UTStarcom Announces Launch of iTV Media Venture in Spain
BEIJING, Jan. 18, 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 its partner, iTV Media, Inc. ("iTV Media"), a leading interactive, IP-based network solutions and service provider, will begin deploying its IPTV and video on demand (VOD) services in Spain in January 2013 through a strategic partnership with Mira TV ("Mira TV"). UTStarcom invested in iTV Media in 2010 as part of its strategy to expand into media operational support services and is the single largest shareholder of iTV Media.
Mira TV is one of the leading Over-the-Top ("OTT") IPTV platform providers in Spain and offers over 200 channels on demand with more than 5,000 hours of VOD content. Mira TV's IPTV and VOD services will enable users across Spain to enjoy rich content, including domestic and international channels, anytime and on a broad array of devices. The launch of these services in Spain will provide iTV Media access to approximately 200,000 subscribers by summer 2014.
iTV Media launched an OTT service in 2011 under the brand name iTV.cn to provide Mandarin language programming to Chinese communities in North America. The business continues to expand internationally, announcing the first commercial launch of its MeTV IPTV service with a major broadband operator in Thailand in October 2012.
Mr. William Wong, UTStarcom's Chief Executive Officer, stated, "This is another important milestone in iTV Media's growth. It is also the second major agreement for iTV Media in two months, making it indicative of the solid demand the business is seeing in the international marketplace. Most importantly, this agreement is also another excellent example of how UTStarcom will partner with our broadband and cable customers to enhance the loyalty of their customer base by delivering the value-added media services and products that consumers are increasingly demanding in today's market. We wish iTV Media and Mira TV success in their newest venture, and will continue to aggressively support iTV Media by working closely with its management team to find opportunities to continue to grow."
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.
UTStarcom was founded in 1991 and listed on the NASDAQ in 2000. It has operational headquarters in Beijing, China and research and development operations in China and India. In year 2011, the Company deployed a revamped growth strategy that concentrates on providing media operation support services. For more information about UTStarcom, visit the Company's Web site at http://www.utstar.com.
About iTV Media, Inc.
Founded in 2007, iTV Mediahas dedicated full efforts to the advancement of TV over IP platform and the development of terminal products. In 2010, UTStarcom invested in iTV Media and became its largest shareholder. In 2011, iTV Media launched Chinese television services in the US and Canada under the "iTV.cn" service brand and gradually expanded into the local televisionmarket there.
Based in China, iTV Media provides services to the world's Internet-based transmissions using television, computers, mobile devices and other network-related products. iTVMedia offers services to various broadcasting terminals and provide viewers an all-digital, high definition, intelligent, and interactive television services.
This release includes forward-looking statements, including statements regarding the deployment of Mira, the services to be provided to subscribers in Spain, and the Company's expectation regarding the growth of the subscriber base in Spain. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. These include risks and uncertainties regarding iTV Media's ability to realize anticipated benefits of launching Mira TV, UTStarcom's ability to execute on its business plan and to manage regulatory matters as well as risk factors identified in UTStarcom's latest Annual Report on Form 20-F and Current Reports on Form 6-K as filed with the Securities and Exchange Commission. UTStarcom is in a period of transition and the conduct of its business is exposed to additional risks as a result. All forward-looking statements included in this release are based upon information available to UTStarcom as of the date of this release, which may change, and UTStarcom assumes no obligation to update any such forward-looking statement.
SOURCE UTStarcom, Inc.