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NeoMagic Says MagicVault Showed "Major Performance Improvement" Over Current Products

NeoMagic Corp. (PINK:NMGC) said Monday its USB 3.0 flash drive MagicVault solution demonstrated a major performance improvement over currently available products during testing.

The company designs and delivers consumer electronic device solutions for video, television, imaging, graphics and audio.

NeoMagic tested the flash drive on its field programmable gate array (FPGA) platform, an integrated circuit designed to be configured by the customer or designer after manufacturing.

The embedded memory tech maker also said Monday it is in talks with "potential strategic partners and investors" about MagicVault and other new products in development.

NeoMagic said its design win with ViV Systems to develop an M-Book controller for karaoke systems has made significant progress.

CEO of ViV Systems, Tho Pham, said: "We are very pleased with the support received from NeoMagic's team in the development of our M-Book Karaoke controller which is based on the MiMagic6+ SOC with 7" high resolution touch screen support.

"We are looking forward to bringing this product to market in the second quarter of this year. The M-Book will greatly enhance the user experience for our karaoke systems."

NeoMagic said it is continuing its efforts to find other customers for MiMagic6+, which is a SOC/Micro-controller for embedded applications. The company continues to ship its MiMagic 3 product to its Asia Pacific customer, it added.

During the last two years, NeoMagic's goal has been to develop new products in high-volume and to find other opportunities to monetize existing MiMagic family products, which are processors and software used within smartphones, TVs and other electronics.

An "equally important" near-term goal for NeoMagic is to return to full-time financial reporting, it said. The company suspended its financial reporting in the second quarter of 2011 in order to allocate its full resources to bringing new products to market.

NeoMagic also said it is also exploring various e-commerce opportunities as well.

Separately, the company announced on Monday that Rod Peterson has been named vice president of administration and information. Peterson has been involved in all phases of NeoMagic's operations for three years.