Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : ESST-the new beginning. -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (3454)	4/16/2003 7:32:46 PM
From: SemiBull	Read Replies (1) \| Respond to of 3493

ESS Technology Announces 5,000,000 Share Repurchase Program Wednesday April 16, 4:15 pm ET FREMONT, Calif., April 16 /PRNewswire-FirstCall/ -- ESS Technology, Inc. (Nasdaq: ESST - News), a leading provider of digital video chips today announced that its Board of Directors has authorized the company to repurchase, at market prices and as market conditions warrant, up to 5,000,000 shares of ESS common stock. The stock will be repurchased on the open market from time to time at management's discretion. Upon repurchase, the shares are retired and no longer deemed outstanding. The 5,000,000 shares authorized for repurchase today are in addition to approximately 239,000 shares that remain available for repurchase under ESS's previously announced repurchase plans. Under those plans approximately 4,822,000 shares have been repurchased to date in 2003. Robert Blair, president and chief executive officer of ESS Technology commented, "We believe our stock is currently undervalued and a repurchase program provides an attractive use of our cash. It is also an excellent opportunity for us to enhance shareholder value and demonstrates our belief in the Company's future business prospects." "ESS is a solid company with a strong balance sheet and is well positioned in the growing digital video and audio markets. We believe our technology, our strong sales channels, and the new products scheduled for introduction during the coming year will enable our company to continue to be a leading player in the digital consumer entertainment market," Mr. Blair concluded. About ESS Technology ESS Technology, Inc., is a leading supplier of high-performance feature-rich products for the rapidly growing DVD and digital entertainment markets. The company is also a leading provider of products that enable the emergence of digital home systems delivering and managing entertainment and information in the home. 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 Technology'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, but not limited to, the impact of competitive products and pricing, the timely availability and acceptance of the Company's new products, the dependence on continued growth in demand for consumer multimedia products, and the other risks detailed from time to time in the SEC reports of ESS, including the reports on Form 10-K and Form 10-Q. Actual results could differ materially from those projected in the forward-looking statements. NOTE: All product or service names mentioned herein are the trademarks of their respective owners. -------------------------------------------------------------------------------- Source: ESS Technology, Inc.