Borqs Technologies Forms Joint Venture to Develop 1.9 million sq.ft., $110 million 5G Industrial Park Project in Huzhou, China
July 22 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 announced that the Company, through a joint
venture with the Huzhou, China government, is receiving bids from
several real estate developers to build out a 1.9 million sq.ft.,
US$110 million 5G Industrial Park in Huzhou, China. The US$110
million value includes the Company’s 1.7 million sq.ft. of land-use
rights granted Borqs by the Huzhou South Taihu New Area government.
The development will include a research and office complex,
manufacturing facilities, convention center and hotels.
Borqs is targeting its leasing efforts at
cutting-edge technology companies and is actively in discussions
with companies in robotics, auto-drive software, artificial
intelligence for health inspection, remote controlled security
systems, sensor technologies for smart cities, and incubators for
various 5G technologies.
The Borqs JV entity with the Huzhou authorities
is authorized to manage the development project and is expected to
retain between 20% to 30% ownership of the facilities. The
developer bidding and selection process is expected to conclude in
the third quarter.
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 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 InformationThis 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 real
estate development projects as mentioned may not be successfully
negotiated to the advantage of the Company or completed to the
extent intended or at all, and the negative impact of the COVID-19
pandemic 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.netwww.borqs.com
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