Any info about Iomega (IOM)? Message Board

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Non-Tech : Any info about Iomega (IOM)?

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To: fut_trade who wrote (18435)	3/20/1997 3:29:00 PM
From: Fred J. Ledo	of 58324

To All: any signifigance ?? FREMONT, Calif., March 20 (Reuter) - SyQuest Technology Inc on Thursday said it signed a memorandum of understanding with Legend Group to create a joint venture firm that will manufacture SyQuest's hard drives in mainland China. Legend manufactures and distributes computer systems in the People's Republic of China. The joint venture firm will make SyQuest's SSyJet and EZFlyer removable cartridge hard drives. SyQuest said that the firms intend that the joint venture will be a 30,000-square foot facility located in the Chinese province of Guangzhou, and that SyQuest would own 60 percent of the company, while Legend would own the remaining 40 percent. Both companies intend to invest in the venture. The majority of SyQuest's investment would be in the form of capital equipment, inventory and other support. SYQuest said it had previously announced that Legend will distribute the SyQuest-branded products in China, while SyQuest will export the joint venture company's products to the rest of the world. SyQuest said the two firms continue to discuss another joint venture strategy, which involves a potential equity investment in SyQuest by Legend.

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