In wake of the formation of Optical Memory Card Business Corp in Japan to exploit its tape-covered storage card technology (CI No 1,561), Mountain View, California-based Drexler Technology Corp reports that it has received the $9m front-end cash payment under its optical card manufacturing licence agreement announced on November 13: the agreement was subject to Japanese regulatory approvals, which were obtained sooner than anticipated; Drexler also received a $1m US income tax credit because of the 10% Japanese withholding tax on the $10m licence fee, so the company will now record the $10m licence revenue in the current third quarter which ends December 31, 1990.
