
and, with respect to any criminal action or proceeding, had no reasonable cause
to believe the person's conduct was unlawful.
A Delaware corporation may indemnify officers and directors
in an action by or in the right of the corporation under the same conditions
described above, except that no indemnification is permitted without judicial
approval if the officer or director is adjudged to be liable to the
corporation.  Where an officer or
director is successful on the merits or otherwise in the defense of any action
referred to above, the corporation must indemnify him against the expenses that
such officer or director actually and reasonably incurred. A corporation may,
in advance of the final disposition of any civil, criminal, administrative or
investigative action, suit or proceeding, pay the expenses (including attorneys'
fees) incurred by an officer or director in defending such action, provided
that the director or officer undertakes to repay such amount if it shall
ultimately be determined that he is not entitled to be indemnified by the
corporation.  The indemnification and
advancement of expenses provided is not deemed to be exclusive of any other
rights to which an officer or director may otherwise be entitled.
II-2
Under Article VIII of our by-laws, we generally
indemnify our directors and officers to the fullest extent permitted by
applicable law, but we are not required to do so in connection with any
proceeding initiated by an officer or director if the proceeding was not
authorized by our board of directors.  We
will also advance expenses, including attorneys' fees, but only upon receipt of
an undertaking by an indemnified officer or director to repay all amounts
advanced if it should ultimately be determined that he is not entitled to be
indemnified under our by-laws or otherwise.
Under ARTICLE X
of our restated certificate of incorporation, directors are not liable to us or
our stockholders for monetary damages for breach of fiduciary duty, except to
the extent that such elimination or limitation of liability is not permitted by
the DGCL.  Under Section 102(b)(7) of
the DGCL, a corporation may, in its certificate of incorporation, eliminate or
limit the personal liability of a director for monetary damages for violations
of the director's fiduciary duty, except (i) for any breach of the
director's duty of loyalty to the corporation or its stockholders, (ii) for
acts or omissions not in good faith or which involve intentional misconduct or
a knowing violation of law, (iii) for unlawful payment of dividends or
unlawful stock purchases or redemptions, as provided in Section 174 of the
DGCL, or (iv) for any transaction from which a director derived an
improper personal benefit.
We have
entered into agreements to indemnify our directors under which, among other
things, we will indemnify and advance certain expenses, including attorneys'
fees, to such directors to the fullest extent permitted by applicable law, as
such law may be amended from time to time, and by our certificate of
incorporation, by-laws and resolutions.
As authorized
by Section 145(g) of the DGCL, we also maintain an insurance policy
covering our past, present and future directors and officers and past, present
and future directors and officers of our subsidiaries for losses resulting from
claims for which any such officer or director was not indemnified by us.  The policy also provides for reimbursement to
us and our subsidiaries for amounts paid to indemnify officers and directors
for loss resulting from claims against such officers and directors.  The policy is subject to certain exclusions,
such as claims against officers and directors for dishonest, fraudulent or
criminal acts or omissions, willful violations of law, libel and slander,
bodily injury and property damage, pollution, etc.
Item 7.  Exemption from Registration Claimed.
Not
applicable.
Item 8.  Exhibits.
The Exhibits to this registration statement
on Form S-8 are listed in the Exhibit Index which appears
elsewhere herein and is incorporated herein by reference.
Item 9.  Undertakings.
(a)
The
undersigned Registrant hereby undertakes:
(1)
to
file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
to
include any prospectus required by Section 10(a)(3) of the Securities
Act;
II-3
(ii)
to
reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement.  Notwithstanding the foregoing, any increase
or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range may
be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) of
the Securities Act if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering price set
forth in the "Calculation of Registration Fee" table in the effective
registration statement; and
(iii)
to include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above
do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of
the Exchange Act that are incorporated by reference in the registration
statement.
(2)
That,
for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial
bona fide
offering thereof;
(3)
To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(b)
The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual
report pursuant to section 13(a) or 15(d) of the Exchange Act
(and, where applicable, each filing of an employee benefit plan's annual report
pursuant to section 15(d) of the Exchange Act) that is incorporated
by reference in this registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c)
Insofar as
indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a claim
for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification
II-4
by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
II-5
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, the Registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of New York, State of
New York, on June 30, 2005.
AMPEX CORPORATION
By:
/s/ CRAIG L. MCKIBBEN
Craig L. McKibben
Vice President and Treasurer
POWER OF
ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose signature appears below does hereby constitute and appoint
Edward J. Bramson and Craig L. McKibben or either of them, with full
power to act, his attorney-in-fact, with the power of substitution for him in
any and all capacities, to sign any or all amendments to this registration
statement, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the Commission under the Securities Act, hereby
ratifying and confirming all that each of said attorneys-in-fact, or his
substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the
Securities Act of 1933, this registration statement has been signed by the
following persons in the capacities and on the dates indicated.
Signatures
Title
Date
/s/
Edward J. Bramson
Chairman, President, Chief Executive
June 30, 2005
Edward J. Bramson
Officer and
  Director
(Principal
  Executive Officer)
/s/
Craig L. McKibben
Vice President, Director and Treasurer
June 30, 2005
Craig L. McKibben
(Principal
  Financial Officer and
Principal
  Accounting Officer)
/s/
Peter Slusser
Director
June 30, 2005
Peter Slusser
/s/
William A. Stoltzfus, Jr.
Director
June 30, 2005
William A. Stoltzfus, Jr.
/s/
Douglas T. McClure, Jr.
Director
June 30, 2005
Douglas T. McClure, Jr.
INDEX TO
EXHIBITS
Exhibits
5.1*
Opinion of Joel D. Talcott, Esq.
10.1*
Ampex Corporation 1992 Stock Incentive
  Plan, as amended through June 10, 2005.
23.1*
Consent of BDO Seidman, LLP, independent registered
  public accounting firm.
23.2*
Consent of PricewaterhouseCoopers, LLP,
  independent registered public accounting firm.
23.3*
Consent of Joel D. Talcott, Esq.
  (included in and incorporated by reference to Exhibit 5.1 hereto)
24.1*
Power of Attorney (included in the
  signature page of this registration statement).
*
Filed herewith