UTStarcom Holdings Corp. Special Committee Retains Financial Advisor and Legal Counsel
April 19 2017 - 4:30AM
UTStarcom Holdings Corp. (NASDAQ:UTSI) (“UTStarcom”, “we” or the
“Company”) today announced that the special committee (the “Special
Committee”) of the Company’s board of directors (the “Board”) has
retained Duff & Phelps (Duff & Phelps Securities,
LLC and Duff & Phelps, LLC) as its financial advisor and
Kirkland & Ellis as its U.S. legal counsel in connection with
its review and evaluation of the previously-announced non-binding
proposal letter (the “Proposal”) that the Board received on March
31, 2017 from Shah Capital Opportunity Fund LP, Himanshu H. Shah
(together with Shah Capital Opportunity Fund LP, the “Shah
Parties”), Hong Liang Lu and certain of his affiliates (the “Lu
Parties”) and Tenling Ti (collectively with the Shah Parties and
the Lu Parties, the “Consortium Members”), proposing to acquire all
of the outstanding ordinary shares of the Company not already owned
by the Consortium Members in a “going private” transaction (the
“Transaction”), and other potential alternatives.
The Company cautions its shareholders and others
considering trading in the Company’s securities that the Special
Committee is continuing its evaluation of the Transaction and other
potential alternatives and that, at this time, neither the Board
nor the Special Committee has made any decision with respect to the
Company’s response to the Proposal. There can be no assurance that
any definitive offer will be made by any person, that any agreement
will be executed or that the Transaction or any other transaction
will be approved or consummated. The Company does not undertake any
obligation to provide any updates with respect to the Proposal, the
Transaction or any other transaction, except as required under
applicable law.
Forward-Looking Statement
This press release includes forward-looking
statements. 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.
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.
For investor and media inquiries, please contact:
UTStarcom Holdings Corp.
Tel: +852-3951-9757
Fei Wang, IR Director
Email: fei.wang@utstar.com
Ning Jiang, Investor Relations
Email: njiang@utstar.com
In the United States:
The Blueshirt Group
Mr. Ralph Fong
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com
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