Borqs Technologies Acquired 51% of Holu Hou Energy LLC
22 October 2021 - 12:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs,” or the “Company”),
a global provider of embedded software and products for the
Internet of Things (IoT), today announced it signed definitive
agreements dated October 19, 2021 and now owns 51% interest in Holu
Hou Energy LLC (“HHE”), an innovative solar energy and storage
provider for the residential, multi-family residential and
commercial building markets. The acquisition transaction has closed
successfully.
Financial results of HHE will be consolidated
into Borqs beginning with the 4th calendar quarter of 2021; and the
Company reaffirms the HHE revenue forecast of $48 million for the
year 2022.
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.
About Holu Hou Energy LLCHolu
Hou Energy LLC, a Delaware limited liability company, brings
state-of-the-art energy storage systems to the Single-Family
Residential, Multi-Family Residential and Commercial building
markets. With operations in California, Hawaii, Wisconsin and
Shanghai, HHE engineers proprietary storage system and software and
control platform solutions. The HHE team is made up of renewable
energy industry veterans, engineering and deploying energy storage
systems that enable greater energy independence. For more
information, visit www.holuhou.com.
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 “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
acquisition of a 51% ownership interest in HHE may not bring
positive benefits to the Company and may not transpire as described
herein 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 Finance Borqs Technologies, Inc. sandra.dou@borq.net
www.borqs.com
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