Business
UTStarcom Reports Unaudited Financial Results for First Half of 2021
HANGZHOU, China, Aug. 13, 2021 (GLOBE NEWSWIRE) -- UTStarcom (“UT” or the “Company”) (NASDAQ: UTSI), a global telecommunications infrastructure provider,
About this update from Utstarcom Holdings Corp
[{"type":"text","content":"HANGZHOU, China, Aug. 13, 2021 (GLOBE NEWSWIRE) -- UTStarcom (“UT” or the “Company”) (NASDAQ: UTSI), a global telecommunications infrastructure provider, today reported its unaudited financial results for the six months ended June 30, 2021, and provided a business update. Business Update Development of a Disaggregated Hardware Platform for 5G Transport Networks. In November 2020, UTStarcom announced that it secured a win of a RFP for joint development of a disaggregated platform for 5G transport with one of the major telecom operators in China. UTStarcom also completed hardware development and delivered first batch of test units to the customer for software integration and testing. Subsequently, the Company signed a strategic long-term cooperation agreement with the research institute of this operator, and expects to receive an initial order for a volume shipment of these products in the remainder of 2021. Progress in the development of Network Operating System (NOS) Software. In December 2020, UTStarcom announced that it achieved an important milestone in its cooperation with the research institute of one of the major mobile network operators (MNO) in China. The Company completed Phase 1 development and integration of the disaggregated network solution and successfully passed the acceptance testing with the customer. In the beginning of 2021, the Company entered into a strategic cooperation framework agreement with the research institute and a switching chip supplier. At present, the Company is diligently developing extended NOS features for the customer. Update on Cooperation with a Mobile Operator in Europe. In January 2021, UTStarcom announced that it expanded its cooperation with a mobile operator in Europe to supply an advanced networking platform in support of the operator’s 5G deployment requirements. In connection with the deployment, the Company also announced the release of the NetRing® TN704E metro access platform, the newest member of its SDN-enabled packet optical transport network product family. The NetRing® TN704E platform is a key component of the mobile backhaul network expansion project with the mobile operator in Europe. The Company received an order for an initial batch of TN704E products as well as for network expansion based on other types of products including TN705E. India Receivable. The Company contin...