NeoMagic Corporation announced that it has executed a private financing of Mercado Magico. The financing is led by Bluestone Financial LTD investor group and Attiva Capital Partners, two venture capital and investment firms. David Tomasello, NeoMagic's Chairman of the Board, is managing director of Bluestone Financial and Attiva Capital Partners. Mr. Tomasello, Syed Zaidi, President and CEO, and two additional employees will also be participating in the financing.
Syed Zaidi, President and CEO of NeoMagic Corporation said, "By securing funding, we will be able to accelerate our goal to bring MercardoMagico.com to the market place for this year's holiday season. This funding milestone shows our investors' commitment, enthusiasm and confidence in our eCommerce strategy and our plans to move the Company forward."
MercadoMagico.com is an e-Commerce platform that will initially target the U.S. Market with a special focus on the fast growing Hispanic and Latino community. MercadoMagico.com will provide a platform where users will be able to buy and sell products from one another or buy premium electronic products directly from MercadoMagico.