SAN JOSE, Calif., Jan. 11, 2011 /PRNewswire/ -- NeoMagic
Corporation (Pink Sheets: NMGC) has announced that it has retained
the services of Instream Partners, LLC, a leading investment
banking firm, to assist NeoMagic in soliciting, structuring and
negotiating financing opportunities, which may include a private
placement.
"We are pleased to have Instream Partners assist us in obtaining
development funding for a new suite of USB 3.0 based semiconductors
that we expect to include UFD (USB flash drive) and SSD (solid
state drive) controllers," said Syed
Zaidi, President and CEO of NeoMagic Corporation. Mr.
Zaidi continued, "Any funding received will allow us to expand our
in-house development team and execute our strategic commitment to
bring new technologies to market. We believe Instream's
involvement will accelerate the achievement of our goal of bringing
digital storage to market."
"As these high performance media technologies continue to gain
acceptance in consumer and enterprise markets, I believe NeoMagic
is positioned to be a significant competitor," said David Tomasello, Managing Director of Bluestone
Financial, LTD., the Company's largest investor, and Chairman of
NeoMagic Corporation. He continued, "Instream brings a unique
expertise in the banking and semiconductor sectors that should
enable NeoMagic to expand its investor base. Bluestone remains
committed as a long-term investor of NeoMagic."
"Instream has strong domain expertise in the technology sector,"
said John Schlesinger, Managing
Director of Instream Partners. "We are excited to work with
NeoMagic's management team and Board of Directors to obtain funding
to support their development in these high growth markets."
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.
About NeoMagic
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.
Safe Harbor Statement
This press 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.
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SOURCE NeoMagic Corporation