MicroNet Sale
On, June 30, 1998, MicroNet Technology, Inc. was sold to Ampex (AMEX: AXC) Corporation for cash and securities. MicroNet designs and manufactures high-performance disk arrays for use in digital image applications, primarily digital pre-press and video. Kline Hawkes originally acquired a controlling interest in MicroNet in December 1996.
Excerpt from June 30, 1998 Press Release:
An Ampex spokesperson stated, "MicroNet represents the first step in our program to acquire new businesses that will expand Ampex's presence in several digital image markets. We are extremely pleased to be working with MicroNet and its management team, and we expect to provide capital and other resources to support their growth strategies."
Ampex Corporation, headquartered in Redwood City, California, is one of the world's leading providers of technologies for the acquisition, storage and processing of visual information.