NeoMagic Corporation Announces First Quarter Shipments
Efforts to revitalize the Company are progressing in accordance with its strategic plan and the Company will continue to take steps to position the Company for growth.
April 11, 2011 (Newswire.com) - San Jose, California - NeoMagic Corporation (NMGC.PK), the pioneer of embedded memory and logic technology, announced today that its efforts to revitalize the Company are progressing in accordance with its strategic plan and the Company will continue to take steps to position the Company for growth.
NeoMagic expects gross product revenue to increase between 4th quarter fiscal year 2011 ended (January 30, 2011), and its 1st quarter fiscal year 2012 ended (May 1, 2011), and to continue to increase in the following fiscal quarter of fiscal year 2012, as full shipments to our primary customer resumed in April 2011.
NeoMagic's new strategic plan focuses on the development of USB 3.0 based semiconductors, specifically UFD (flash drive) and SSD (solid state drive) controllers. The Company and its Board of Directors also firmly believe that these products have excellent growth potential.
To ensure that NeoMagic can allocate its full resources towards these higher-growth markets, the Company has reduced operating costs. These cost saving initiatives are an important component of the recently approved business plan.
Additionally, as previously announced, NeoMagic retained InStream Partners, an investment banker, specializing in mergers, acquisitions, private capital raising and valuations for public and private technology and growth companies, to expand its investor base and to help fund the Company's long-term growth.
NeoMagic designs and delivers consumer electronic device solutions with semiconductors and software offering exciting new product functionality for Video, TV, Imaging, Graphics, and Audio. We provide low cost, innovative multimedia chip technology for tomorrow's entertainment and communication needs. Our capabilities give our partners and their customers' high quality answers to excite and enhance the consumer's lifestyle. For more information, visit www.neomagic.com
About Instream Partners
Instream Partners is based in Menlo Park, California and specializes in mergers, acquisitions, private capital raising and valuations for public and private technology and growth companies. Founded in 2000, Instream has a strong track record completing successful transactions for middle market technology companies. For more information, visit www.instreampartners.com or contact John Schlesinger at 650-853-8699.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed from time-to-time in the Company's filings with the Securities and Exchange Commission, including our Form 10-K for the year ended January 31, 2010, filed on May 17, 2010. Actual results, including, without limitation, the Company's ability to successfully raise capital, may differ significantly from those set forth in the forward-looking statements. Forward-looking statements involve risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). For example, statements about our expectations in connection with financings are subject to a variety of uncertainties and are subject to change as a result of changes in circumstances that could make it difficult for us to consummate such financings on terms acceptable to the Company, or at all. The Company undertakes no obligation to update any forward-looking statements, except as provided for by law.
NeoMagic is a registered trademark of NeoMagic Corporation and MiMagic is trademarked. All other trademarks are the property of their respective owners. NeoMagic disclaims any proprietary interest in the marks and names of others.