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I/OMagic, One of Eleven California Companies Participating in $4.3 Billion in Chinese Contracts

Posted on: Monday, 21 May 2007, 09:00 CDT

I/OMagic Corporation (OTCBB:IOMG), a leading provider of data storage products, announced today it was one of eleven Hi-Tech California companies who signed $4.3 billion in contracts with Chinese businesses. The companies met Wednesday, May 9th in San Francisco for a signing ceremony of contracts and agreements between U.S. and Chinese companies.

Lt. Gov. John Garamendi, along with Xiuhong Ma, China's vice minister of commerce, and her delegation attended in support of the signings. Other companies signing agreements with China were: Hewlett-Packard Co., Palo Alto; Varian Inc., Palo Alto; Oracle Corp., Redwood City; KLA Tencor Corp., San Jose; Novellus Systems Inc., San Jose; Qualcomm Inc., San Diego; and Paramount Farms of Los Angeles.

Xiuhong Ma announced that the Chinese company Jiangxi Greatsource Display Technology Co. Ltd. would invest $95 million to build a research and development center in California through the partnership with I/OMagic.

"We are excited about this opportunity to potentially grow our business, create jobs in California and play a role in narrowing the trade deficit with China," says Tony Shahbaz, CEO and President of I/OMagic.

For further information;

http://biz.yahoo.com/bizj/070509/1459990.html?.v=1

http://www.thenewstribune.com/904/story/58744.html

About I/OMagic

I/OMagic is a leading provider of data storage products (such as CD-RW and DVD+/-RW drives, USB Portable Storage Devices and floppy drives, including its MediaStation, DataStation, and GigaBank(TM) products). The Company sells products under three brand names -- I/OMagic®, Hi-Val® and Digital Research Technologies® -- through nationally-recognized computer, consumer electronics and office supply superstores and other retailers.

Forward-looking statements in this release with respect to the Company's sales strategies and growth initiatives are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, but not limited to, the Company's dependence on the PC and consumer electronics industries and on product lines based on new technologies; the Company's ability to attract and retain qualified personnel; the Company's ability to develop new products based on new or evolving technology and the market's acceptance of those products; manufacturing capacity, availability and reliability; competition and pricing pressures in the technology industry; general economic and business conditions; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Source: Business Wire

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