Borqs Technologies Began Construction of R&D and Manufacturing Facilities at the 5G Industrial Park Project in Huzhou, China
May 05 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 the Company has
started construction with matching funds from the Huzhou South
Taihu New Development Authorities 5G Industrial Park Project (the
“Huzhou 5G Project”) for a R&D center and manufacturing
facilities to be completed within the second calendar quarter of
2021.
Construction and renovation activities which
began in January 2021 kicked off the first phase of cooperation
between Borqs and the Huzhou 5G Project that was signed on November
28 last year, in which the Company will be provided a rent-free
facility of 5,500 sq.mtr. for 2.5 years. Borqs will recruit
engineers and technicians for the facilities beginning in June
2021. Once completed, the Company will aim to reduce operational
costs by gradually bringing in-house at Huzhou manufacturing
activities that are currently outsourced.
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 beautiful 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
Company will not complete the cooperation as described or 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
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