UniTek Global Services, Inc. Provides Update on Master Services Agreement With DIRECTV
May 16 2013 - 3:01PM
UniTek Global Services, Inc. ("UniTek" or the "Company")
(Nasdaq:UNTK), a premier provider of permanently outsourced
infrastructure services to the telecommunications, broadband cable,
wireless, transportation, public safety and satellite television
industries, today announced that its subsidiary, DirectSat USA,
LLC, has received a letter from DIRECTV, LLC providing 180-day
notice of the termination of its master services agreement with
DirectSat, effective November 8, 2013. Shortly following receipt of
the notice, DirectSat entered into an agreement with DIRECTV
providing that the 180-day notice of termination will be
automatically withdrawn upon the Company's refinancing, by July 31,
2013, of its debt on terms that satisfy certain financial
requirements, the continued work on completion of its financial
statements and the satisfaction of other conditions.
DIRECTV has informed the Company that it intends to continue
working with the Company as UniTek addresses the issues it
currently faces related to the previously disclosed accounting
matters.
Dave Baker, Senior Vice President of DIRECTV stated, "While we
take our rights seriously, we do value our relationship with UniTek
and have been pleased with their service and performance. We will
continue to work with them over the next several months as the
Company completes its financial statements and public filings, and
resolves other issues they are currently confronting."
Acknowledging DIRECTV's intent to assist the Company, Rocky
Romanella, CEO of UniTek, said that the Company intends to move
forward in working with DIRECTV and its other customers as it
continues its efforts to resolve the previously disclosed issues
and complete its required public filings.
"I believe that we can resolve our outstanding issues in a
manner and on a timeframe that will allay DIRECTV's concerns and
enable us to maintain our strategic partnership with them. We are
making significant progress toward the completion of the
restatements and filing of our SEC reports, and are engaged in
active discussions with lenders regarding our outstanding debt. We
are appreciative of DIRECTV's support during this time and their
agreement to automatically withdraw the notice once we meet the
required conditions."
About UniTek Global Services
UniTek Global Services is a provider of engineering,
construction management and installation fulfillment services to
companies specializing in the telecommunications, broadband cable,
wireless, two-way radio, transportation, public safety and
satellite industries. UniTek has created a scalable operating
platform, enabling each UniTek subsidiary to deliver quality
services to its Fortune 200 customers.
www.unitekglobalservices.com.
Forward-Looking Statements
The statements in this press release that are not historical
fact are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying
assumptions and other statements that are other than statements of
historical facts, including but not limited to statements regarding
the Company's current and future relationships with its customers,
including DIRECTV, the Company's efforts to refinance its
indebtedness, the Company's plans to restate historical financial
results and file SEC reports, and the resolution of other related
matters that the Company has previously disclosed. These statements
are subject to uncertainties and risks including, but not limited
to, the Company's ability to address issues arising from previously
disclosed accounting-related matters, operating performance,
general financial, economic, and political conditions affecting the
Company's business and its target industries, the ability of the
Company to perform its obligations under its contracts and
agreements with customers and other risks contained in reports
filed by the Company with the Securities and Exchange Commission,
including in our Form 10-K for the year ended December 31, 2011.
The words "may," "could," "should," "would," "believe," "are
confident," "anticipate," "estimate," "expect," "intend," "plan,"
"aspire," and similar expressions are intended to identify
forward-looking statements. All such statements are made in good
faith by the Company pursuant to the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. The Company
does not undertake to update any forward looking statement, whether
written or oral, which may be made from time to time by or on
behalf of the Company, except as may be required by applicable law
or regulations.
CONTACT: The Piacente Group | Investor Relations
Lee Roth
(212) 481-2050
unitek@tpg-ir.com