Borqs Technologies Engineered Ruggedized Mobile Phones for Use in Hazardous Environments Recently Certified by Two of the La...
June 29 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, announced that the intrinsically
safe mobile rugged phones which it developed for its German
technology partner has passed the stringent certification of two of
the largest mobile operators in North America. Borqs has started to
deliver products ordered by the German technology partner and is
ramping up production rapidly.
In April this year, Borqs has announced that it
has formed a partnership with a leading German partner for its
Intrinsically Safe Mobile Devices and has supplied key technologies
which enable the German partner to deliver rugged enterprise-class
mobile products that can be used in hazardous areas, with high
levels of expertise and reliability in demanding projects in the
field of explosion-shielded products. As a partner to customers
from the most diverse sectors, which include the chemical,
petrochemical, pharmaceutical and mining industries, Borqs’
technologies are used in the German partner’s market-winning
Android smartphones. One of these phones is the world’s first
intrinsically safe smartphone for Zone 1/21 and Div. 1 areas that
meets Google’s sophisticated Android Enterprise Recommended (AER)
validation. The devices together with the accessories provide a
wide range of safe and reliable mobile instruments for measuring
and calibrating inside and outside hazardous parameters, ranging
from the multimeter to devices for measuring temperature, pressure
and rpm, plus pressure, current loop and process calibrators, etc.
These orders will be filled in the second half of 2020 and also
into 2021.
Pat Chan, Chairman and CEO of Borqs stated:
“This is a testimony of Borqs’ technological capabilities in
designing and manufacturing state-of-the-art mobile devices for the
most advance applications and for the most demanding markets such
as North America. This product for our German partner
contributes substantially to our diverse revenue stream from large
customers.”
According to the Mordor Intelligence Report,
“The intrinsically safe equipment market was valued at USD
2.52 billion in 2019 and is expected to reach USD 3.83
billion by 2025, at a CAGR of 7.5% over the forecast period
2020 - 2025. The increasing usage in all the
hazardous zones, with a significant amount of flexibility and
cost-effectiveness, is anticipated to drive the market in the
future.”
Mordor Intelligence Report – Intrinsically Safe
Equipment Market – Growth, Trends, and Forecast (2020 – 2025).
https://www.mordorintelligence.com/industry-reports/intrinsically-safe-equipment-market-industry
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 consummate its previously announced line of credit
transaction and other investment opportunities on terms favorable
to the Company or at all, the possibility that the Company may not
receive actual orders in the amounts forecasted, the possibility
that the Company may not be able to deliver its wearable device to
satisfy the increased demand forecasted, 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
Borqs Technologies (NASDAQ:BRQS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Borqs Technologies (NASDAQ:BRQS)
Historical Stock Chart
From Apr 2023 to Apr 2024