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Borqs Technologies, Inc. (Nasdaq: BRQS) is a leading global provider in the Internet of Things (IoT) and 5G solutions space. The company specializes in creating customizable, differentiated, and scalable Android-based smart connected devices and cloud service solutions. Leveraging its strategic partnerships with major chipset manufacturers and its extensive software and intellectual property (IP) portfolio, Borqs is recognized as an innovative end-to-end IoT solutions provider.
Borqs' unique Android Licenses allow it to develop a comprehensive software IP library that enhances chipset software, domain-specific usage, and system performance optimization. This library supports both large-scale and low-volume customized products. Currently, Borqs is working on developing 5G products for phones and hotspots, further solidifying its position in the market.
The company has achieved significant milestones, including multiple non-binding indications of interest for its stake in Holu Hou Energy LLC (HHE). Selected potential buyers are now participating in the second round of due diligence and negotiations for the complete divestment of Borqs' interest in HHE.
Financially, Borqs continues to strengthen its position through various strategic initiatives and partnerships. Despite challenges in the international business environment that may impact the supply chain, Borqs remains focused on delivering positive financial results.
For the latest updates and more detailed information, you can contact Sandra Dou, Vice President of Corporate Finance, at IR@borqs.com or visit their website at www.borqs.com.
Borqs Technologies (BRQS) announced that its subsidiary, Borqs Hong Kong Limited, has received land use rights for 1.4 million sq. ft. in Huzhou, China, valued at $10.5 million. The project will be developed in two phases, focusing first on IoT and 5G technologies, with construction set to begin in 2022 and conclude by the end of 2023. The total project is expected to cost $125 million, aiming to align with macroeconomic trends in connected solutions and a zero carbon economy.
Borqs Technologies announced the successful installation of a solar plus storage technology system at the Koa’e Makani Workforce Housing Project in Kaua’i, Hawaii. The project, executed by its subsidiary Holu Hou Energy LLC (HHE), serves 134 residential units under a 20-year Power Purchase Agreement (PPA). This innovative energy delivery system marks a significant milestone in renewable energy deployment for multi-dwelling units, aiming to enhance electricity accessibility and affordability in Hawaii's housing market.
Borqs Technologies, a prominent IoT software and product provider, announced that an interview with Executive Director of Finance, Anthony Chan, will air on The RedChip Money Report on Bloomberg TV on October 23, 2021, at 7 p.m. ET. The show, reaching around 73 million homes in the U.S., features insights on small-cap investing and interviews with industry executives. Borqs specializes in scalable Android-based devices and is developing 5G products, leveraging its expansive software and IP portfolio.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced its acquisition of a 51% stake in Holu Hou Energy (HHE) as of October 19, 2021. The deal has successfully closed, with HHE's financial results set to be consolidated into Borqs starting Q4 2021. The purchase price will be determined based on HHE's performance in 2022 and 2023, with a revenue forecast of $48 million for HHE in 2022 already reaffirmed. Cash payments for the acquisition have been ensured through recent financing efforts.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced new executive appointments as of October 1, 2021. Anthony K. Chan is now Executive Director of Finance and US Operations, succeeding Henry Sun as Chief Financial Officer. Sun, with a strong background in financial management and compliance from various public companies, will report to Chan. Borqs specializes in IoT solutions, offering innovative Android-based products and cloud services. The company is also focused on developing 5G products, enhancing its portfolio in the rapidly evolving technology sector.
Borqs Technologies announced a preliminary binding term sheet to acquire a 51% stake in Holu Hou Energy LLC, a provider of solar energy and storage solutions. This acquisition is expected to add approximately $48M in revenue and $8.2M in EBITDA for 2022, with projected revenue reaching $145M by 2025. The U.S. smart home market is anticipated to grow to $62.7 billion by 2023. Holu Hou has a project pipeline worth nearly $150 million, positioning Borqs to leverage its IoT capabilities and expand in the renewable energy sector.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced receiving a Notification Letter from Nasdaq regarding non-compliance with the minimum bid price of $1.00 per share. This follows a 30-day period where the closing bid price fell below this threshold. The Company has until February 14, 2022, to regain compliance by meeting the required bid price for at least 10 consecutive trading days. The Notification does not currently impact the Company's Nasdaq listing, and Borqs may consider options such as a reverse share split to address this issue.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced a strategic partnership with Zippie, a blockchain application and payment platform, to develop IoT autonomous payment solutions. This collaboration aims to address the growing demand for digital currency transactions. Zippie's platform connects to 1.3 billion mobile wallets and 3 billion bank accounts globally by the end of 2021. The companies plan to launch an Android-based digital watch payment solution, enhancing security and programmability for machine-to-machine transactions.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced the postponement of its annual general meeting scheduled for August 2, 2021, due to insufficient legal quorum. The adjourned meeting will now take place on August 6, 2021, at 10:00 AM EDT, at Sichenzia Ross Ference LLP in New York City. A quorum of one third of the ordinary shares outstanding, either in person or by proxy, is necessary to conduct the meeting. The company is optimistic about meeting the quorum requirements for the adjourned meeting.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced plans for a US$110 million 5G Industrial Park in Huzhou, China, through a joint venture with local government. This project, covering 1.9 million sq.ft., includes research facilities, manufacturing, a convention center, and hotels. Borqs aims to lease spaces to high-tech firms, engaging with companies in robotics, AI, and smart city technologies. The developer selection process is set to complete by Q3 2021. Borqs retains a 20%-30% stake in the project, leveraging its strategic partnerships to enhance its IoT product offerings.
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