BEIJING, Aug. 29, 2012 /PRNewswire-Asia/ -- UTStarcom Holdings Corp. ("UTStarcom" or "the Company") (NASDAQ: UTSI), today provided an update on its ongoing $20 million share repurchase program that was launched in August 2011.
For the period between July 1 and August 28, 2012, the Company repurchased an additional $2.2 million of its ordinary shares, bringing the cumulative total under the current program to $11.8 million, which represents more than half of the amount authorized by the Board. There is $8.2 million remaining under the current share repurchase program, which the Board recently extended through February 15, 2013.
Mr. Xiaoping Li, Lead Independent Director, commented, "As our business evolves with the pending IPTV divestiture and other strategic initiatives, we remain committed to our stock buyback program as an important way to enhance shareholder value. Moreover, our belief in UTStarcom's long-term prospects gives us the confidence that this is an efficient use of cash, and we continue to buy back stock at the maximum rate allowed under the current program."
About UTStarcom Holdings Corp.
UTStarcom is a leading provider of interactive, IP-based network solutions in iDTV, IPTV, Internet TV and Broadband 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 through its Video Service Cloud (VSC) platform. 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. 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, deliver and capitalize on the opportunities of the higher growth business, to realize anticipated benefits of the divestiture, 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.