FWIW - Wednesday March 12 12:49 PM EDT ESS Technology Refutes Analyst's Statement About Video CD Industry
Company Challenges Report by Unterberg Harris Analyst, Tejinder Singh
FREMONT, Calif., March 12 /PRNewswire/ -- ESS Technologies Inc is categorically refuting the statements from a report issued Monday by Unterberg Harris analyst, Tejinder Singh, in which the compatibility of ESS' IC chips for MPEG-1 video CD players was called into question. The report was entitled "VideoCD Industry Update," and was distributed Monday, March 10, 1997.
"We have four of the top five manufacturers of video CD players in China, as well as Sony Corporation in Japan, as customers," declared Johnston Chen, vice president of Asia-Pacific Sales at ESS. We believe we have over 50 percent of the worldwide market for these products, and we are widely recognized as the leader in the shipment of video CD chips. We have received no returns of products for any problem that even remotely resembles the problems insinuated in Mr. Singh's report. Nor do we have any indication of any impending returns for any reason."
"The president of video CD manufacturer, Eastbase, supported ESS' statements: Eastbase was one of the first manufacturers of VCD players in the world," said Patrick Tam, president of Eastbase. We evaluated all the VCD chip vendors and found ESS to have superior compatibility and performance. In addition, we found the ESS solution to have the most advanced feature set for our systems." Eastbase/Shinco, based in China, is the world's largest manufacturer of video CD players.
ESS Technology, Inc. is a leading supplier of PC audio and digital video semiconductor solutions for the PC and consumer markets. ESS designs, develops, and markets highly integrated mixed signal semiconductor and software solutions for multimedia applications. ESS, headquartered in Fremont, California, has sales and technical support offices in Beijing and Shenzhen, China; Tokyo, Japan; Taipei, Taiwan; Hong Kong; and Austin, Texas. ESS Technology is listed on the Nasdaq Market System under the symbol ESST. World Wide Web site: esstech.com
The matters discussed in this news release include certain forward looking statements that involve risks and uncertainties, including the timely availability and acceptance of new products, the impact of competitive products and pricing, the dependence on continued growth in demand for PC and consumer multimedia products, the management of growth of the company, and the other risk detailed from time to time in the SEC reports of ESS, including the report on Form 10-Q for the quarter ended September 30, 1996. Actual results could differ materially from those projected in the forward looking statements. SOURCE ESS Technology Inc. |
