UTStarcom (UTSI) Closes Divestiture of IPTV Business; Appoints William Wong as CEO
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UTStarcom Holdings Corp. (Nasdaq: UTSI) announced that on August 31, 2012 the Company successfully closed the previously announced divestiture of its IPTV business. Simultaneous with the closing, Mr. William Wong has assumed the positions of UTStarcom's Chief Executive Officer and director on the Board of Directors. In addition, Mr. Xiaoping Li, Lead Independent Director, has been elected as Chairman of the Board by the Directors of the Company.
UTStarcom announced its intention to divest its IPTV equipment business on July 27, 2012 as part of a Board plan to transition the Company into higher growth, more profitable areas that the Board believes will enhance the value of the business. With the closure of the divestiture, the IPTV equipment business has become a privately-held, standalone company. Upon meeting the requirements for discontinued operations, UTStarcom will report results from the IPTV division separately as discontinued operations in the third quarter of 2012 and for all comparable periods. Also, Mr. Jack Lu has left UTStarcom as planned in order to lead the IPTV equipment business. Mr. Lu has also resigned from the Company's Board of Directors.
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UTStarcom announced its intention to divest its IPTV equipment business on July 27, 2012 as part of a Board plan to transition the Company into higher growth, more profitable areas that the Board believes will enhance the value of the business. With the closure of the divestiture, the IPTV equipment business has become a privately-held, standalone company. Upon meeting the requirements for discontinued operations, UTStarcom will report results from the IPTV division separately as discontinued operations in the third quarter of 2012 and for all comparable periods. Also, Mr. Jack Lu has left UTStarcom as planned in order to lead the IPTV equipment business. Mr. Lu has also resigned from the Company's Board of Directors.
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