Memory Corp raises cash to complete IP move

Memory Corp raises cash to complete IP move
Roy Rubenstein
Memory Corporation is to raise ?4.5m with the issue of over 24 million ordinary shares.
The money will be used to fund product development and to complete the move to an intellectual property oriented company. It will also aid recruitment to strengthen the management, engineering and sales teams. Development is to be focused on memory, including flash, which chief executive David Savage anticipates will account for the majority of the money raised.
Memory’s turnover for the year ending December 31, 1997 showed an increase of 528 per cent to ?6.71m, while operating losses were reduced by 39 per cent to ?2.89m.

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