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June 21, 1990

DREXLER HAS ONLY ENOUGH CASH LEFT TO FINANCE EIGHT WEEKS’ OPERATIONS

By CBR Staff Writer

Drexler Technology Corp, the Mountain View, California company that won a string of licensees, particularly in Japan, for its tape-based credit card-sized optical storage cards in the early 1980s, is coming to the end of the line. The company says that it has cash adequate to fund operations for two months, and that it is trying to sell assets to raise more. Those assets are future licence royalty payments and part or full ownership of the its optical memory card manufacturing operation. But so far, Drexler has been unsuccessful in its efforts to sell either of these assets and its accountants are now expected to issue a report on the company’s financial statements for the year ended March 31 that is qualified with respect to its ability to continue as a going concern through fiscal 1991. Drexler is reducing expenses by cutting executive salaries and temporarily laying off some of its employees. It says it now has cash to fund operations for eight weeks without infusions.

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