Borqs Technologies Company Updates
February 10 2022 - 9:30AM
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, provides the
following updates on the Company’s core business activities.
- The Company’s micro-electronics
manufacturing line at the Huzhou South Taihu New Area of Zhejiang
Province is up and running with a capacity of 100,000 units per
month. The current products being produced are smart control
devices for use by utility companies in grid interactive water
heater programs in the U.S. These devices will play an important
role in smart cities in terms of energy savings.
- In Nov 2021, the Company reported
that it has received $15 million of purchase orders from a
reputable U.S. Fortune 500 Company to supply multiple models of
enterprise Android based handheld computer products for the U.S.,
EU and Asian markets. Subject to the pending availability of
components, may deliver up to 20% of the order by year end 2021,
with the bulk to be completed by 1st half of 2022.
As of December 31, 2021 the Company completed
20% of the $15 million purchase order from the Fortune 500
customer. The remaining balance of 80% of the order will be
completed in the first two calendar quarters of 2022.
- The Company’s solar energy storage
business unit, Holu Hou Energy (HHE), has commenced the pilot phase
of a large-scale solar project in Hawaii. While continuously
growing its business presence in Hawaii, HHE’s management team is
evaluating the business opportunities in the continental U.S.
market.
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 “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” 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
positive financial results 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 www.borqs.com
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