MILPITAS, CA / ACCESSWIRE / June 18, 2020 / NeoMagic Corporation (OTC PINK:NMGC), today provided a business update.
As a result of the consumer spending environment shifting more to online purchases NeoMagic E-commerce division is well-positioned to leverage the new spending paradigm. MercadoMagico.com and MercadoMagico.com.mx have seen a significant improvement in performance, with increases in website traffic, visit to conversion ratio, ads revenue and sales orders. As the new spending paradigm evolves, NeoMagic will take proactive measures to continue to capitalize on this market.
"We are very happy with the recent performance of our E-commerce division," said David Tomasello, Chairman of NeoMagic Corporation. "We attribute our recent uptick in sales due to increase in vendors and product offerings, particularly in the food and groceries category. We plan to continue to grow our product offering as we move forward with establishing MercadoMagico as a global E-commerce Marketplace."
The Company continues to maintain its core business with shipments of its core product line of MiMagic application processors.
In response to COVID-19, NeoMagic has implemented various measures, travel restrictions, work-from-home policy, sanitary measures and video meetings at the company facility.
The Company still is actively pursuing strategic partnerships, joint ventures and/or merger and acquisition opportunities to expand its products or technology offering.
For more information, please contact Investor Relations at IR@neomagic.com