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Alameda Company to Move from Bay Farm Island to Beijing

Yesterday, troubled telecom equipment maker UTStarcom announced that they would move from Alameda to Beijing, China.

The company, which has met declining fortunes since survivng the dot-com collapse, and which was fined last year by the Department of Justice over a bribery scandal, has secured investment from Beijing E-town International Investment and Development Co., Ltd (BEIID), an investment company established by the Beijing Municipality. The investment from BEIID is part of a $48.5 million investment from a three-party consortium.

Sources tell Action Alameda News that less than one hundred people remain in UTStarcom’s offices on Bay Farm island, down from a peak of over two hundred. Those employees, including CEO Peter Blackmore, who is retiring as CEO and President of the company, will lose their jobs unless they can transfer to Beijing.

UTStarcom stock (Nasdaq:UTSI) traded down two cents to $2.20 in after hours trading.

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