Ampex to Acquire MicroNet

Ampex Corp. said it has agreed to acquire Irvine-based MicroNet Technology Inc. for 700,000 shares, $3.5 million in preferred stock and $6 million in debt.

MicroNet, which had 1997 revenue of $30 million, designs and makes disk arrays for digital image applications. Ampex, based in Redwood City, makes, markets and distributes devices for magnetic recording, image processing and digital storage.