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NeoMagic Provides Product Development Update

NeoMagic

(

PINK:NMGC

) Tuesday provided an update on new product development and current operations.

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

The San Jose, California-based tech firm demonstrated its MagicVault USB 3.0 jump drive product to a few potential customers and is seeking out a partner to take MagicVault into production.

Preliminary testing has revealed that its flash drive can deliver almost two times the performance of other USB 3.0 jump drives on the current market.

NeoMagic

continues to ship its MiMagic3 32-bit Risc-chip processor to their Asia-Pacific customer for use in electronic toll smart card collection systems in Singapore.

Presently in development, the company is making a karaoke machine called M-Book for ViV Systems, and expects to product to come onto market this summer.

Its main focus remains on increasing revenue from its MiMagic 3 product - a processing chip found in mobile phones and other electronic devices, and to deliver its flash drive to market.

Additionally, the company also said that it is exploring various e-commerce opportunities, and will be providing further details in the ensuing weeks.

Separately, the company also announced that company directors Andrew Rosengard, Chuck Bellavia, Scott Sullinger and Joseph Fitzgerald have resigned.