MicroNet, the manufacturers of disk arrays like the Sancube and other popular Network area storage products, ceased operations today. In a press release dated yesterday, Ampex International, the parent company of MicroNet, citing losses said that it decided to discontinue operations of the subsidiary and establish a cash reserve for the costs of the closure.
MacWEEK and MacCentral readers contacted us saying that they could not contact MicroNet today. MicroNet’s web sites were closed and the telephone has been disconnected. So far, a representative of MicroNet could not be contacted for comment regarding the closure.
MicroNet, which never turned a profit, lost $11.6 million on revenues of $12.1 million in 2000 and $4 million on revenues of $11 million in 1999. Ampex as a whole lost $26.2 million in 2000, with the extra losses coming from Ampex iNEXTTV Internet video subsidiary. Ampex Data Systems, Ampex final subsidiary reported a net income of $2 million in 2000. Ampex is looking for a buyer for Ampex Data systems.
Ampex International (AXC) is currently trading at 0.38 a share, down from a high of near 15 in 1996. The Sancube X-stream won the 2000 Macworld Editor’s Choice award for best storage product.
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