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May 9, 1997updated 05 Sep 2016 1:06pm

SYQUEST TECHNOLOGY ANNOUNCES Q2 LOSS AND NEW CAPITAL

By CBR Staff Writer

Syquest Technology Inc, Fremont California maker of removable cartridge hard drives, reported a second-quarter loss of $33.7m, on revenue down 65% at $16.8m, compared to a loss of $51.1m a year ago. The company also says it has concluded agreements for a sorely-needed cash injection of $24.5m by current and new investors through an issue of convertible preferred stock and warrants.

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