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October 28, 1999

Memory Sees Boom in Internet Devices

By CBR Staff Writer

Memory Corp Plc is predicting a Christmas sell-out of its MP3-GO devices that play music downloaded from the internet. The Edinburgh, UK-based company says it is awaiting the outcome of an evaluation process with distribution partners as it continues a move away from commodity products into the internet appliance market.

In the 13 weeks to October 2, net profit was 486,000 pounds ($797,000), up from a loss of 1.1m pounds ($1.8m) recorded in the equivalent 11 weeks last year on revenue 127.9% higher at 43.6m pounds ($71.5m).

CEO David Savage claimed the company now had the technology to establish itself as the prime mover in the fast-growing digital appliance market, though the company still needs to add to its digital toolbox. Memory claims to have the fastest FSC2 flash controller on the market and Savage expects to drive significant value out of its flash development program and it seeks out licensing opportunities.

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