What ever happened to ESST's announced plan to repurchase shares? Or do market conditions NEVER warrant rewarding shareholders?
Tuesday June 6, 9:30 am Eastern Time
Company Press Release
SOURCE: ESS Technology, Inc.
ESS Technology Announces Stock Repurchase Program
FREMONT, Calif., June 6 /PRNewswire/ -- ESS Technology, Inc. (Nasdaq: ESST - news) today announced that its Board of Directors has authorized the Company to repurchase, at market prices and as market business conditions warrant, up to two million shares of ESS common stock. ESS has more than 42 million shares outstanding. The stock will be repurchased on the open market from time to time at management's discretion.
``The Company's decision to establish a repurchase program was in consideration of the current price of our common stock,'' said Robert Blair, president and CEO. Our strong cash position and balance sheet provides us with the opportunity to buy back shares at attractive prices, which will improve shareholder value by reducing the number of shares outstanding,`` he added.
ESS Technology
ESS Technology, Inc., a leader in Internet, communications, PC audio and digital video, provides advanced products enabling the convergence of communications, computer, consumer, and Internet markets.
ESS's subsidiary, ViAlta.com, Inc. provides advanced, easy-to-use products and applications for the Internet. Products include multi-media appliances, applications and content for the Internet, which enable the user to experience new levels of entertainment and e-Commerce.
ESS, headquartered in Fremont, California, has R&D, sales and technical support offices worldwide. ESS Technology's common stock is traded on the NASDAQ under the symbol ESST. ESS's Web site address is: esstech.com .
The matters discussed in this news release include certain forward looking statements that involve risks and uncertainties, including, not limited to, the timely availability and acceptance of the Company's new products, the impact of competitive products and pricing, the dependence on continued growth in demand for PC and consumer multimedia products, as well as the other risks detailed from time to time in the SEC reports of ESS, including the reports on Form 10-K and Form 10Q. Actual results could differ materially from those projected in the forward-looking statements.
SOURCE: ESS Technology, Inc. |
