Printer Friendly

M-SYSTEMS FLASH DISK PIONEERS LTD. IN MEMO OF UNDERSTANDING WITH MILTOPE

 TEL-AVIV, Israel, Oct. 11 /PRNewswire/ -- M-Systems Flash Disk Pioneers Ltd. (NASDAQ: FLSHF) announced today that it has entered into a memorandum of understanding with Miltope Corporation, a U.S. company and a principal shareholder of the company, under which the company and Miltope will cooperate in a development program contracted to Miltope by a major U.S. company. The product to be developed is an advanced Flash Disk with a capacity of 320 MBytes and a fast SCSI interface for a helicopter upgrade to be supplied to the U.S. government. Miltope and M-Systems competed in the tender for the development of that product against prominent defense sub-contractors.
 Although the company estimates that revenues derived from sales and/or royalties under this program could be as much as U.S.$10 million over a period of several years, there can be no assurance that the development program will be successful or, if successful, that production will commence, or result in any significant level of revenues.
 The company also announced that a lawsuit had been filed against it in New Jersey State Court by a distributor of some of the company's products, claiming, among other matters, that the company unlawfully breached its marketing agreements with the distributor. The lawsuit seeks damages in an unspecified amount, and injunctive relief restraining the company from terminating its agreements with that distributor. Based upon initial review of the claim made and the facts and circumstances, the company's management is of the view that the suit is without merit and it intends to defend itself vigorously.
 M-Systems Flash Disk Pioneers Ltd. develops, manufactures and markets Flash Disk solutions. EUROM, its subsidiary, develops smart memory components.
 -0- 10/11/93
 /CONTACT: Dana Gross, VP operations, of M-Systems (Israel), 972-3-490-920, or fax, 972-3-490-922/
 (FLSHF)


CO: M-Systems Flash Disk Pioneers Ltd.; Miltope Corporation ST: IN: CPR SU:

LG-OS -- NY035 -- 0730 10/11/93 14:14 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 11, 1993
Words:317
Previous Article:NATIONAL TEXTILE WEEK CONSUMER ADVISORY: SHOPPING TIPS ON TEXTILE PRODUCTS
Next Article:SCHOOL DISTRICT AND GAS COMPANY TEAM UP FOR INNOVATIVE PUBLIC-PRIVATE PARTNERSHIP
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters