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ViAlta.com Secures Over $120 Million in Equity Financing

FREMONT, Calif. -- ESS Technology Inc. (Nasdaq: ESST) announced that its subsidiary, ViAlta.com, has secured commitments from strategic investors to participate in a series B preferred equity financing. ViAlta.com expects to raise in excess of $120 million in this round that will close in early December. ESS Technology Inc. plans to fund approximately $50 million of the total and will retain a majority ownership percentage. The company is not disclosing the names or details of other investors. Use of the proceeds will fund ongoing R&D and operations of ViAlta.com as it prepares to launch its products and services during the first half of 2000. ViAlta.com plans to introduce advanced, user friendly products and applications for the Internet. Products will include multi-media appliances, applications and content for the Internet, which enable the user to experience new levels of entertainment and e-Commerce.

http://www.esstech.com




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