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Iomega zips ahead
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November 8, 1996: 6:47 p.m. ET
Its stock is on the NYSE and its new digital photography system is near
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NEW YORK (CNNfn) -- Iomega Corp. is probably best known for the Zip drive, a small device that allows PC users to store an enormous amount of data.
Now the Roy, Utah-based company is hunting for another success, this time with its n-hand system for storing digital photographs.
And it is doing so not as an upstart company, but as one capable of joining the ranks of the corporate establishment. Iomega is now happily listed on the New York Stock Exchange, said chief executive office Kim Edwards. (98K WAV) or (98K AIFF)
Edwards, who made his comments Friday on CNNfn's "Digital Jam", added that the move to the Big Board would be good for investors.
"We're always looking to dampen volatility without losing liquidity," he added, "and that's certainly something we believe the New York Stock Exchange can enhance."
But Edwards was clearly most interested in talking about n-hand, a system of technology that will be able to store 20 megabytes of data -- the equivalent of 80 photographs -- on a small disk that can be used in digital cameras.
The disk would retail for about $10. The drive itself, which would allow n-hand to be used in other consumer electronics applications, is scheduled to sell for about $100.
But n-hand isn't due to hit the stores until next year. Though it uses "the same fundamental technology" as the Zip drive, said Edwards, all the bugs aren't ironed out yet.
"There are some technical hurdles that still have to be overcome to get speeds and everything to work correctly," he added.
Other companies are known to be interested in similar technology and rather than compete with them, Edwards wants them to pay for Iomega's ideas.
"What we're really like to do is instead of allowing them to get into this technology is license them one of [our] technology platforms," he said. "We'd be quite interested in doing that."
Right now Iomega is also talking with manufactures to build cameras, phones and other products that will be able to utilize n-hand.
He thinks Iomega's past success is an indication that n-hand will take off. "We've taken the intimidation factor out of technology," said Edwards, "and made Zip, and hopefully n-hand, easy to use."
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