From Electro Harmonix;

It’s a looper, it’s a multi-tap delay, it’s an echo with reverse…its got all the Hazarai.

The Stereo Memory Man is a real time performance tour de force. As a
Looper it has up to a full 30 seconds of loop time. World class echoes
with modulation and reverse are just a few of the choices. The Stereo
Memory Man with Hazarai is destined to be one of the most creative
instruments you will ever own. Ethereal tone-scapes to full musical
performances are only limited by your imagination. And it’s all in
stereo.