A method and structure for manufacturing a high-density EPROM or flash memory cell is described. A structure having silicon islands is formed from a device-well that has been implanted with a first conductivity-imparting dopant, over a silicon substrate. A first dielectric layer surrounds the vertical surfaces of the silicon islands, whereby the first dielectric layer is a gate oxide. A first conductive layer is formed over vertical surfaces of the first dielectric layer, and acts as the floating surrounding-gate for the memory cell. A source region is formed in the device-well by implanting with a second and opposite conductivity-imparting dopant to the first conductivity-imparting dopant, and surrounds the base of the silicon islands. A drain region is in the top of the silicon islands, formed by implanting with a second and opposite conductivity-imparting dopant to the first conductivity-imparting dopant. A thin dielectric layer surrounds the silicon islands, over the source region and under the first conductive layer, and acts as a tunnel oxide for the memory cell. A second dielectric layer is formed over vertical surfaces of the first conductive layer, and horizontally over the source region, and is an interpoly dielectric. A second conductive layer is formed over vertical surfaces of the second dielectric layer, and is the control gate for the memory cell.