Memcorp protects IP with acquisition of bust add-ons firm
Assets and goodwill
Memory Corp, the company that has taken to describing itself as a "digital data management company", has bought up bust add-ons company Modtech from the receivers for an undisclosed sum. Or rather it has bought up certain assets and goodwill associated with the business -- the debts are left behind with the creditors. There's a certain amount of intellectual property protection here -- Modtech has been "involved in the qualification of MemCorp's SoulMate and will play an important role in the future development of both MP3-GO and other Memory products". ModTech also owns a proprietary operating system called Galaxy, which turns PCs into TVs, capabile of playing audio, TV, Teletext and Video. The nitty-gritty of the Modtech business is more mundane, namely the manufacture of internal modems and graphics cards. Sales for the year to December 1997, turnover was £8 million and operating profits stood at £0.184 million. ®
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