Memory Corp splits in twain and changes name

Memory Corporation is to sell its music business as part of a restructure. The EASDAQ-listed company said it was in "advanced negotiations" to merge its music interests with enuffMusic.com and create a new California-based firm called Dig Media. Memory will get $5 million for the sale to Dig Media of its intellectual property relating to its music hardware products, and expects to get a 25 per cent stake in the new company. It expects the venture, which will also have offices in London, Edinburgh and Stockholm, to float within twelve months. David Savage, Memory CEO, will be CEO of Dig Media, and he will be succeeded as Memory CEO by Mark Doughty, Memory CFO. Simon Hollingworth will take over as CFO, while Andrew Mackenzie, Memory VP of its Memory Services Group, becomes Memory COO. Memory will concentrate on developing and licensing technology products, including digital appliances. The transactions, which are not subject to shareholder approval, are expected to be completed by the end of next month. The company will also seek permission to change its name to Torridon plc at its AGM in June. ® Related stories Memory Corp buys out Datrontech memory business Memory Corp licenses IP rights to Taiwanese, US companies