Borqs Technologies Signed Official Agreement for 5G Industrial Park Project in South Taihu New Area of Zhejiang Province, Chi...
December 02 2020 - 7:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, the “Company”), a global
provider of embedded software and products for the Internet of
Things (IoT), today reported that the Company has signed the
official agreement for cooperation with the Huzhou South Taihu New
Area for a 5G Industrial Park Project.
This project will be implemented in two phases.
In the first phase, a 5G R&D center and production plant will
be established. The Joint Venture will be provided a rent-free
facility of 5,500 sq.mtr. for 2.5 years. In the second phase, the
Joint Venture will construct the Borqs 5G Industrial Park and the
Joint Venture will be granted 13,000 sq.mtr. of commercial and
residential land to be used as the communication center and guest
building.
With the agreement in place, the Company will
immediately setup joint-venture operational facilities in the South
Taihu New Area for its 5G activities, including sales, R&D
center, and manufacturing in the new industrial park. The local
government will reimburse the costs of relocation and provide
grants for purchasing and leasing of equipment. Most importantly,
the government will work with local banks to support the Company
with supply chain purchasing credits at prevailing interest rates
for the Company’s manufacturing needs.
“The timing of this support is crucial as our
Company plans to ramp up our product sales in 2021. The Joint
Venture will play an important role in the growth of the Company,”
said Pat Chan, Chairman & CEO of Borqs Technologies.
About Huzhou
South Taihu New Area of Zhejiang
province, China
The 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 consummate the joint-venture 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 DouDirector of FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
A photo accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/0a9a7a52-846e-4246-83fb-c6b77d57babe
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