Borqs Technologies Engineered Ruggedized Mobile Phones for Use in Hazardous Environments Recently Certified by Two of the Largest North American Mobile Operators
SANTA CLARA, Calif., June 29, 2020 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS), (the “Company”, or “Borqs”), a global leader in embedded software and products for the Internet of Things (IoT) industry, announced that the intrinsically safe mobile rugged phones which it developed for its German technology partner has passed the stringent certification of two of the largest mobile operators in North America. Borqs has started to deliver products ordered by the German technology partner and is ramping up production rapidly.
In April this year, Borqs has announced that it has formed a partnership with a leading German partner for its Intrinsically Safe Mobile Devices and has supplied key technologies which enable the German partner to deliver rugged enterprise-class mobile products that can be used in hazardous areas, with high levels of expertise and reliability in demanding projects in the field of explosion-shielded products. As a partner to customers from the most diverse sectors, which include the chemical, petrochemical, pharmaceutical and mining industries, Borqs’ technologies are used in the German partner’s market-winning Android smartphones. One of these phones is the world’s first intrinsically safe smartphone for Zone 1/21 and Div. 1 areas that meets Google’s sophisticated Android Enterprise Recommended (AER) validation. The devices together with the accessories provide a wide range of safe and reliable mobile instruments for measuring and calibrating inside and outside hazardous parameters, ranging from the multimeter to devices for measuring temperature, pressure and rpm, plus pressure, current loop and process calibrators, etc. These orders will be filled in the second half of 2020 and also into 2021.
Pat Chan, Chairman and CEO of Borqs stated: “This is a testimony of Borqs’ technological capabilities in designing and manufacturing state-of-the-art mobile devices for the most advance applications and for the most demanding markets such as North America. This product for our German partner contributes substantially to our diverse revenue stream from large customers.”
According to the Mordor Intelligence Report, “The intrinsically safe equipment market was valued at USD 2.52 billion in 2019 and is expected to reach USD 3.83 billion by 2025, at a CAGR of 7.5% over the forecast period 2020 - 2025. The increasing usage in all the hazardous zones, with a significant amount of flexibility and cost-effectiveness, is anticipated to drive the market in the future.”
Mordor Intelligence Report – Intrinsically Safe Equipment Market – Growth, Trends, and Forecast (2020 – 2025).
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 and other investment opportunities on terms favorable to the Company or at all, the possibility that the Company may not receive actual orders in the amounts forecasted, the possibility that the Company may not be able to deliver its wearable device to satisfy the increased 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 Dou
Director of Finance
Borqs Technologies, Inc.
