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EXHIBIT 99.1
Laura Crowley Gina Tetreault
General Magic, Inc. General Magic, Inc.
1 + 408 774 4457 1 + 408 774 4420
[email protected]
FOR IMMEDIATE RELEASE
GENERAL MAGIC REVISES EXPECTATIONS
FOR FISCAL YEAR 2000
Sunnyvale, CA (December 19, 2000) - General Magic, Inc. (Nasdaq: GMGC), a
leading voice application service provider, today announced revised revenue
expectations for the year ending December 31, 2000. The company said it expects
to report revenue of approximately $11 million for the fiscal year 2000, about
$1 million below previous estimates.
"While our results for the fiscal 2000 year fell short of our expectations,
we will have achieved in excess of a 500% increase over the 1999 fiscal year,"
said Steve Markman, the company's president and chief executive officer.
The company learned today that one of its customers, Global Services
Network, Inc., did not secure additional funding previously expected in this
quarter. In addition, another of its potential customers faces a similar delay.
As a result of these funding delays, which are consistent with the general
slowdown in the availability of financing for emerging companies, revenue from
these sources is no longer expected in the current quarter.
"We are optimistic that we will continue to win new business
opportunities," continued Markman. "We are building industry leading voice
applications in an emerging market. We believe strongly that our
-more-
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General Magic Revises Expectations/-2
products and services will enable the company to be a leader in this space."
General Magic is reviewing its 2001 growth targets and expects to give
guidance early in the new year.
ABOUT GENERAL MAGIC
General Magic is a voice application service provider dedicated to delivering
customized voice applications, hosting, and professional services to leading
telecommunications, enterprise, and Internet companies. With its award-winning
VoiceXML-based magicTalk communications platform and years of experience,
General Magic offers the premier voice user interface that combines language,
personality, and logic, creating a conversation between people and information.
General Magic creates value for it's customers by building voice solutions that
strengthen customer relations, deliver value-added services, and provide access
to content anytime, anywhere. General Magic is headquartered in Sunnyvale,
California. For additional information about General Magic, visit the company's
web site at http://www.generalmagic.com.
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General Magic notes that any forward-looking statements in this press release
involve known and unknown risks, uncertainties and other factors that may cause
industry trends, or actual results, performance or achievement to be materially
different from any future trends, results, performance or achievements expressed
or implied by these statements. These risks and uncertainties are detailed in
General Magic's Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 14, 2000.
General Magic and magicTalk are trademarks of General Magic, Inc., which may be
registered in some jurisdictions. Other trademarks are owned by their respective
companies.
