PENANG: Wimems Corp Bhd, which faces stern Bursa Malaysia action if it fails to submit its 2006 annual report by the final deadline of July 1, is exiting flash memory drives to focus on wireless telecommunications products.
Sources close to the company said the flash memory drive business was the cause of the group's huge trade receivables of RM27.3mil for the financial year ended Dec 31, 2006 (FY06). The company, which had a revenue of RM19mil, posted a net loss of RM1.7mil for the year.
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