NeoMagic Announces Resignation of CFO
February 20 2007 - 5:00PM
PR Newswire (US)
SANTA CLARA, Calif., Feb. 20 /PRNewswire-FirstCall/ -- NeoMagic
Corporation (NASDAQ:NMGC), announced today that Scott Sullinger,
its Chief Financial Officer, has decided to leave the Company to
pursue a new job opportunity in professional services. The Company
has launched a search to identify a replacement Chief Financial
Officer that can help scale the Company to achieve its growth
strategy. Until a permanent Chief Financial Officer is identified,
NeoMagic's Corporate Controller, H. Robert ("Bob") Newman, will
serve as acting Chief Financial Officer. Mr. Newman has held a
significant role in NeoMagic's finance department for more than six
years and has been the Company's Corporate Controller for the past
two years. "During his three-year tenure with NeoMagic, Scott has
made significant contributions to the Company," said Douglas Young,
President and CEO of NeoMagic Corporation. "Most notably, Scott has
successfully led us through several financings and new financial
reporting requirements. We are disappointed to see Scott leave
NeoMagic, but appreciate that he has chosen to pursue an exciting
new career opportunity. I have confidence in Bob's ability to lead
the finance team on an interim basis, as he has strong knowledge of
NeoMagic's financial reporting, corporate governance, and financial
systems." "I am leaving the Company at a time when it has many
exciting customer opportunities and it has a newly released product
targeting the rapidly growing mobile TV market," said Scott
Sullinger. "It is therefore with some regret that I have decided to
leave the Company to pursue an exciting new opportunity in a
different profession." About NeoMagic NeoMagic Corporation delivers
semiconductor chips and software that provide mobile solutions that
enable new multimedia features for handheld devices. These
solutions offer low power consumption, small form-factor and high
performance processing. The Company demonstrated one of the first
solutions used for H.264 video decoding in a mobile digital TV
phone, and is developing and delivering solutions for audio/video
processing of the dominant mobile digital TV standards, including
ISDB-T, T-DMB, E-DMB and DVB-H. For its complete system solution,
NeoMagic delivers a suite of middleware and sample applications for
imaging, video and audio functionality, and provides multiple
operating system ports with customized drivers for the MiMagic
product family. NeoMagic has a patent portfolio of over 25 patents
that cover NeoMagic's proprietary array processing technology,
embedded DRAM and other technology. Information on the Company may
be found on the World Wide Web at http://www.neomagic.com/. This
press release contains forward-looking statements within the
meaning of the Securities Act of 1933 and the Securities Exchange
Act of 1934, including the Company's plans to search for a Chief
Financial Officer to help scale the Company to achieve its growth
strategy, the Company's ability to execute its growth strategy and
the Company's customer and market opportunities. These
forward-looking statements reflect current expectations. However,
actual events and results could vary significantly based on a
variety of factors, including but not limited to the Company's
ability to find a replacement Chief Financial Officer, the market
acceptance of the Company's products and the Company's ability to
execute its growth strategy. Additional risks that could affect the
Company's future operating results are more fully described in the
Company's most recent annual report, its most recent quarterly
report and other filings with the United States Securities and
Exchange Commission (SEC), and are available online at
http://www.sec.gov/. NeoMagic may, from time to time, make
additional written or oral forward- looking statements, including
statements contained in filings with the SEC and reports to
shareholders. NeoMagic does not undertake the obligation to update
any forward-looking statements that may be made by or on behalf of
the company, except as may be required by law. NOTE: NeoMagic and
the NeoMagic circle logo are registered trademarks, and MiMagic and
NeoMobileTV are trademarks, of NeoMagic Corporation. All other
trademarks are the property of their respective owners. NeoMagic
disclaims any proprietary interest in the marks and names of
others. (Logo:
http://www.newscom.com/cgi-bin/prnh/20020802/NMGCLOGO )
http://www.newscom.com/cgi-bin/prnh/20020802/NMGCLOGO
http://photoarchive.ap.org/ DATASOURCE: NeoMagic Corporation
CONTACT: Douglas R. Young, Chief Executive Officer, NeoMagic
Corporation, +1-408-988-7020; or Erica Mannion Investor Relations,
Sapphire Investor Relations, LLC, +1-212-766-1800, for NeoMagic
Corporation Web site: http://www.neomagic.com/
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