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

To: Ian@SI who wrote (2090)	10/19/1998 11:36:00 AM
From: Steve Reinhardt	Read Replies (2) \| Respond to of 3493

ESST sold portions of UICC holdings for $22.5 million which accounts to a little more than $0.50 per share in cash... The holdings used to worth a lot more but recently there's over-capacity of fab... biz.yahoo.com Monday October 19, 6:00 am Eastern Time ESS Technology Raises $22.5 Million by Selling Shares in UICC and Qualifies A New Foundry of the UMC Group FREMONT, Calif., Oct. 19 /PRNewswire/ -- ESS Technology, Inc. (Nasdaq: ESST - news) ESS Technology, Inc. today announced that it has raised $22.5 million dollars by selling shares in United Integrated Circuits Corporation (UICC) to United Microelectronics Corporation (UMC), the parent corporation of UICC. ... ''The sale of a portion of our investment strengthens our cash position for the future,'' said Fred Chan, Chairman and CEO. ''The UMC Group provides us with advanced technology and quality products in a timely and cost-effective manner. We are pleased to forge closer ties with the UMC Group, and are confident of their ability to supply us with the semiconductor manufacturing services we need. ESS has recently qualified as one of the newest members of the UMC Group, United Silicon Inc.,'' he added. ...