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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, Inc. (Nasdaq: BRQS, BRQSW) announced the completion of its new manufacturing facilities in Huzhou, China, marking a significant milestone since its inception in 2007. This facility will enable the company to reduce production costs by in-sourcing manufacturing processes previously outsourced. The initial phase can produce up to 700,000 units per year, with potential for expansion as demand grows. The establishment of these facilities reinforces Borqs’ position in the IoT sector, aiming to enhance its manufacturing capabilities and operational efficiency.
Borqs Technologies, Inc. (Nasdaq: BRQS) has commenced the delivery of cellular CTA-2045 EcoPort products to SkyCentrics for utility companies in Colorado and California. This technology aims to enhance energy efficiency in grid interactive water heater programs, with Michigan also seeking similar products. Borqs' partnership with SkyCentrics, initiated in October 2020, focuses on optimizing energy usage and promoting smart cities. The market for grid optimization is projected to reach $154 billion by 2026. These advancements could significantly reduce carbon emissions, likened to removing 100,000 gasoline cars per million equipped water heaters.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced a new contract with a U.S. Fortune 500 company to supply multiple models of enterprise Android-based handheld computers, targeting markets in the U.S., EU, and Asia. The expected revenue from these purchase orders is forecasted to reach $10 million within the next 12 months. The handheld devices, designed to enhance productivity across various applications, have already passed necessary U.S. market certifications. The company anticipates growth in the mobile handheld market as the retail sector recovers post-COVID.
Borqs Technologies, Inc. (Nasdaq: BRQS) has secured land use rights for 240 acres in Huzhou, China, to establish a 5G Industrial Park. This park will focus on research and development for mobile technologies and the manufacture of IoT products. The first assembly facilities are expected to be operational by the end of June 2021. This grant is one of only five awarded by the Huzhou authorities and will allow Borqs to manage procurement and recruit local graduates. The land is provided at the lowest allowable pricing.
Borqs Technologies, Inc. (Nasdaq: BRQS) has raised $15.3 million in convertible notes, bringing total sales to $23 million in 2021. The notes feature an 8% interest rate and a two-year term. The conversion price was set at $0.972 per share. Additionally, the company issued nearly 12 million warrants with varied exercise prices. Funds will support customer orders and the development of 5G products, as well as investments in the Huzhou 5G Project for R&D and manufacturing. The company reported a recovery in business activities following the COVID-19 impact in 2020.
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.
Borqs Technologies, Inc. (BRQS) announced on February 25, 2021, that it has signed agreements for the sale of $20 million in convertible notes to institutional and individual investors. The notes, which carry an 8% annual interest rate and a 10% discount on ordinary share conversion, are expected to fund orders and the development of next-generation 5G products. One-third of the notes will be sold at the agreement's execution, with the remainder contingent on certain conditions, including a registration statement effective by April 15, 2021.
Borqs Technologies, Inc. (BRQS) announced the signing of agreements on February 25, 2021, to sell $20 million in convertible notes to investors. The notes, due in two years, carry an 8% annual interest rate and are convertible into ordinary shares at a 10% discount, with 90% warrant coverage. One-third of the notes will be sold at the execution of definitive agreements, with the remainder contingent upon a registration statement being effective by April 15, 2021. Proceeds will fund customer orders and development of 5G products.
Borqs Technologies (BRQS) announced the completion of a debt purchase agreement with LMFA Financing LLC, involving approximately $18 million in debt converted to shares. By February 10, 2021, LMFA had acquired $18.23 million in principal and fees, consolidating their stake to 22.73 million shares of Borqs. Additionally, Borqs settled another $1.27 million of debt with its senior lender, eliminating total defaulted debts of $19.5 million. This restructuring aims to improve the company's financial health as they continue developing IoT technology and 5G products.
Borqs Technologies has announced completion of an $18.23 million debt purchase by LMFA Financing LLC, converting debt into 22.73 million shares. The company settled an additional $1.27 million of debt with its lender through the issuance of 1.51 million shares. This transaction has eliminated Borqs' defaulted debts totaling $19.5 million, improving its financial position.
Borqs, a leader in IoT solutions, develops customizable Android-based devices and is focused on 5G product development.
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