NMGC Neomagic Corp (MM)

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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