UTStarcom Announces Increased Investment from Key Strategic Partner
HONG KONG, Jan. 21, 2019 (GLOBE NEWSWIRE) -- 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.
Ms. Fei Wang, Director of Investor Relations
Ms. Ning Jiang, Investor Relations
In the United States:
The Blueshirt Group
Mr. Ralph Fong
Tel: +1 (415) 489-2195