The storage device being 'wafer tapes' of 128k would suggest it was to be based on the Exatron Stringy Floppy. Although exatron only sold 75'/64k tapes, Rotronics/BSR sold a 128kB (presumably ~160') format version of it for the ZX Spectrum (Wafadrive) and Vic-20/C-64 (QDD).