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Technology Stocks : C-Cube -- Ignore unavailable to you. Want to Upgrade?

To: John Rieman who wrote (36791)	10/19/1998 11:11:00 AM
From: let	Read Replies (1) \| Respond to of 50808

What's going on with the "ice-CUBE"? It is up nicely today and I don't see any news.

To: John Rieman who wrote (36791)	10/19/1998 1:04:00 PM
From: DiViT	Read Replies (1) \| Respond to of 50808

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. ESS and UMC agreed that it was in both companies' mutual interest to enter into this transaction. Concurrently, as part of its global strategy to join forces with leaders in technology and service, ESS announces its intention to utilize UMC Group fabs as one of the primary foundry sources for ESS business. ''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. ''UMC is pleased with the growing relationship and that we can help our foundry venture partner, ESS,'' stated John Hsuan, UMC Chief Executive Officer. ''This is just one showing of our commitment to support our foundry venture partners and customers, and we will not be content with only that support level which fits the traditional mold of supplier/customer. Instead, we believe in complete cooperation and flexibility in our relationships so that we exceed customer expectations,'' he added. ESS Technology, Inc. is a leading supplier of audio, modem and digital video 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 Austin and Houston, Texas; Irvine, California; Bellevue, Washington; Beijing and Shenzhen, China; Tokyo, Japan; Taipei, Taiwan; Seoul, Korea; and Hong Kong. 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, not limited to, the timely availability and acceptance of the Company's new products, the impact of competitive products and pricing, general economic condition and trends in the demand for PC and consumer multimedia product, 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.