Borqs Technologies Completes Manufacturing Facilities at the 5G Industrial Park Project in Huzhou, China
July 07 2021 - 8:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of embedded software and products for the
Internet of Things (IoT), today reported that construction of the
Company’s new manufacturing facilities in Huzhou, China has been
completed.
For the first time since its founding in 2007,
the Company has its own micro-electronics manufacturing line.
Located at Huzhou South Taihu New Area of Zhejiang province, the
facilities are intended to lower production costs instead of using
contracted third-party facilities. Certain manufacturing activities
will immediately be moved in-house. This initial phase has the
capacity of up to 700,000 units of products per year depending on
complexity, and can easily scale up as demand increases.
About Huzhou South Taihu New Area of
Zhejiang province, ChinaThe South Taihu New Area of Huzhou
City was officially established on June 2, 2019 and is one of the
four new areas established by the provincial government. It is
located in the northern part of Zhejiang Province at the south
shore of the Taihu Lake, with a total planning area of 225 square
kilometers. Accessible by high speed railway and five express
highways, the area is also connected with the inland water
transportation channels in China. There are four international
airports around the new area, including Hongqiao and Pudong in
Shanghai, Xiaoshan in Hangzhou and Lukou in Nanjing.
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.
Forward-Looking Statements and
Additional Information
This 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 new
facilities will not lower production costs to the extent intended
or at all, that the Company may not receive actual orders in any
amounts expected, and the negative impact of the coronavirus 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.netwww.borqs.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/14247cd2-8459-4beb-99d4-d511487b619f
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