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 at http://www.utstar.com.
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.