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US storage card vendor raises finance in Europe

Plans EuroNM IPO

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In an unusual reversal of the way these things usually work, a US hi-tech manufacturer has turned to Europe for funding. Washington state based Upgrade International has secured up to $10 million in private financing from European institutions. It will use this to complete the acquisition of a 50 per cent stake in Ultra Card. Described as a "California-based developer of revolutionary data storage technology", Ultra Card is the proud owner of a patented storage technology which enables 5MB storage capacity on a standard card format with the potential to expand up to 2 GB of data storage. According to Upgrade International, the big leap in data storage capacity promised by UltradCard will deliver an "immediate global impact". The company estimates the current market potential for the Ultra Card at $2-3 billion. Which sounds extraordinarily optimistic to us. On completion of the financing, Global Cyber Systems Inc which is 50 per cent owned each by Upgrade and Ultracard, will file for an IPO on the Pan European Exchange (EURO NM). ®

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