BLUE BELL, Pa., June 13, 2011 (GLOBE NEWSWIRE) -- UniTek Global Services, Inc. ("UniTek" or the "Company") (Nasdaq:UNTK), a premier provider of permanently outsourced infrastructure services to the telecommunications, broadband cable, wireless, two-way radio, transportation, public safety and satellite industries, today announced that it will join the U.S. broad-market Russell 3000® Index when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 24, 2011, according to a preliminary list of additions posted on June 10 on the Russell website at www.russell.com/indexes.
The annual reconstitution of Russell's U.S. indexes captures and ranks the 4,000 largest U.S. stocks by total market capitalization as of the end of May. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. Russell determines membership for these equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell 3000 also serves as the U.S. component to the Russell Global Index.
"We are pleased with UniTek's addition to the Russell indexes, which we believe will help increase the Company's visibility among investors as we continue to grow our business and expand our shareholder base," said C. Scott Hisey, UniTek's Chief Executive Officer. "We have a number of exciting initiatives planned for the second half of 2011 as we work to continue building shareholder value."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. According to Russell Investments, an industry-leading $3.9 trillion in institutional assets currently are benchmarked to its indexes. These investment tools originated from Russell's multi-manager investment business in the early 1980s when Russell Investments saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.
More information about Russell Indexes, including total returns, is available at http://www.russell.com/Indexes/data/default.asp.
About UniTek Global Services
UniTek Global Services is a provider of engineering, construction management and installation fulfillment services to companies specializing in the telecommunications, broadband cable, wireless, two-way radio, transportation, public safety and satellite industries. UniTek has created a scalable operating platform, enabling each UniTek subsidiary to deliver quality services to its Fortune 200 customers. UniTek, based in Blue Bell, PA, utilizes a diverse workforce of over 5,400 deployed in over 106 locations in the United States and Canada. www.unitekgs.com
About Russell:
Russell Investments provides strategic advice, world-class implementation, state-of-the-art performance benchmarks and a range of institutional-quality investment products. Russell has about $161 billion in assets under management as of March 31, 2011, and serves individual, institutional and advisor clients in more than 35 countries. Founded in 1936, Russell is a subsidiary of The Northwestern Mutual Life Insurance Company.
Forward-Looking Statements
The statements in this press release that are not historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, operating performance, general financial, economic, and political conditions affecting the Company's business and its target industries, the ability of the Company to perform its obligations under its contracts and agreements with customers and other risks contained in reports filed by the Company with the Securities and Exchange Commission, including in our Form 10-K for the year ended December 31, 2010. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
CONTACT: The Piacente Group, Inc. | Investor Relations Brandi Floberg | Lee Roth (212) 481-2050 unitek@tpg-ir.com