Borqs’ Mobile Virtual Network Operator Business Unit Awarded Commercial MVNO License
July 25 2018 - 9:00AM
Borqs Technologies, Inc. (NASDAQ:BRQS) — a global leader in
embedded software, products and cloud solutions for the Internet of
Things (IoT), announced today that, on July 23, 2018, Yuantel
Telecommunications, its subsidiary that operates its mobile virtual
network operator (MVNO) business, was awarded the official
commercial MVNO license from the Ministry of Industry and
Information Technology (MIIT) of the People’s Republic of China.
The license is valid from July 12, 2018 until July 12, 2023.
After successfully completing a four year trial period, Borqs’ MVNO
Business Unit can now begin a new era in the global
telecommunications market.
Since the beginning of its MVNO business, Borqs
has continuously focused on innovative business models as well as
developing the key technologies, such as the patented eSIM IoT SDK,
to deploy IoT products to its MVNO network of customers and
partners. Borqs’ MVNO business unit is the second largest in China
among the licensees, as measured by the number of subscribers,
settlement volume, and quality of service.
“The official commercial MVNO license is a key
milestone for the Company's MVNO Business Unit as well as the
Connected Solutions Business Unit. First of all, I would like to
thank my team for their perseverance to drive innovation,” said Pat
Chan, founder and CEO of Borqs. “We firmly believe that the MVNO
opportunity in China is in the cradle stage and the opportunity is
enormous. Borqs is uniquely positioned to provide the needed
technologies and business models to enable our customers to deploy
their IoT products in our MVNO network easily and seamlessly.”
Borqs’ strategic partnerships with Qualcomm and
Intel have provided the Company with early access to the latest
chipsets, enabling early time-to-market of IoT devices using these
chipsets. Borqs’ broad customer base and target markets include
OEMs such as Sonim and Fossil, mobile operators like AT&T and
Sprint in the U.S. and Reliance Jio in India, and IoT solution
providers to various vertical segments.
“The issuance of the official license is
definitely a major milestone, and reflects the government’s
recognition of our exploration and innovation for the MVNO business
in the past four years,” said Jason Wang, President of the
Connectivity Business Unit. “We will continue to strengthen
our platform openness and innovation to provide differentiated
products and services for IoT.”
For more information about Borqs, visit:
www.borqs.com.
About Borqs: Borqs Technologies
(NASDAQ:BRQS) is a global leader in software and products for 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 designs, develops and provides turnkey solutions
across device form factors such as smartphones, tablets,
smartwatches, trackers, automotive in-vehicle infotainment and
vertical application devices (for restaurants, payments, et
al.). For more information, please visit the Borqs website
(http://www.borqs.com).
Forward-Looking Statements:
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 may relate to future events or future
results, based on currently available information and reflect our
managements’ 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, without
limitation, market acceptance of our products and services,
competition from existing products or new products that may emerge,
the implementation of our business model and strategic plans for
our business and our products, estimates of our future revenue,
expenses, capital requirements and our need for financing, our
financial performance, and current and future government
regulations, developments relating to our competitors, so the
reader is advised to refer to the Risk Factors sections of the
Company’s filings with the U.S. 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 or revise any forward-looking statements whether as a result
of new information, future events or otherwise.
Borqs Contacts:
Michelle Wang, Market Communications
Email: michelle.wang@borqs.net
Sandra Dou, Investor Relations
Email: sandra.dou@borqs.net
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