NeoMagic Corporation Updates Investors on New Product Development and Current Operations

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NeoMagic Corporation (NMGC.PK), a pioneer of embedded memory and logic technology, announced today that the Company is ready to demonstrate MagicVaultTM, its USB 3.0 based UFD USB Flash Drive Controller solution on an FPGA platform.

NeoMagic Corporation (NMGC.PK), a pioneer of embedded memory and logic technology, announced today that the Company is ready to demonstrate MagicVaultTM, its USB 3.0 based UFD USB Flash Drive Controller solution on an FPGA platform. NeoMagic is also updating investors on current operations and the Company’s efforts to obtain additional funding to accelerate its growth.

FPGA platform test results for the MagicVault flash drive solution indicate a significant performance improvement over currently available products. In addition to testing, NeoMagic is discussing MagicVault and other new products in development with potential strategic partners and investors.

NeoMagic’s design win with ViV Systems to develop an M-Book controller for their karaoke systems has made significant progress. Tho Pham, CEO of ViV Systems, 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 is continuing its efforts to find other customers for MiMagic6+ which is a SOC/Micro-controller at very competitive pricing for embedded applications. NeoMagic continues to ship its MiMagic 3 product to its Asia Pacific customer.

In the upcoming months, NeoMagic and Proactive Investors will be hosting a meeting for investors in New York City. The Company will provide specific details on the meeting as they emerge. For more information on the date, time and location of this event, please visit NeoMagic’s Proactive page at http://www.proactiveinvestors.com/sponsors/4162/neomagic-4162.html

As part of its marketing efforts, NeoMagic also announced that the Company is now a sponsor of the San Jose Earthquakes, a local Major League Soccer franchise, for the 2012 season. "The Earthquakes are excited to welcome NeoMagic on board for the 2012 season as a community partner" said the club's senior director of ticket sales and strategy, Jared Shawlee.

For the past two years, NeoMagic's principal funding has been provided by Bluestone Financial LTD and Mediastone LLC. David Tomasello, Chairman of NeoMagic, is the Managing Director of Bluestone. Jorge Granier-Phelps, a NeoMagic Director, is Managing Director of Mediastone. During this time, NeoMagic’s goal has been a consistent one: to develop new products in high-volume, high-growth opportunities and to find other opportunities to monetize existing MiMagic family products. An equally important near-term goal is for NeoMagic to return to full-time financial reporting. 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.

In conjunction with this effort NeoMagic is exploring various e-commerce opportunities.

Separately, the Company announced that Rod Peterson has been named Vice President, Administration and Information. Rod has been actively involved in all phases of NeoMagic’s operations for 3 years.

About NeoMagic

NeoMagic designs and delivers consumer electronic device solutions with semiconductors and software for video, television, imaging, graphics, and audio. We provide low cost, innovative chip technology for tomorrow's entertainment and communication needs. Our solutions offer low power consumption, small form-factor and high performance processing. As part of our complete system solution, we deliver a suite of middleware and sample applications for imaging, video and audio functionality, and we provide multiple operating system ports with customized drivers for our products. Our product portfolio includes semiconductor solutions known as applications processors. Our applications processors are sold under the “MiMagic” brand name with a focus on enabling high performance processor within a low power consumption environment. The Company has developed the Horizon Digital Picture Frame kit using our MiMagic 6+ application processor.

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 Proactive Investors

Proactive Investors facilitate the largest global investor network across 4 continents in 4 languages. With a team of analysts journalists & professional investors Proactive produce independent coverage on 1000’s of companies across every sector for private investors, private client brokers, fund managers and international investor communities. For more information, visit http://www.proactiveinvestors.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 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 http://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.

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Investor Relations
NeoMagic
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