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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Borqs Technologies Inc | NASDAQ:BRQS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.43 | 0.29 | 0.3099 | 0 | 01:00:00 |
In the meantime, the Company anticipates significant revenue growth for the fiscal year 2022 from both its core operations, that expects to generate between $45 million and $55 million in revenue, and its recently acquired innovative clean energy business, Holu Hou Energy LLC (“HHE”), which expects to contribute between $40 million to $50 million in contract value in 2022, its first full year of financial consolidation with Borqs.
The Company’s main product segments include:
The Company currently employs approximately 300 staff worldwide, with 73% in India, 7% in the US, and 20% in China and other markets. Borqs anticipates expanding staffing in the US in 2022 as it capitalizes on new opportunities to expand its energy storage solutions in the US.
“We have built a strong foundation to capture exciting growth opportunities across multiple large, global market opportunities,” commented Anthony Chan, Executive Director of Finance and US Operations. “As a proven solutions provider with rapidly expanding operations in attractive markets globally, Borqs is ideally positioned for strong revenue growth in 2022 and beyond. Furthermore, with a PCAOB registered US-based auditor in place, investors should have full confidence in accuracy of the numbers we report.”
The above forecasts are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Actual results may differ materially from those included in these forecasts due to a variety of factors. See “Forward-Looking Statements and Additional Information” below.
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.
Borqs recently acquired controlling interests in Holu Hou Energy LLC, a solar energy storage systems company in the U.S.
Forward-Looking Statements and Additional InformationThis 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 “forecasts”, “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should”, “estimates” 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 revenues from business activities as described herein may not be reached or at all, and the negative impact of the COVID-19 pandemic 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 DouVice President of Corporate FinanceBorqs Technologies, Inc.sandra.dou@borqs.net www.borqs.com
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