Borqs Technologies Received Purchase Order of Over US$15 Million For Mobile Point-Of-Sale Device in India

Rhea-AI Summary

Borqs Technologies, Inc. (BRQS) announced a purchase order exceeding US$15M for mobile point of sale (POS) IoT devices aimed at the Indian market. The device is tailored to meet local needs, having passed various certifications. The mobile POS market in India is projected to grow significantly, with transaction volumes expected to reach US$47,749m by 2024, reflecting a CAGR of 42.5%. Borqs aims to capitalize on this growth with its innovative offerings, supported by strong relationships with chipset partners and a robust software portfolio.

Positive

• Received a $15M purchase order for mobile POS IoT devices.
• The device has passed global mobile payment certifications.
• Mobile POS market in India is projected to show a CAGR of 42.5% from 2020 to 2024.

Negative

• Risks related to the supply chain and potential revenue impacts from COVID-19.
• Possibility of not receiving actual orders as forecasted.

SANTA CLARA, Calif., Aug. 24, 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, today announced that it has received a purchase order of more than US$15M to supply mobile point of sale (POS) IoT devices for the India market.

Borqs designed and developed the POS IoT device with key technologies which will work particularly for the India market, including the latest radio bands, payment methods, etc. The POS device has passed global mobile payment certifications and India mobile operator certifications.

Borqs expects the mobile POS market to grow very rapidly. According to Statista, “Transaction value in the Mobile POS Payments segment in India is projected to reach US$11,594m in 2020. Transaction value is expected to show an annual growth rate (CAGR 2020-2024) of 42.5% resulting in a projected total amount of US$47,749m by 2024. The number of users is expected to amount to 359.6m by 2024.”

* Mobile POS Payments (India)
https://www.statista.com/outlook/331/119/mobile-pos-payments/india

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 on terms favorable to the Company or at all, the possibility that the Company may not receive actual orders in the amounts forecasted previously, the possibility that the Company may not be able to deliver the contracted devices to satisfy the 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.
sandra.dou@borqs.net
www.borqs.com

FAQ

What is the recent announcement by Borqs Technologies (BRQS)?

Borqs Technologies announced a purchase order worth over US$15M to supply mobile POS IoT devices for the Indian market.

What growth is expected in the mobile POS market in India?

The mobile POS market in India is projected to grow at a CAGR of 42.5%, reaching US$47,749m by 2024.

What certifications did Borqs' mobile POS device achieve?

The device has passed global mobile payment certifications as well as India mobile operator certifications.

How much is the purchase order Borqs received for its POS devices?

Borqs received a purchase order exceeding US$15M for its mobile POS IoT devices.