Borqs Technologies Company Updates

SANTA CLARA, Calif., Feb. 10, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, provides the following updates on the Company’s core business activities.

• The Company’s micro-electronics manufacturing line at the Huzhou South Taihu New Area of Zhejiang Province is up and running with a capacity of 100,000 units per month. The current products being produced are smart control devices for use by utility companies in grid interactive water heater programs in the U.S. These devices will play an important role in smart cities in terms of energy savings.
  
  
  
  
• In Nov 2021, the Company reported that it has received $15 million of purchase orders from a reputable U.S. Fortune 500 Company to supply multiple models of enterprise Android based handheld computer products for the U.S., EU and Asian markets. Subject to the pending availability of components, may deliver up to 20% of the order by year end 2021, with the bulk to be completed by 1st half of 2022.
  
  

As of December 31, 2021 the Company completed 20% of the $15 million purchase order from the Fortune 500 customer. The remaining balance of 80% of the order will be completed in the first two calendar quarters of 2022.

• The Company’s solar energy storage business unit, Holu Hou Energy (HHE), has commenced the pilot phase of a large-scale solar project in Hawaii. While continuously growing its business presence in Hawaii, HHE’s management team is evaluating the business opportunities in the continental U.S. market.
  
  

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.

Borqs recently acquired controlling interests in a solar energy storage systems company in the U.S.

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 “forecasts”, “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should”, “estimates” 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 positive financial results from business activities as described herein may not be reached 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 Dou

Vice President of Corporate Finance

Borqs Technologies, Inc.