NeoMagic (R) Corporation Business Update

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NeoMagic Corporation (NMGC.PK), the pioneer of embedded memory and logic technology, today provided a business update. NeoMagic and SLS expect to have a platform-ready FPGA based board available in the fourth quarter 2011 to demonstrate the new product-line architecture and functionality.

NeoMagic Corporation (NMGC.PK), the pioneer of embedded memory and logic technology, today provided a business update.

The Company has engaged System Level Solutions (SLS), an integration specialist providing innovative and creative solutions spanning intellectual property and hardware/software design, to begin development on its new MagicVault product line of USB 3.0 based semiconductors, specifically UFD (flash drive) and SSD (solid state drive) controllers. NeoMagic and SLS expect to have a platform-ready FPGA based board available in the fourth quarter 2011 to demonstrate the new product-line architecture and functionality.

The Company continues to actively pursue various funding avenues with InStream Partners, an investment banking firm, specializing in mergers, acquisitions, private capital raising and valuations for public and private technology and growth companies.

Most recently the Company entered into an Agreement with VoX Communications, a wholly owned subsidiary of Pervasip Corp., to offer VoX Communications’ Ojo Vision digital phone and video service, that was formerly provided through Worldgate Communications. The agreement with VoX will allow the Company the opportunity to grow its recurring revenue from these products and services.

In addition, the Company anticipates initial shipment of its MiMagic 6+ ARM based application processor to ViV Systems for use in their hand-held touch-screen remote controller system for their Karaoke player in late fall 2011.

NeoMagic continues to maintain its core business with shipments of its current product line of MiMagic 3 application processors. The Company is also focusing on identifying new opportunities for its MiMagic 6+ and MiMagic 3 products in order to develop additional revenue.

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 http://www.neomagic.com.

About SLS

System Level Solutions provides unprecedented creativity and integration know how that helps designers maneuver the pitfalls inherent in combining disparate hardware, software and IP. SLS not only provides IP as a core competency, but also design services and manufacturing. SLS offers a wide-range of capabilities including: USB 3.0, USB 2.0, SD Host and many more cores, development boards, software and services. For more information, visit http://www.slscorp.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 increase revenue and 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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NeoMagic
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