NeoMagic(R) Corporation Announces Chief Financial Officer
June 07 2007 - 10:00AM
PR Newswire (US)
SANTA CLARA, Calif., June 7 /PRNewswire-FirstCall/ -- NeoMagic
Corporation (NASDAQ:NMGC), a leader and pioneer in developing and
delivering low-power solutions for multimedia-rich mobile phones
and other handheld devices, today announced that Steve Berry has
joined the company as chief financial officer. Berry joins NeoMagic
from Sipex Corporation, a $78 million analog semiconductor company,
where he was the Vice President of Finance. Prior to joining Sipex,
Berry spent four years as the Vice President of Finance for BRECIS
Communications, a venture-backed, fabless semiconductor company. At
BRECIS, Berry provided the financial leadership as this company
grew from product sample to over $10 million in annual sales,
raising over $50 million in venture equity and debt offerings.
Before BRECIS, Berry had a long tenure at Cirrus Logic, one of the
fastest growing semiconductor companies at the time. For over seven
years, Berry grew in financial leadership roles, ultimately to
operations controller for the then $500+ million company. Berry
began his career in public accounting with Ernst & Young in San
Jose, CA, where he developed his financial assessment and auditing
skills in his seven years with the firm. Berry holds an MBA from
California State University, East Bay and is a Certified Public
Accountant. He received his Bachelors Degree from the University of
California at Davis. "We are delighted to welcome Steve to the
NeoMagic team," said Doug Young, NeoMagic's President and chief
executive officer. "His extensive experience in financial
leadership roles, especially within the semiconductor industry,
will make him a great asset to the Company's growth and
development. We are confident based on his past accomplishments
that he will make a significant contribution to the team." "I
joined this Company because of the technological advantage, the
quality of the products and the addressable large market
opportunity. It's an exciting time for NeoMagic," said Steve Berry,
newly appointed Chief Financial Officer. "I consider the Company to
be at an inflection point and I look forward to leveraging my
applicable experience to work with the current management team as
we grow this Company into a successful leader in its industry,"
continued Berry. 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 27 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 addressable large market
opportunity and the Company's growth into a successful leader in
its industry. 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 customer acceptance of NeoMagic products, the market
acceptance of mobile phones and other devices developed and
marketed by customers that use the Company's products, customers'
plans to develop smart phones, feature phones and other products,
the acceptance of advanced multimedia services such as H.264
television on mobile phones and other products, the Company's
ability to execute product and technology development plans on
schedule, and the timely availability of sufficient manufacturing
capacity at the Company's foundry to meet future customer demand
for products. There is no certainty that current or future design
wins will result in revenue for NeoMagic or that customer forecasts
will be accurate. Customers may cancel or delay projects or switch
to other vendors. In addition, customers may fail to achieve their
expected sales objectives due to competitive or other reasons. Our
patent licensing activities involve various risks and
uncertainties, including, without limitation, uncertainties as to
the willingness of other companies to pay significant fees to
license our intellectual property, the length and uncertain outcome
of licensing negotiations, the possibility that litigation may be
required to enforce patents, and the risks and costs inherent in
any patent litigation. 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 of NeoMagic
Corporation, +1-408-988-7020; or Erica Mannion, Investor Relations
of Sapphire Investor Relations, LLC, +1-212-766-1800 Web site:
http://www.neomagic.com/
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