UTStarcom Announces Change to its Board of Directors
November 23 2017 - 6:00AM
UTStarcom Holdings Corp. (NASDAQ:UTSI) (“UTStarcom” or the
“Company”) today announced that Mr. Xiaoping Li resigned from his
position as a member of the Board of Directors (the “Board”) of
UTStarcom. His resignation also vacates positions on the
Audit Committee, the Compensation Committee, and Chairman of the
Nominating and Corporate Governance Committee. His resignation is
effective as of November 21, 2017. Mr. Li has no disagreement
with the Company.
Following Mr. Li’s resignation, Ms. Wendong
Zhang was appointed as a member of the Board, the Audit Committee,
the Compensation Committee, and the Nominating and Corporate
Governance Committee of the Board. Ms. Zhang is the designee
for Beijing E-town International Investment Development Co., Ltd.
(“BEIID”), pursuant to the stockholders rights agreement entered
into by and between the Company and BEIID on February 1, 2010. In
addition, Mr. Hongliang Lu, currently an independent director of
the Company and Chairman of the Compensation Committee, was
appointed to serve as Chairman of the Nominating and Corporate
Governance Committee of the Board.
Ms. Zhang received an MBA degree from the
Graduate University of Chinese Academy of Sciences. She
earned a Bachelor degree in Economics at Minzu University of China.
Ms. Zhang has rich experience in the areas of investment and
financial management, strategic management and organization
restructuring. Since 2015, she has been the assistant to the
general manager of Beijing E-town International Investment &
Development Co., Ltd., as well as to the leaders of its
subsidiaries. Before that, she had various management roles
at Beijing E-town, Orient Cultural Asset Management Co., Ltd. and
Sheng Andi Investment Management Consulting Co., Ltd.
“I am delighted that Ms. Zhang has joined
our board and look forward to working with her as we continue
driving growth in our core business. Also, I would like to
thank Mr. Li for his leadership and dedication to UTStarcom since
2010. We wish him the very best in all his future endeavors,”
said Himanshu Shah, Chairman of the Board of Directors.
About UTStarcom Holdings
Corp.
UTStarcom is a global telecom infrastructure
provider dedicated to developing technology that will serve the
rapidly growing demand for bandwidth from cloud-based services,
mobile, streaming, and other applications. We work with carriers
globally, from Asia to the Americas, to meet this demand through a
range of innovative broadband packet optical transport and
wireless/fixed-line access products and solutions. The Company’s
end-to-end broadband product portfolio, enhanced through in-house
Software Defined Networking (SDN)-based orchestration, enables
mobile and fixed-line network operators and enterprises worldwide
to build highly efficient and resilient future-proof networks for a
range of applications, including mobile backhaul, metro
aggregation, broadband access and Wi-Fi data offload. Our strategic
investments in media operational support service providers expand
UTStarcom’s capabilities in the field of next generation video
platforms. UTStarcom was founded in 1991, started trading on NASDAQ
in 2000, and has operating entities in Hong Kong; Tokyo, Japan; San
Jose, USA; Delhi and Bangalore, India; Hangzhou, China. For
more information about UTStarcom, please visit
http://www.utstar.com.
Forward-Looking Statement
This press release includes forward-looking
statements, including statements regarding the Company’s strategic
initiatives and the Company’s business outlook. These statements
are forward-looking in nature and subject to risks and
uncertainties that may cause actual results to differ materially
and adversely from the Company’s current expectations. These
include risks and uncertainties related to, among other things,
changes in the financial condition and cash position of the
Company, changes in the composition of the Company’s management and
their effect on the Company, the Company’s ability to realize
anticipated results of operational improvements and benefits of the
divestiture transaction, the ability to successfully identify and
acquire appropriate technologies and businesses for inorganic
growth and to integrate such acquisitions, the ability to
internally innovate and develop new products, assumptions the
Company makes regarding the growth of the market and the success of
the Company’s offerings in the market, and the Company’s ability to
execute its business plan and manage regulatory matters. The risks
and uncertainties also include the risk factors identified in the
Company’s 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 strategic transition and the conduct of
its business is exposed to additional risks as a result. All
forward-looking statements included in this press release are based
upon information available to the Company as of the date of this
press release, which may change, and the Company assumes no
obligation to update any such forward-looking statements.
For investor and media inquiries, please
contact:
UTStarcom Holdings Corp.Tel: +852-3951-9757
Fei Wang, Director of Investor RelationsEmail:
fei.wang@utstar.com
Ning Jiang, Investor RelationsEmail: njiang@utstar.com
In the United States:
The Blueshirt GroupMr. Ralph FongTel: +1 (415)
489-2195Email: ralph@blueshirtgroup.com
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