Total Vertical Integration = Low Cost Producer
  brand identity extensive retail presence            20,000 stores extensive e-tail presence            Ingram Micro, Tech Data, Amazon,... OEM relationships                    design-in wins well-developed distribution channels form factor inventor                 card level licenses ('987, etc...)                                      Lexar, SST, TDK                                      Viking?, Kingston? Simple Technology? card assembly/packaging innovations ECM assembly & testing               outsource savings FlashVision JV                       in-house fabrication, mass production, sales? fabless manufacture                  rapid design modification, UMC investment leading edge design                  ultra-high density NAND or NOR R&D core flash patents                   core patent licensure  (incl. single and MLC)               (Toshiba, Hitachi, Samsung...) _________________________________________________________________________
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