Ampex Corporation (fka AEXCA)

[Major_Bankz]

It looks like we missed UNQT today!

Union Equity Details Twelve-Month Strategy
Friday April 22, 9:12 am ET
Record Date Approaches for Forward Split


PALM BEACH, Fla.--(BUSINESS WIRE)--April 22, 2005--Union Equity Inc. (Pink Sheets:UNQT - News) is currently reviewing numerous real estate projects, the most immediate of which are based in South Florida.
"We're looking at some residential renovation projects in the historic districts of West Palm Beach as well as some turn-key projects in the Miami area," said CEO Michael Anthony. "Our goal is to accumulate a basket of quality properties over the next twelve to eighteen months. Some properties will be put back on the market immediately if there is an opportunity for a short-term profit and other properties will be kept in portfolio if their upside appears to be more long-term."

The West Palm Beach historic districts that Anthony refers to are the El Cid, Northwood and Flamingo Park areas that surround the city's traditional downtown business district and City Place, West Palm Beach's powerhouse enclave of exclusive shops, restaurants and nightclubs. West Palm Beach's downtown and City Place are located adjacent to one another within a two-square mile area.

"The most successful developers in South Florida are the ones who stick to the basics and spread their efforts between West Palm Beach and Miami. Since 1975 I've seen a lot of guys come and go, but the true superstars of the industry are the ones who stay flexible, work hard and don't over-extend. We intend to do the same."

The company will post additional news as soon as contracts are signed on projects that are currently under review.

In addition, the company has recently approved a 600% dividend in the form of six-for-one forward split of its common stock issued and outstanding as of 4/27/05 (the record date). Odd lots shall be rounded up. Shareholders of record on 4/27/05 will receive six additional shares for every one share of common stock owned on that date.

About Union Equity

Union Equity is a national real estate development and holding company, specializing in the fields of Residential Property Development, Mortgage Finance and Construction of New Residential Properties. The company operates independently and through its wholly-owned subsidiary Eden Development Group and plans to grow aggressively over the next two to three years through acquisitions, mergers and internal growth.

About the Industry

Florida ranked fifth nationally in housing appreciation in 2004.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, which represents the Company's expectations or beliefs concerning, among other things, future operating results and various components thereof and the adequacy of future operations to provide sufficient liquidity. The Company cautions that such matters necessarily involve significant risks and uncertainties that could cause actual operating results and liquidity needs to differ materially from such statements, including, without limitation: (i) increased competition, (ii) fluctuations in price, demand and supply of real estate markets and (iii) risks associated with high capital long term investments.

Further information on the company can be found on their website; http://www.UNQT.com.



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Contact:
Union Equity, Palm Beach
Investor Relations, 800-916-3457
Fax: [phone]
[e-mail]