To initialize: Power up while holding "compare" and "reset". Will restore factory programs and sequences, and erase user data.
9/29/92 This 01wfd can now store it's sequences as a standard midi file.

Is this a software update?

Yes, this is a software update that can be done at any Korg service center. This is 01wfd version 64. The upgrade will be ordered through Korg part and the cost will be $60 to our customers. They do not have any in stock at this time and it will be several week before they become available.
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Changing time sig. on sequencer - you must press the REC button in order to change to a sig other than 4/4.