Borqs Technologies is Granted Land Use Rights for 5G/IoT and Electric Vehicle Development
November 08 2021 - 09:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G semiconductor chip design, Internet of
Things (IoT) solutions, and innovative clean energy, today
announced that the Company’s wholly owned subsidiary, Borqs Hong
Kong Limited, has been granted land use rights for about 1.4
million sq. ft. in Huzhou, China, a city located in the Yangtze
River Delta. With about 1/10 of China's population and 1/5 of the
country's GDP, the Yangtze River Delta is one of the fastest
growing industrial regions in the world.
According to the grant agreement, the land use
rights granted to Borqs’s 5G Industrial Park are valued at US$10.5
million and will be developed in two phases. The first phase will
be particularly for IoT and 5G technologies, the construction of
which is planned to commence in 2022 and to be completed by the end
of 2023. The second phase is planned to begin construction
thereafter particularly for software and hardware products for the
electric vehicle industry.
The total construction space is targeted to be
about 2.2 million sq. ft. and is estimated to cost about US$125
million. Borqs is actively selecting and evaluating bids from
developers for the industrial park. This project aligns the Company
with future growth along the macroeconomic trends and the
continuously increasing demands for connected solutions and
achieving a zero carbon economy.
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.
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 real
estate development projects as mentioned may not be successfully
negotiated to the advantage of the Company or completed to the
extent intended 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.netwww.borqs.com
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