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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 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.
Borqs Technologies (BRQS) announced a significant debt restructuring on December 14, 2020, involving a purchase of approximately $18 million in debt by LMFA Financing LLC. This move will eliminate most debt owed to its senior lender. The transaction, approved by a court, allows LMFA to convert debt into common shares as unrestricted securities. Key benefits include a standstill on creditor actions and potential for better financing terms upon debt repayment.
Borqs Technologies (BRQS) has signed a cooperation agreement for a 5G Industrial Park Project in Huzhou South Taihu New Area. This project will unfold in two phases. Phase one involves creating a 5G R&D center and production plant in a rent-free 5,500 sq.mtr. facility for 2.5 years. Phase two will establish the Borqs 5G Industrial Park, receiving 13,000 sq.mtr. for commercial and residential use. The local government will subsidize costs and provide financing support, aiming to enhance Borqs' product sales growth in 2021.
Borqs Technologies, Inc. (NASDAQ: BRQS) has signed a Memorandum of Understanding (MOU) with the Board Committee of Huzhou South Taihu New Area for establishing a 5G Industrial Park Project. The initiative includes setting up a Joint Venture that will serve as the company's China headquarters for 5G operations, focusing on sales, R&D, and manufacturing. The project comprises a two-phase plan: creating a 5G R&D center and micro-electronics manufacturing lines, with government support for financial assistance, tax incentives, and rent-free facilities for the first two and a half years.
Borqs Technologies has unveiled the Mark One, an Android smartphone incorporating ATSC 3.0 technology in collaboration with One Media 3.0. This device showcases advancements like 4K video and enhanced emergency alerting capabilities. It operates on AT&T and T-Mobile networks, targeting millions of potential MVNO subscribers. Legislation is underway to mandate ATSC 3.0 receivers in smartphones for public safety. Borqs aims to lead in the NextGen TV mobile market amid ongoing technological challenges. The company is focusing on 5G product development.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced a partnership with SkyCentrics to manufacture CTA-2045 technology-based products aimed at optimizing power grid efficiency through smart appliances. The initiative targets utility companies and focuses on smart water heaters that can improve energy efficiency by up to 300%. The partnership anticipates the gradual replacement of over 1 million residential water heaters starting in 2021, contributing to a projected $110 billion market by 2025. This technology aims to significantly reduce carbon emissions in the U.S. energy sector.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced the filing of its annual report for 2019 on Form 20-F with the SEC on September 30, 2020. The company received confirmation on October 2, 2020, from the Nasdaq Office of General Counsel, stating it has regained compliance with the Nasdaq Listing Rule 5250(c)(1). Borqs currently meets all continued listing requirements of the Nasdaq Capital Market. As a leader in IoT embedded software, Borqs focuses on developing Android-based smart devices and is advancing in 5G product development.
Borqs Technologies, Inc. (Nasdaq: BRQS) recently announced that it filed its annual report on Form 20-F for 2019 with the SEC on September 30, 2020. Subsequently, the company received a letter from Nasdaq stating that it has regained compliance with Listing Rule 5250(c)(1) and now meets all continued listing requirements on the Nasdaq Capital Market. Borqs is recognized for its embedded software and products in the IoT sector and is developing 5G-enabled devices.
Borqs Technologies, Inc. (Nasdaq: BRQS) received notice from Nasdaq's Hearings Panel, confirming its continued listing on the exchange conditional upon filing a Form 20-F by September 30, 2020. The Panel retains the right to reassess its decision based on future events. Borqs is recognized in the IoT sector for its customizable Android-based devices and is developing 5G products. The company acknowledges the risks associated with timely filing and compliance with the Panel's requirements, focusing on its strategic partnerships and innovative solutions.
Borqs Technologies (Nasdaq: BRQS) has announced a strategic partnership with Juniper Systems, a leader in mobile data collection applications for harsh environments. This collaboration will enable Borqs to provide advanced component design using Qualcomm processors and Android operating systems for Juniper's ultra-rugged tablets and handhelds. The Mesa(R)3 Android Rugged Tablet is set to be launched as an Android Recommended Enterprise Device, suitable for demanding fields such as petrochemical plants and military operations. Both companies aim to leverage their strengths to introduce 5G products in the future.
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