Borqs Technologies Began Construction of R&D and Manufacturing Facilities at the 5G Industrial Park Project in Huzhou, China
Borqs Technologies, Inc. (Nasdaq: BRQS) has commenced construction on a research and development center as part of the Huzhou 5G Industrial Park Project. This initiative, which began in January 2021, will provide Borqs with a rent-free facility for 2.5 years, facilitating operational cost reductions by in-sourcing previously outsourced manufacturing activities. Construction is expected to be completed by the second quarter of 2021, with the recruitment of engineers starting in June. The company aims to enhance its IoT product offerings, including the development of 5G solutions.
- Initiated construction of R&D center and manufacturing facilities.
- Receiving rent-free facility for 2.5 years.
- Aiming to reduce operational costs by bringing manufacturing in-house.
- Recruiting engineers and technicians starting June 2021.
- Risk of not completing the cooperation as planned.
- Potential negative impact from COVID-19 on supply chain and revenues.
SANTA CLARA, Calif., May 05, 2021 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of embedded software and products for the Internet of Things (IoT), today reported that the Company has started construction with matching funds from the Huzhou South Taihu New Development Authorities 5G Industrial Park Project (the “Huzhou 5G Project”) for a R&D center and manufacturing facilities to be completed within the second calendar quarter of 2021.
Construction and renovation activities which began in January 2021 kicked off the first phase of cooperation between Borqs and the Huzhou 5G Project that was signed on November 28 last year, in which the Company will be provided a rent-free facility of 5,500 sq.mtr. for 2.5 years. Borqs will recruit engineers and technicians for the facilities beginning in June 2021. Once completed, the Company will aim to reduce operational costs by gradually bringing in-house at Huzhou manufacturing activities that are currently outsourced.
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 complete the cooperation 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 Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net
www.borqs.com
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