BEIJING, Oct. 1, 2012 /PRNewswire-FirstCall/ -- UTStarcom Holdings Corp. ("UTStarcom" or the "Company") (NASDAQ: UTSI), today provided an update on its third quarter share repurchase activity under its ongoing $20 million share repurchase program that was launched in August 2011.
During the third quarter of 2012, the Company repurchased $3.48 million of its ordinary shares, bringing the cumulative total under the current program to approximately $13.0 million, which represents 65% of the amount authorized by the Board. There is approximately $7.0 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, "We remain committed to our share repurchase program as an important and effective way to enhance shareholder value. Our cash position allows the Company to be well on track with executing the share repurchase program and we continue to buy back shares at the maximum rate allowed under the current program. I will continue to work with the Board and management team to design and roll out other strategic initiatives that will move the Company on to the next phase of our transformation, and I look forward to delivering greater value to our shareholders."
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. With a new management team in 2011, the Company deployed a revamped growth strategy that concentrates on providing media operation support services. UTStarcom has its operational headquarters in Beijing, China and research and development operations in China and India. For more information about UTStarcom, visit the Company's Web site at http://www.utstar.com.
Safe Harbor Statement This release includes forward-looking statements, including statements regarding the Company's expectations regarding the share repurchase program and other strategic initiatives. 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 Holdings Corp.