UTStarcom Announces Changes to Board of Directors
September 05 2019 - 5:00AM
UTStarcom (“UT” or “the Company”) (NASDAQ:UTSI), a global
telecommunications infrastructure provider, today announced changes
to its board of directors (the “Board”) resulting from the sale of
9.2 million shares by Shah Capital Opportunity Fund and Mr. Hong
Liang Lu (“Selling Shareholders”) to Tongding Interconnection
Information Co., Ltd. (“TDI”).
Mr. Himanshu Shah and Mr. Hong Liang Lu resigned
from their positions as Chairman of the Board and Director,
respectively. Also, TDI nominees Mr. Yongqing Yan and Mr. Jintong
Lin were appointed as Chairman of the Board and an independent
director, respectively.
Mr. Tim Ti, UTStarcom's Chief Executive Officer,
commented, “On behalf of the Company and the board of directors, we
would like to thank Himanshu and Hong for their dedication and
leadership over the years. Their strategic vision and
guidance steered the Company to sharpen its product strategy, size
the company appropriately to our opportunities, and return to solid
profitability. Their effort positioned the Company to capture
exciting new opportunities, as exemplified by our progress in the
5G mobile network business driven by our state-of-the-art SPN
backhaul technology. We are grateful for their immense
contributions.”
Ti continued, “We are pleased and excited to
welcome Mr. Yan and Mr. Lin to our Board. They bring
extensive industry knowledge and decades of experience in corporate
strategy and business operations. We look forward to their
guidance and strategic insights.”
As announced in February 2019, UTStarcom's
strategic partner TDI intended to further increase its ownership
stake in UT to approximately 36% through the purchase (by related
entities) of 9.2 million shares from certain current shareholders
of the Company. TDI paid about $5.35 per share, for a total
investment of approximately $49.2 million at the closing of the
transaction. The selling shareholders are entities related to
Shah Capital Opportunity Fund LP and Mr. Hong Liang Lu.
About Mr. Yongqing Yan
Mr. Yongqing Yan serves as a director and
general manager of Tongding Interconnection Information Co., Ltd.
since 2018. He brings over 30 years of experience in
communication and information technology encompassing the
engineering, research and development management of communication
equipment, sales and marketing management of large-scale
communication enterprises, as well as strategic analysis and
development of the telecommunications and internet
industries. Mr. Yan holds a doctorate degree in Communication
and Information Systems from Southeast University.
About Mr. Jintong Lin
Mr. Jintong Lin serves as an independent
director of Tongding Interconnection Information Co., Ltd. since
2017. He also serves as an independent director of Comba
Telelcom Systems Holding Co., Ltd. and a director of Jiangsu
Zhongtian Science and Technology Co., Ltd. In addition, Mr.
Lin is currently a consulting professor at Beijing University of
Post and Telecommunications. From 1993 through 2011, he
served in a variety of positions at the Beijing University of Post
and Telecommunications, including Professor, Vice-President, and
Dean of University Faculty. From 1990 to 1993, Mr. Lin was a
researcher at King's College London. Before that, he was a
visiting scholar and doctoral student at University of
Southampton. Mr. Lin earned a bachelor degree in Physics from
Peking University in 1969, a master degree in Optical Communication
from Peking University in 1981 as well as a doctorate degree in
Optoelectronics from University of Southampton in the United
Kingdom.
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. 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: +852-3951-9757Ms. 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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