Memory Corporation has bounced back from last month's disappointing EASDAQ debut with a £3 million Europe-wide deal to supply memory upgrades for Epos machines built or serviced by ICL. The contract is described as a "breakthrough" deal for Memory Plus, the bespoke assembly subsidiary of Memory Corporation. Scottish-based Memory Corp is gunning sales of $500 million in three years. This target is difficult enough to achieve, following the company's refusal to plunge wholeheartedly into free-for-all memory broking, a market where you can gain massive turnover, so long as you are prepared to within the margin parameters (+3 per cent at best; -2 per cent at worst). Now Memory Corp's war chest for acquisitions and channel development looks decidedly bare, following its embarrassing failure to raise much from its move to Easdaq. Easdaq may have five analysts checking out each listing, compared with one,on average, poring over the ledgers of firms listed on AIM, the UK's junior market. But investors are suspicious of memory vendors, wherever they are listed, judging from the lamentable response to Memory Corp's Easdaq debut last month. On 20 November, the company announced that it raised only £2.325 million, compared with industry expectations of £20 million. Memory Corp intends to spend all the new money on expanding direct and indirect sales channels in Europe and the US, as well as technological developments. It doesn't look like getting too far on either score with that sort of kitty. We suspect another round of investor presentations are in order from CEO David Savage. The company clearly has difficulty getting across the message that it is an intellectual property play (GOOD), as well as a memory distributor (VERY BAD). And its almost back in the black. We think the company is still undervalued -- and some of us w ould even consider taking a punt -- if we could work out what Global Depositary Receipts were, where to get them and how to buy them. The company ceases AIM trading in January next year. ®