Borqs Technologies Shipped Mobile Point-of-Sale Devices to the Largest Mobile Operator in India
January 19 2022 - 09:30AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions, and innovative clean energy, with operations in
the U.S., India and China, today announced that it has shipped more
than US$3 million value of mobile point-of-sales (POS) devices to
the largest mobile operator, one of the Fortune 500 companies, in
India in December 2021.
Borqs designs the POS IoT device with key
technologies to work particularly for the India market, including
the latest radio bands, payment methods, etc. Borqs’s POS device
has passed India’s mobile payment certifications and mobile
operator certifications.
Borqs currently employs approximately 300 staff
worldwide, with more than 73% in India, 7% in the US, and 20% in
China and other markets. The Company believes that the India market
is strategic and critical to the Company’s business. Historically
the India market and the U.S. market have been contributing the
majority of revenue to the Company.
India is one of the fastest growing economies in
the world and offers great potential for business opportunities.
Along India’s economic growth, an increasing number of people are
moving up to the middle class and with rising disposable income.
India's middle class is expected grow to 580 million people by
2025. Under the growing consumer spending trend in India, Borqs’s
relationship with the largest India mobile operator will continue
to help the Company to expand its IoT products in India.
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products. The Company is also currently in development of 5G
products for phones and hotspots.
Borqs recently acquired controlling interests in
a solar energy storage systems company in the U.S.
Forward-Looking Statements and
Additional InformationThis press release includes
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “expects”, “believes”, “anticipates”,
“intends”, “estimates”, “predicts”, “seeks”, “may”, “might”,
“plan”, “possible”, “should” and variations and similar words and
expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. Such forward-looking statements
relate to future events or future results, based on currently
available information and reflect our management’s current beliefs.
Many factors could cause actual events or results to differ
materially from the events and results discussed in the
forward-looking statements, including the possibility that the
revenues from business activities as described herein may not be
reached or at all, and the negative impact of the COVID-19 pandemic
on the Company’s supply chain, revenues and overall results of
operations, so the reader is advised to refer to the Risk Factors
sections of the Company’s filings with the Securities and Exchange
Commission for additional information identifying important factors
that could cause actual results to differ materially from those
anticipated in the forward-looking statements. Except as expressly
required by applicable securities law, the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Investor Contact:Sandra DouVice President of Corporate
FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net
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