UTStarcom Provides Update on Strategic Alternatives Process and Leadership Transition
ALAMEDA, Calif., Dec. 22 /PRNewswire-FirstCall/ -- UTStarcom, Inc.
(Nasdaq: UTSI), a global leader in IP-based, end-to-end networking solutions
and services, today provided an update on its previously announced exploration
of a variety of strategic alternatives to enhance stockholder value and
leadership transition announced on October 11, 2006.
'We continue to move forward on the strategic alternatives process we
company's value for UTStarcom shareholders,' said
the company's board of directors. 'Until this process is complete, the board
of directors has asked
chief executive officer and remain a member of the board of directors.'
UTStarcom, Inc., received a 'Wells Notice' from the staff of the U.S.
Securities and Exchange Commission (the 'Commission') in connection with an
ongoing investigation into trading activities by third parties.
The Wells notice states that the staff intends to recommend to the
Commission that it file a civil injunctive action alleging that
Commission's procedures, the recipient of a Wells notice has the opportunity
to respond to the staff before the staff makes its formal recommendation on
whether any civil action should be brought by the Commission.
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions
and international service and support. The company sells its broadband,
wireless, and handset solutions to operators in both emerging and established
telecommunications 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. Founded in 1991 and headquartered in Alameda, California, the
company has research and design operations in the
For more information about UTStarcom, visit the company's Web site at
This release includes forward-looking statements, including the foregoing
statements regarding the anticipated benefit of the strategic alternative
process, the anticipated continuing status of
and a director of the company, and the expectations regarding the direction
and possible outcome of governmental inquiries. These statements are forward-
looking in nature and subject to risks and uncertainties that may cause actual
results to differ materially. These risk factors include potential changes in
the Company's management and employment decisions and the evolving course and
nature of the ongoing governmental inquiries. The Company also refers readers
to the risk factors identified in its latest Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with
the Securities and Exchange Commission.
SOURCE UTStarcom, Inc.