Borqs Technologies, Inc. receives up to US$150 million Line of Credit Offer For serving Borqs large customer pre-orders forec...
April 13 2020 - 9:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS), (the “Company”, or
“Borqs”), a global leader in embedded software and products for the
Internet of Things (IoT) industry, today announced that the Company
has received a line of credit offer of up to US$150 million from a
financing group for working capital needs for the Company’s
customer pre-orders forecasted at over US$100 million. The
orders are for mobile and IoT devices with Borqs’ embedded software
scheduled for delivery beginning in the 2nd quarter of 2020 and
extending into the year 2021.
The available funds will be primarily used for
Borqs development of customized hardware products, integrated with
the Company’s propriety software, to major international customers.
Such products include IoT and mobile terminal devices for the top
tier mobile carriers in the world, and other industrial products
specially designed for US, European and Asian customers. Some
of the customers are Fortune 500 companies and one of them is among
the largest electronics and specialty retailer in the US. The
products pre-ordered are smartphones, smartwatches, specialty
ruggedized smartphone for hazardous environment and other IoT
products including a personal safety alert device which is
particularly needed due to the current COVID-19 environment.
The Company is finalizing the final terms and
will disclose details of the above transaction upon its
completion.
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.
According to an article by InSight Success
(https://www.insightssuccess.com/borqs-leader-in-android-based-products-solutions-for-iot/):
“Borqs has strategic relationship with the leading chipset vendors
like Intel and Qualcomm that has helped Borqs to have an early
& deep understanding of the chipset capabilities to deliver
leadership innovation to targeted IoT devices…Their diversified
customer base includes mobile chipset manufacturers, mobile device
OEMs and mobile operators. This includes more than six mobile
chipset manufacturers (Intel, Qualcomm, Marvell, et al.,) and
29 connected device OEMs (LGE, Micromax, Acer, Motorola,
Vizio, etc.) in 11 countries with BorqsWare solutions embedded
in approximately more than 15 million units worldwide.”
The article further says: “Borqs has Android based platforms
optimized for different category of devices & cloud services
platform for IoT. Borqs is a prime deliverer of end-to-end
capabilities across ideation, design, development, production,
connectivity services and distribution. Their software IP and
enhancements provide the ability to rapidly deliver customized and
premium user experiences, and they have the ability to accelerate
monetization of IP in hardware and firmware through proprietary
modules.”
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 consummate the line of credit transaction on terms
favorable to the Company or at all, the possibility that the
Company may not receive actual orders in the amounts forecasted
herein, 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 DouDirector of FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
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