Borqs Technologies Receives 1.7 Million sq.ft. Land Use Rights for the 5G Industrial Park Project in Huzhou, China
June 07 2021 - 8:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of embedded software and products for the
Internet of Things (IoT) and a portfolio company of Qualcomm
Technologies, today reported that the Company has signed a
supplementary agreement with the Huzhou South Taihu New Development
Commission in which Borqs is granted land use rights to 240 Chinese
acres (equivalent to 1.7 million sq. ft.) to build up a 5G
Industrial Park particularly for 5G mobile technologies R&D and
incubation activities, IoT products manufacturing and showcases, as
well as hosting facilities for visitors. The first phase of product
assembly facilities has already begun and is anticipated to be
operational by the end of June 2021.
As previously disclosed in December last year
that the Company is in cooperation with the Huzhou authorities for
development of the latest mobile technologies and IoT products,
this award is one of only five such grants made by Huzhou to
commercial enterprises. The 1.7 million sq.ft. of land use rights
will be provided to Borqs at the lowest allowable pricing. The
Company is authorized to manage all procurement of the project
including the solicitation of real estate developers and business
participants, and is also anticipated to recruit graduates from the
academic institutions in the Huzhou area.
Borqs is listed among the Qualcomm Technologies
portfolio companies in IoT
(https://www.qualcommventures.com/portfolio/) as “Borqs
International Holding Corp., is a global leader in IoT platform and
Solutions 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 unique
strategic chipset partner relationships as well as its broad
software and IP portfolio.”
About Huzhou South Taihu New Area of
Zhejiang province, ChinaThe 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.
Further About Borqs Technologies,
Inc.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 complete the cooperation as described or may not
be able to engage developers and businesses as 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 DouVice President of Corporate FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
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