NeoMagic(R) Corporation Business Update And Covid-19
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NeoMagic(R) Corporation Business Update And Covid-19

Thursday, June 18, 2020 6:00 AM
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Company Update

MILPITAS, CA / ACCESSWIRE / June 18, 2020 / NeoMagic Corporation (OTC PINK:NMGC), today provided a business update.

As a result of the consumer spending environment shifting more to online purchases NeoMagic E-commerce division is well-positioned to leverage the new spending paradigm. MercadoMagico.com and MercadoMagico.com.mx have seen a significant improvement in performance, with increases in website traffic, visit to conversion ratio, ads revenue and sales orders. As the new spending paradigm evolves, NeoMagic will take proactive measures to continue to capitalize on this market.

"We are very happy with the recent performance of our E-commerce division," said David Tomasello, Chairman of NeoMagic Corporation. "We attribute our recent uptick in sales due to increase in vendors and product offerings, particularly in the food and groceries category. We plan to continue to grow our product offering as we move forward with establishing MercadoMagico as a global E-commerce Marketplace."

The Company continues to maintain its core business with shipments of its core product line of MiMagic application processors.

In response to COVID-19, NeoMagic has implemented various measures, travel restrictions, work-from-home policy, sanitary measures and video meetings at the company facility.

The Company still is actively pursuing strategic partnerships, joint ventures and/or merger and acquisition opportunities to expand its products or technology offering.

For more information, please contact Investor Relations at [email protected]

About NeoMagic

NeoMagic Corporation, headquartered in Silicon Valley, a pioneer in SOC (System On A Chip) and embedded dynamic random-access-memory (DRAM) technology, the integration of complex logic, memory and analog circuits into single-chip solutions, designed to offer the lowest power, smallest form-factor and best multimedia features and performance.

For more information, visit www.NeoMagic.com.

NeoMagic owns and operates MercadoMagico.com

MercadoMagico is a registered trademark.

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 Form10-K's, 10-Q and 8-K's for 2007 through the date of October 31, 2010 hereof have been made available to the Investor at www.sec.gov. Information for the period ending January 30, 2011 to the present is not available through the SEC due to the cessation of the Company's required filings under the 1934 Act. 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.

SOURCE: NeoMagic Corp

NeoMagic Corp
Exchange:
Ticker:
OTC PINK
NMGC
$0.0065
8.33%
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