It has also closed its facility at Albuquerque, New Mexico, where the company had been engaged in an unsuccessful joint venture with Intel Corp to develop production facilities for polymer memory.
The failure of the operation leaves Oslo, Norway-based Opticom short of funds. It had cash reserves of NOK 88.7m ($13m) at the end of March and is currently carrying out a review on the future of the company.
When hopes were high about the prospects for its plastic memory technology in 2000, Opticom’s shares reached NOK 2,265 ($331.60) but the stock has now slipped to NOK 56.25 ($8.23).
