QualityStocks would like to highlight UTStarcom Holdings Corp. (NASDAQ: UTSI). The company designs and sells Internet protocol (IP)-based telecommunications infrastructure products to telecommunications service providers and operators worldwide. It provides solutions in IPTV, interactive (iD) TV, Internet TV, and broadband, as well as related installation and maintenance services.
In the company’s news yesterday,
UTStarcom Holdings successfully closed the previously announced divestiture of its IPTV business. Along with the closing of the divestiture, Mr. William Wong has assumed the positions of UTStarcom’s Chief Executive Officer and director on the Board of Directors. In addition, Mr. Xiaoping Li, Lead Independent Director, has been elected as Chairman of the Board by the Directors of the company.
The decision to divest the IPTV business was announced in July 2012 as part of the Board’s plan to transition to higher growth and more profitable areas. The IPTV business is now a privately held, standalone company. As part of the requirements for discontinued operations, UTStarcom will continue to report results from the IPTV division separately as discontinued in the third quarter of 2012.
“The completion of this transaction is a significant milestone for UTStarcom,” said Mr. Xiaoping Li, Chairman of the Board. “It is an important step in streamlining the Company’s product portfolio in favor of a dynamic set of businesses. We are pleased to complete it according to the timeline we originally envisioned, and to move on to the next phase of the Company’s transformation.”
Mr. William Wong, stated, “I am honored and excited to lead UTStarcom through its business transformation and build a more growth oriented business. We have taken an important step in closing the IPTV divestiture, but it is only the first step. I look forward to working with the Board and management team to find new ways of providing value to our customers and generating returns for our shareholders.”
Mr. Wong brings more than 25 years of technology sector experience to the role as CEO. In previous roles, he served in many executive positions, including as Chief Executive Officer of Borqs International, which produces software platforms for mobile operators and chip manufacturers.
“We welcome Mr. Wong as UTStarcom’s new CEO,” added Mr. Li. “He has been instrumental in developing the strategic initiatives we have taken to date, and has demonstrated long-term thinking that will be invaluable in leading UTStarcom to new levels of success. Also, we thank Mr. Lu for his leadership and wish him every success in developing the IPTV business into a market leading technology and service provider.”
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. UTStarcom is a leading provider of broadband equipment and solutions for cable and telecom operators. Products are sold 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.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
