ESS Technology shareholders to decide going-private deal on June 27

By Lisa Kerner

Charlotte, N.C., May 28 - ESS Technology, Inc. recommends its shareholders vote for the company's acquisition by an affiliate of Imperium Partners Group, LLC at the annual meeting on June 27 at noon ET.

It was announced in February that Imperium would take ESS private for $1.64 per share, or about $58 million.

The acquisition requires ESS to also reincorporate from California into Delaware through a reincorporation merger with its wholly owned subsidiary, Echo Technology (Delaware), Inc., according to a 424B3 filing with the Securities and Exchange Commission.

At the annual meeting, shareholders will also be asked to re-elect ESS directors Robert L. Blair, Peter T. Mok, Alfred J. Stein, David S. Lee and John A. Marsh. If the sale to Imperium is approved, ESS said its directors will resign or be replaced.

ESS designs and markets high-performance digital video processors for the consumer market. The company is based in Fremont, Calif.

Imperium Partners is a New York institutional asset management firm.

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