Riley Investment to nominate four to ESS Technology

By Lisa Kerner

Charlotte, N.C., July 23 - ESS Technology, Inc. investor Riley Investment Master Fund, LP nominated Bryant Riley, Mel Keating, Michael Gullard and Robert D'Agostino for election to the company's board of directors at ESS Technology's 2007 annual meeting.

The nominations were made in a letter to the company and included as part of a schedule 13D filing with the Securities and Exchange Commission.

Riley beneficially owns 1,558,642 shares, or 4.4% of the company's outstanding stock.

As previously reported, ESS Technology formed a strategic transaction committee to investigate alternatives, including a total liquidation of the company at a cost of $6 million to $12 million. The company reported more than $50 million of liabilities on its balance sheet at March 31.

ESS Technology announced in November 2006 that its board of directors and management would reorganize operations and change the company's business plan to promote long-term viability and to maximize shareholder value. The company then sold its advanced BluRay/HD-DVD technology for $13.5 million, has licensed its latest standard definition DVD products for $2 million plus future royalties and has closed its cameraphone division. These measures reduced ESS Technology's worldwide headcount by 67%.

ESS Technology is a Fremont, Calif.-based designer and marketer of high-performance digital video processor and imaging sensor semiconductors for the consumer digital entertainment, digital home and camera-enabled cellular phone markets.

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