UTStarcom Appoints New Chief Financial Officer
May 4, 2010 (PR Newswire) --
ALAMEDA, Calif., May 4 /PRNewswire-Asia-FirstCall/ -- UTStarcom, Inc.
(Nasdaq: UTSI), today announced the appointment of Edmond Cheng as Senior Vice
President, Chief Financial Officer.
Mr. Cheng replaces Kenneth Luk, who has resigned from the CFO position due
to personal reasons. Mr. Luk plans to leave the company after the filing of
the Company's Quarterly Report on Form 10-Q for the quarterly period ended
"We are extremely pleased to welcome Edmond to UTStarcom's management
team," said Peter Blackmore UTStarcom's chief executive officer and president.
"He brings a wealth of financial and management expertise as well as the track
record of a successful CFO. His experience working with leading Asia based
global companies such as Zoomlion and PSA International to sustain and drive
profitable growth will be valuable in driving the long-term growth strategy
for UTStarcom."
Mr. Cheng has over 25 years of financial and operations experience
covering Asia Pacific, Europe and North America. He joins UTStarcom from
Zoomlion, a publicly listed company on the Shenzhen Stock Exchange where he
served as chief financial officer. From 1985 to 2005, he held various
progressive financial and operational positions at Applied Materials, Compaq
Computers, GTE, Ingram Micro and Mallinckrodt including vice president finance
and divisional chief financial officer. He has also held chief financial
officer roles at Titan Petrochemicals Group Limited and PSA International Pte.
Ltd. Mr. Cheng received a B.B.A. in Accounting and Management Information
System from the University of Hawaii as well as a Masters of Accounting. He is
a certified public accountant.
UTStarcom is a global leader in IP-based, end-to-end networking solutions
and international service and support. The Company sells its solutions to
operators in both emerging and established telecommunications markets around
the world. UTStarcom enables its customers to rapidly deploy
revenue-generating access services using their existing infrastructure, while
providing a migration path to cost-efficient, end-to-end IP networks.
Founded in 1991 and headquartered in Alameda, California, the Company has
research and development operations in the United States, China, and India.
For more information about UTStarcom, visit the Company's Web site at
http://www.utstar.com .
This release includes forward-looking statements, including statements
regarding profitable growth and the Company's long-term strategy. These
statements are forward-looking in nature and subject to risks and
uncertainties that may cause actual results to differ materially. These risks
include the ability of the Company to realize anticipated results of
operational improvements, increase bookings, successfully transition to a new
management team and headquarters location and execute on its business plan as
well as risk factors identified in its latest Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with
the Securities and Exchange Commission. The Company is in a period of
significant transition and in 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 the Company as of the date of
this release, which may change, and we assume no obligation to update any such
forward-looking statement.