UTStarcom Provides Update on Share Repurchase Program
BEIJING, Nov. 1, 2012
BEIJING, Nov. 1, 2012 /PRNewswire/ -- UTStarcom Holdings Corp. ("UTStarcom" or
the "Company") (NASDAQ: UTSI), today provided an update on its monthly share
repurchase activity under its ongoing $20 million share repurchase program
that was launched in August 2011.
During October 2012, the Company repurchased $1.2 million of its ordinary
shares, bringing the cumulative total under the current program to
approximately $14.2 million, which represents 71% of the amount authorized by
the Board. There is approximately $5.8 million remaining under the current
share repurchase program, which the Board extended through February 15, 2013.
Mr. William Wong, UTStarcom's Chief Executive Officer, stated, "Our continued
commitment to our share repurchase program reflects management's long-term
confidence in the Company and our determination to deliver enhanced value for
UTStarcom's long-term shareholders. We remain on track to buy back shares at
the maximum rate allowed under the current program, and we believe that this
represents an effective use of our cash at this time."
About UTStarcom Holdings Corp.
UTStarcom is a leading provider of Broadband equipment and solutions for cable
and telecom operators. The Company sells its solutions to operators in both
emerging and established telecommunications and cable markets around the
world. UTStarcom enables its customers to rapidly deploy revenue-generating
access services using their existing infrastructure, while providing a
migration path to cost-efficient, end-to-end IP networks.
UTStarcom was founded in 1991 and listed on the NASDAQ in 2000. It has
operational headquarters in Beijing, China and research and development
operations in China and India. In year 2011, the Company deployed a revamped
growth strategy that concentrates on providing media operation support
services. For more information about UTStarcom, visit the Company's Web site
Safe Harbor Statement
This release includes forward-looking statement, including statements
regarding the Company's expectations regarding the share repurchase program.
These statements are forward-looking in nature and subject to risks and
uncertainties that may cause actual results to differ materially. These
include risks and uncertainties regarding the Company's ability to effectively
manage its cash, to realize anticipated benefits of certain strategic
initiatives, to execute on its business plan and to manage regulatory matters
as well as risk factors identified in its latest Annual Report on Form 20-F
and Current Reports on Form 6-K as filed with the Securities and Exchange
Commission. The Company is in a period of transition and the conduct of its
business is exposed to additional risks as a result. All forward-looking
statements included in this release are based upon information available to
the Company as of the date of this release, which may change, and UTStarcom
assumes no obligation to update any such forward-looking statement.
SOURCE UTStarcom, Inc.
Contact: Contacts: UTStarcom Holdings Corp., Ms. Jing Ou-Yang,
+86-10-8520-5153, email@example.com; FTI Consulting, Inc., Ms. May Shen
(Beijing), +86-10-8591-1951, May.Shen@fticonsulting.com; Mr. Daniel DelRe
(Hong Kong), +852-3768-4547, Daniel.DelRe@fticonsulting.com; Mr. Eric Boyriven
(New York), +212-850-5671, Eric.Boyriven@fticonsulting.com
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