NeoMagic CFO Splits

SANTA CLARA, Calif. -- NeoMagic Corporation (Nasdaq: NMGC), a pioneer of Applications Processors for multimedia-rich mobile phones and wireless PDAs, today announced that Stephen Lanza, chief financial officer, will be leaving the company to pursue other opportunities. Lanza will remain as acting CFO until his replacement is found and will continue with NeoMagic in an advisory role through March of 2004. MJ Silva, Chief Accounting Officer, will manage the company's day-to-day financial activities. NeoMagic has engaged a search firm and is actively recruiting for Lanza's replacement.

"Steve joined NeoMagic three years ago, when we first began to focus on the Applications Processor market, specifically to manage the transition process. He has been instrumental not only in rebuilding our finance group, but in helping to ramp our sales, operations and business development efforts," said Prakash Agarwal, NeoMagic's chief executive officer.

"I am proud of the progress that we have made during my tenure at NeoMagic and excited about the direction the company is headed. We have accomplished the goals of cash conservation and product development that we set when I came on board," said Lanza.

NeoMagic Corp.