UT to complete the sale of Hangzhou assets transaction

US Eastern Time May 26 8:00 (Beijing time May 26 20:00) News, UT Starkon (NASDAQ:UTSI) announced today that it has completed the sale of some of Hangzhou's assets to the South China group, the ownership of related assets has been transferred to the South China group. According to the terms of the transaction, UT will sell 2.6 million square feet of production, research and administration buildings, as well as some of the other assets associated with it, to the South China group, trading at a total price of 950 million yuan (about 140 million U.S. dollars), net after-tax value of 900 million yuan (about 132 million U.S. dollars). So far, UT Kangda has received 855 million yuan, the relevant tax has been paid. The balance will be paid after the asset acceptance and handover. According to previously disclosed information, after the completion of the transaction, UT will be in the rental part of the office to maintain the operation in Hangzhou.　　The return is expected to commence on May 27. "We are happy to meet our commitment to use underutilized facilities in Hangzhou to get funding," said Peter Blackmore, UT's CEO, Pitt Blackmore. Through this large cash infusion, UT will strengthen its balance sheet and gain a better position in the competition. "In this transaction, the Jones Act ut the real estate consultant of the Union. (Chu Yue)