ESST investing again in China with another nice round of PR "seed sowing". This should help their exposure to Chinese Bureaucracy, whatever that is worth. But the impact it has on students there is very positive. Access to WWW (if they can read English) is great for youngsters.
Tuesday February 2, 6:01 am Eastern Time
Company Press Release
SOURCE: ESS Technology, Inc.
ESS Technology, Inc. and China's Jiangsu Ministry of Education Signed An Agreement to Develop A Multimedia and Internet Based Education System
FREMONT, Calif., Feb. 2 /PRNewswire/ -- ESS Technology Inc. (Nasdaq: ESST - news) announced today it has signed an agreement with China Ministry of Education in Jiangsu Province to help develop an education system for the 21st century based on multimedia and Internet technology.
Jiangsu Province, located next to Shanghai, is an industrial state with a population of over 70 million. The province contains more than 5,000 elementary schools, 5,000 secondary schools, 50 colleges and over 10 million students. Under the terms of the agreement, ESS and the Ministry will work together to develop a modern education system for school and home, which will utilize state-of-the-art technology, including multimedia, the Internet and computing.
Based on ESS core technologies in multimedia, communications and the Internet, the company will provide the solution, which will utilize TV and video appliances such as VCD, Super VCD, DVD and the Internet set top box. These devices will be affordable and easier for students to acquire and use either in school or at home, and also they will be connected to the Internet for web browsing and other Internet applications. ESS has shipped over 20 million Video CD chip sets for home appliances, and it recently introduced the Internet set top box solutions.
''We are pleased with ESS' involvement to help modernize the education system in China,'' stated Mr. Chen Wan Nain, Managing Director of the Education Committee of Jiangsu Province. ''This system would link home, school and the Internet to provide the educational needs for the 21st century.''
''We are excited about this program,'' said Mr. Fred Chan, ESS Chairman, CEO and President. ''ESS has been promoting the VCD (3.0) standard set by the Ministry of Education in China. Now this new system would connect school and home to the Internet to provide modern education and Internet applications. Our involvement in education is part of ESS' overall multimedia Internet roadmap to provide system solutions, applications, Internet Service Provider (ISP), and Internet Content Provider (ICP) for the expanding consumer markets.
ESS Technology, Inc. supplies Internet, modem, PC audio and digital video solutions for the Internet, PC and consumer markets. ESS designs, develops, and markets highly integrated mixed signal semiconductor, hardware, software and system solutions for Internet, PC and 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, 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. |
