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TheStreet Open House

UniTek Global Services, Inc. Provides Update On Master Services Agreement With DIRECTV

Stock quotes in this article: UNTK

BLUE BELL, Pa., May 16, 2013 (GLOBE NEWSWIRE) -- 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DirectSat entered into an agreement with DIRECTV providing that the 180-day notice of termination will be automatically withdrawn upon the Company's refinancing, by July 31, 2013, of its debt on terms that satisfy certain financial requirements, the continued work on completion of its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."

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