I/OMagic Boosted by Partner

I/OMagic Corp. said Tuesday that one of its manufacturing partners has agreed to take a $1.5-million equity stake in the company. The partner, which I/OMagic didn’t identify, also agreed to provide a $2-million trade credit line.

I/O Magic said proceeds from the alliance will increase cash flow and provide a “significant step” toward meeting the capital requirements for listing on the Nasdaq small cap market. The company is currently sold over the counter.

I/OMagic develops and makes multimedia and communication peripheral products.