EXHIBIT 99.1

Contact:		Karen L. Dexter
		Director, Investor Relations
		Ampex Corporation
		(650) 367-4111

AMPEX CORPORATION FILES LISTING APPLICATION

WITH NASDAQ NATIONAL MARKET

REDWOOD CITY, Calif., May 2, 2005 – Ampex Corporation (OTCBB:AEXCA) today announced that it has submitted a Listing Application to have its Class A Common Stock listing on the Nasdaq National Market. The Company believes it satisfies Nasdaq’s quantitative and qualitative listing criteria, but the ultimate listing decision is at the discretion of the Nasdaq Listing Committee. The Company has reserved the symbol AMPX for its use if its application is ultimately approved, which typically is decided within six to eight weeks from filing.

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

This news release 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 l995 (collectively, “forward-looking statements”). Forward-looking statements relate to various aspects of the Company’s operations and strategies, including but not limited to the effects of having experienced significant losses in the past and the risk that the Company may incur losses in the future; the Company’s limited liquidity and significant indebtedness and interest expense; its sales and royalty forecasts for future periods not being attained, and the risk that the Company will not conclude additional royalty-bearing license agreements covering its digital technologies; the Company’s marketing, product development, acquisition, investment, licensing and other strategies not being successful; possible future issuances of debt or equity securities; the possible incurrence of significant patent litigation expenses or adverse legal determinations finding the Company’s patents not be valid or not to have been infringed; new business development and industry trends; the possible need to raise additional capital in order to meet the Company’s obligations; reliance on a former affiliate to make contributions to the Company’s pension plans which are substantially underfunded; and most other statements that are not historical in nature. Important factors that could cause actual results to differ materially from those described in the forward-looking statements are described in cautionary statements included in this news release and/or in the Company’s 2004 Annual Report on Form 10-K filed with the SEC. In assessing forward-looking statements, readers are urged to consider carefully these cautionary statements. Forward-looking statements speak only as of the date of this news release, and the Company disclaims any obligations to update such statements.