UTStarcom Announces Increased Investment from Key Strategic Partner
January 21 2019 - 6:00AM
UTStarcom (“UT” or “the Company”) (NASDAQ:UTSI), a global
telecommunications infrastructure provider, today announced that
its strategic partner Tongding Interconnection Information Co.,
Ltd. (“TDI”) increased its ownership stake in UT to 9.9% through a
series of transactions executed late in 2018. TDI paid
approximately USD $4.54 per share of UT, an approximately 30%
premium over UT’s average share price for the past three months.
UTStarcom's Chief Executive Officer Mr. Tim Ti commented, “We
are pleased to further strengthen ties with our strategic partner
TDI. The fact that TDI increased its position in UT, paying a
substantial premium to market, is an indication of their confidence
in our shared prospects.”
Ti continued, “We expect TDI’s strategic investment in our
company to result in compelling benefits from a market and product
standpoint. Our technology and service expertise in overseas
markets, especially Asia-Pacific, can significantly enhance their
competitive position. Furthermore, together we can capture
additional 5G network opportunities. Our technical strength
in optical networking will help TDI further expand its presence in
the network transmission markets, including mobile backhaul, and
metro transmission.”
As announced in September 2018, UTStarcom formed a strategic
partnership with TDI to jointly market and distribute the
respective companies’ products and services in China and
international markets. With the strategic relationship
established, UT and TDI's initial thrust is focused on developing
the optical fiber cable businesses in India as well as marketing
and selling UTStarcom’s flagship PTN and SyncRing products in
China.
About UTStarcom Holdings Corp.
UTStarcom is committed to helping network operators offer their
customers the most innovative, reliable and cost-effective
communication services. UTStarcom offers high performance
advanced equipment optimized for the most rapidly growing network
functions, such as mobile backhaul, metro aggregation and broadband
access. UTStarcom is further leveraging its technology
expertise to bring smart networked products to new applications,
such as its goBox automated refrigerated dispenser for retail
stores. Based in Hangzhou China, UTStarcom has operations and
customers around the world, with a special focus on Japan and
India. UTStarcom was founded in 1991 and listed its shares on
the Nasdaq Market in 2000 (symbol: UTSI). For more
information about UTStarcom, please visit
http://www.utstar.com.
For investor and media inquiries, please
contact:
UTStarcom Holdings Corp.Tel: +852-3951-9757
Ms. Fei Wang, Director of Investor Relations Email:
fei.wang@utstar.com
Ms. Ning Jiang, Investor RelationsEmail: njiang@utstar.com
In the United States:
The Blueshirt Group Mr. Ralph FongTel: +1 (415) 489-2195Email:
ralph@blueshirtgroup.com
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