Borqs Technologies Received Purchase Order of Over US$15 Million For Mobile Point-Of-Sale Device in India
August 24 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 it has
received a purchase order of more than US$15M to supply mobile
point of sale (POS) IoT devices for the India market.
Borqs designed and developed the POS IoT device
with key technologies which will work particularly for the India
market, including the latest radio bands, payment methods, etc. The
POS device has passed global mobile payment certifications and
India mobile operator certifications.
Borqs expects the mobile POS market to grow very
rapidly. According to Statista, “Transaction value in the Mobile
POS Payments segment in India is projected to reach US$11,594m in
2020. Transaction value is expected to show an annual growth rate
(CAGR 2020-2024) of 42.5% resulting in a projected total amount of
US$47,749m by 2024. The number of users is expected to amount to
359.6m by 2024.”
* Mobile POS Payments
(India)https://www.statista.com/outlook/331/119/mobile-pos-payments/india
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 on terms favorable to the Company or at all, the
possibility that the Company may not receive actual orders in the
amounts forecasted previously, the possibility that the Company may
not be able to deliver the contracted devices to satisfy the 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.netwww.borqs.com
Borqs Technologies (NASDAQ:BRQS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Borqs Technologies (NASDAQ:BRQS)
Historical Stock Chart
From Jul 2023 to Jul 2024