NeoMagic Corp. announced that it has received $0.21 million in funding from Attiva Capital Management, LLC, Bluestone Financial Ltd, and other investors.
October 24, 2012 at 12:00 am EDT
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NeoMagic Corp. (OTCPK:NMGC) announced a private placement of 6,833,333 shares at $0.03 per share for gross proceeds of $205,000 on October 24, 2012. The transaction is led by returning investors, Bluestone Financial Ltd and Attiva Capital Partners. The round also included participation from Syed Zaidi Tomasello, company's President, Chief Executive Officer, and member of board of directors and two additional employees. The shares were issued pursuant to Regulation D. The investors were accredited investors. Each investor has been represented by its own separate legal counsel. The shares will be paid for from October 24, 2012 through October 31, 2012.
On October 24, 2012, NeoMagic Corp. closed the transaction.
NeoMagic Corporation develops, manufactures, and sells applications processors for the hand-held systems market. The Company markets its applications processors under the MiMagic brand name. It designs and delivers consumer electronic device solutions with semiconductors and software for video, television, imaging, graphics, and audio. Its applications processors are sold under the MiMagic brand name. It is developing and delivering solutions for audio/video processing of the dominant mobile digital TV standards, including integrated services, digital broadcasting - terrestrial (ISDB-T), terrestrial-digital multimedia broadcasting (T-DMB) and digital video broadcasting handheld (DVB-H). It delivers a suite of middleware and sample applications for imaging, video, and audio functionality, and provides multiple operating system ports. Its system-on-a-chip (SOC) processors include MiMagic 6+ Application Processor, NeoMobile TV, and MiMagic 8 Application Processor.
NeoMagic Corp. announced that it has received $0.21 million in funding from Attiva Capital Management, LLC, Bluestone Financial Ltd, and other investors.