UTStarcom announced that it has signed an agreement to form a joint venture with a leading Zhejiang-based developer and manufacturer of refrigerators in China. The JV will develop commercial "Smart shopping machines" for retail stores. In addition to the development of smart refrigerators, the new JV will provide a comprehensive retail automation solution for the fast-growing Chinese smart retail store market. The product line includes smart shopping machines with hardware and software support. Smart retail solutions are expected to enhance the customer experience and save operating costs. The product utilizes integrated technologies such as facial recognition, image analysis, behavior identification, load sensor, RFID, and mobile payment. Moreover, the cloud-based operations center will offer various types of value-added services, enabling the real-time interaction of people, products and localities.
UTStarcom announced a significant project win in India with Bharat Sanchar Nigam Limited, a large public sector company that provides a comprehensive range of telecom services in India. BSNL is the company's major strategic customer in the region. BSNL is upgrading its nationwide network that will offer Next generation voice and data services to its large customer base. UTStarcom was contracted to help build out the Class 5 Next Generation Network infrastructure within the new network. NGN refers to packet-based networks, typically running Internet Protocol, that provide data, voice and media services by making use of multiple transport technologies. As a System Integrator, UTStarcom will manage the supply of equipment and deliver a full range of services including planning, design, engineering, installation, integration, testing, and commissioning. The company will also provide annual maintenance for the equipment
UTStarcom announced significant milestones in its effort to develop its business in India, including important customer wins and outsourcing of product manufacturing to local manufacturer. The company's major recent wins include several projects with its major strategic customer, Bharat Sanchar Nigam Limited. BSNL is one of the largest public sector companies providing a comprehensive range of telecom services in India.
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UTStarcom Holdings announced that the special committee of the company's board has received a notice from Shah Capital Opportunity Fund LP, Himanshu H. Shah, Hong Liang Lu and certain of his affiliates and Tenling Ti to withdraw the preliminary non-binding take-private proposal letter from the Consortium to the board. Shah Capital Opportunity Fund initially made a $2.15/shr offer on March 31st, 2017.
UTStarcom announced that it has dismissed Crowe Horwath and appointed Grant Thornton in China as the company's independent registered public accounting firm effective September 1, 2017. Grant Thornton in China is the Chinese member firm of Grant Thornton International Limited and is one of the leading "full service" accounting firms in China. The company appointed Crowe in February 2017 after GHP Horwath, P.C.'s partners and employees joined Crowe. The company's Audit Committee and Board of Directors participated in and approved this change.