NeoMagic (PINK:NMGC) Tuesday provided an update on new product development and current operations.
The company designs and delivers consumer electronic device solutions for video, television, imaging, graphics and audio.
The
San Jose, California-based tech firm demonstrated its MagicVault USB
3.0 jump drive product to a few potential customers and is seeking out a
partner to take MagicVault into production.
Preliminary testing
has revealed that its flash drive can deliver almost two times the
performance of other USB 3.0 jump drives on the current market.
NeoMagic
continues to ship its MiMagic3 32-bit Risc-chip processor to their
Asia-Pacific customer for use in electronic toll smart card collection
systems in Singapore.
Presently in development, the company is
making a karaoke machine called M-Book for ViV Systems, and expects to
product to come onto market this summer.
Its main focus remains
on increasing revenue from its MiMagic 3 product – a processing chip
found in mobile phones and other electronic devices, and to deliver its
flash drive to market.
Additionally, the company also said that
it is exploring various e-commerce opportunities, and will be providing
further details in the ensuing weeks.
Separately, the company
also announced that company directors Andrew Rosengard, Chuck Bellavia,
Scott Sullinger and Joseph Fitzgerald have resigned.
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