UTStarcom Announces Withdrawal of Non-Binding Going Private Proposal and
Appointment of New Director
BEIJING, Nov. 1, 2013
BEIJING, Nov. 1, 2013 /PRNewswire/ -- UTStarcom Holdings Corp. ("UTStarcom" or
the "Company") (NASDAQ: UTSI), a leading provider of media operational support
services and broadband equipment products and services, today announced that
the Special Committee of its Board of Directors has received a notice from one
of the directors of the Company, Mr. Hong Liang Lu, and entities affiliated
with him, and Shah Capital Opportunity Fund LP ("Shah Capital") and Mr.
Himanshu H. Shah that they have unanimously determined to withdraw the
non-binding going private proposal dated March 27, 2013.
The Company's Board of Directors also appointed Mr. Himanshu H. Shah as a new
director, effective November 1, 2013. Mr. Shah receives no compensation for
his directorship. With Mr. Shah's appointment, UTStarcom's Board of Directors
will consist of eight directors.
Mr. Shah currently serves as the founder, president and chief investment
officer of Shah Capital and he has more than twenty years of experience in the
global capital markets. Mr. Shah received his master of business
administration degree from the University of Akron and his bachelor of
commerce degree from Gujarat University in India.
Mr. William Wong, UTStarcom's chief executive officer, stated, "UTStarcom is
committed to continuing to execute its previously announced strategic plan to
transform the Company into a higher-growth, more profitable business focused
on providing next generation media services and broadband equipment products."
"Also, we welcome Mr. Shah to the Board of Directors. The full Board looks
forward to working closely together to drive our strategic plan forward and to
explore all appropriate opportunities to maximize value for all our
About UTStarcom Holdings Corp.
UTStarcom is focused on providing next generation media operational support
services in the rapidly growing markets for TV over IP services and broadband
equipment products and services. UTStarcom is committed to meeting the
evolving needs of cable and broadband service providers to enable a more
personalized entertainment experience. The Company sells its media operational
support services and broadband equipment products and services to operators in
both emerging and established broadband and cable markets around the world.
UTStarcom was founded in 1991 and has traded on NASDAQ in 2000. It has
operational headquarters in Beijing, China and research and development
operations in China and India. In 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
This press release includes forward-looking statements, including statements
regarding the Company's strategic initiatives and the Company's business
outlook. These statements are forward-looking in nature and subject to risks
and uncertainties that may cause actual results to differ materially and
adversely from the Company's current expectations. These include risks and
uncertainties related to, among other things, changes in the financial
condition and cash position of the Company, changes in the composition of the
Company's management and their effect on the Company, the Company's ability to
realize anticipated results of operational improvements and benefits of the
divestiture transaction, the ability to successfully identify and acquire
appropriate technologies and businesses for inorganic growth and to integrate
such acquisitions, the ability to internally innovate and develop new
products, assumptions the Company makes regarding the growth of the market and
the success of the Company's offerings in the market, and the Company's
ability to execute its business plan and manage regulatory matters. The risks
and uncertainties also include the risk factors identified in the Company's
latest annual report on Form20-F and current reports on Form6-K as filed
with the Securities and Exchange Commission. The Company is in a period of
strategic transition and the conduct of its business is exposed to additional
risks as a result. All forward-looking statements included in this press
release are based upon information available to the Company as of the date of
this press release, which may change, and the Company assumes no obligation to
update any such forward-looking statements.
SOURCE UTStarcom, Inc.
Contact: Jane Zuo, UTStarcom Holdings Corp., Tel: +86-10-5638-3693, Email:
email@example.com; or, May Shen (Beijing), Tel: +86-10-8591-1951, Email:
May.Shen@fticonsulting.com; or Daniel DelRe (Hong Kong), Tel: +852-3768-4547,
Email: Daniel.DelRe@fticonsulting.com; or, Rob Dougherty (San Francisco), Tel:
+ 415-293-4427, Email: Rob.Dougherty@fticonsulting.com
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