Universal Electronics (NASDAQ:UEIC) has entered into a warrants agreement with Comcast (NASDAQ:CMCSA) as an extension of its partnership in developing advanced technology products with the MSO.
The agreement follows a development and supply collaboration renewed this year, in which UEI supplies the voice remote as part of Comcast's X1 Entertainment Operating System. In anticipation of continued sales growth, Comcast now has the opportunity to acquire shares of capital stock from UEI tied to the potential fulfillment of pre-defined purchase milestones under the terms of the warrants agreement.
"This agreement represents a major milestone in our history," said Paul Arling, chairman and CEO of Universal Electronics. "We are privileged to have helped Comcast's X1 redefine the entertainment viewing experience, and we are now positioned to provide innovative products across Xfinity Home as well."
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