Nov. 1, 2013
/PRNewswire/ -- UTStarcom Holdings Corp. ("UTStarcom" or the "Company") (NASDAQ: UTSI), a leading provider of media operational support services and broadband equipment products and services, today announced that the Special Committee of its Board of Directors has received a notice from one of the directors of the Company, Mr.
Hong Liang Lu
, and entities affiliated with him, and Shah Capital Opportunity Fund LP ("Shah Capital") and Mr.
Himanshu H. Shah
that they have unanimously determined to withdraw the non-binding going private proposal dated
March 27, 2013
The Company's Board of Directors also appointed Mr.
Himanshu H. Shah
as a new director, effective
November 1, 2013
. Mr. Shah receives no compensation for his directorship. With Mr. Shah's appointment, UTStarcom's Board of Directors will consist of eight directors.
Mr. Shah currently serves as the founder, president and chief investment officer of Shah Capital and he has more than twenty years of experience in the global capital markets. Mr. Shah received his master of business administration degree from the
University of Akron
and his bachelor of commerce degree from Gujarat University in
, UTStarcom's chief executive officer, stated, "UTStarcom is committed to continuing to execute its previously announced strategic plan to transform the Company into a higher-growth, more profitable business focused on providing next generation media services and broadband equipment products."
"Also, we welcome Mr. Shah to the Board of Directors. The full Board looks forward to working closely together to drive our strategic plan forward and to explore all appropriate opportunities to maximize value for all our shareholders."
About UTStarcom Holdings Corp.
UTStarcom is focused on providing next generation media operational support services in the rapidly growing markets for TV over IP services and broadband equipment products and services. UTStarcom is committed to meeting the evolving needs of cable and broadband service providers to enable a more personalized entertainment experience. The Company sells its media operational support services and broadband equipment products and services to operators in both emerging and established broadband and cable markets around the world.