BEIJING, Aug. 29, 2012 /PRNewswire-Asia/ -- UTStarcom Holdings Corp. ("UTStarcom" or "the Company") (NASDAQ: UTSI), today provided an update on its ongoing $20 million share repurchase program that was launched in August 2011.
For the period between July 1 and August 28, 2012, the Company repurchased an additional $2.2 million of its ordinary shares, bringing the cumulative total under the current program to $11.8 million, which represents more than half of the amount authorized by the Board. There is $8.2 million remaining under the current share repurchase program, which the Board recently extended through February 15, 2013.
Mr. Xiaoping Li, Lead Independent Director, commented, "As our business evolves with the pending IPTV divestiture and other strategic initiatives, we remain committed to our stock buyback program as an important way to enhance shareholder value. Moreover, our belief in UTStarcom's long-term prospects gives us the confidence that this is an efficient use of cash, and we continue to buy back stock at the maximum rate allowed under the current program."
About UTStarcom Holdings Corp.
UTStarcom is a leading provider of interactive, IP-based network solutions in iDTV, IPTV, Internet TV and Broadband for cable and telecom operators. The Company sells its solutions to operators in both emerging and established telecommunications and cable 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.