UTStarcom Announces Company Stock Repurchase Program of Up to $20M; Management Stock Repurchase Program of Up to $0.5M

UTStarcom Holdings Corp. UTSI today announced that its board of directors has approved a stock repurchase program of up to $20 million of its outstanding stock over the next 12 months. The stock repurchase program was approved by UTStarcom's board of directors on August 12, 2011, and became effective on August 15, 2011, for twelve months, through August 15, 2012. In addition, UTStarcom's management team, which includes executive officers and senior executives of the Company, will purchase up to $0.5 million of the UTStarcom's outstanding stock using personal funds over the next 12 months.