SANTA CLARA, Calif., March 23, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, announced that the Company has appointed Donald R. Kendall, Jr. as the sole trustee (the "Trustee") to a divestment trust established to manage the orderly divestment of Borqs' ownership of Holu Hou Energy, LLC, ("HHE") as required by the Committee on Foreign Investment in the United States ("CFIUS"). Mr. Kendall has an extensive background of over four decades in investment management, including his role as the Chairperson of the Special Committee of the Boar

SANTA CLARA, Calif., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (OTC:BRQSF, "Borqs" or the "Company")), a global provider of embedded software and products for the Internet of Things (IoT), today announced its financial results for the first half of 2024. Interim financial statements were filed today with the SEC. First-Half 2024 Financial Highlights  For the six months ended June 30, 20242023vs. H1 2023        Revenues ($K)16,77314,992+ 11.9%Gross Margin20.2%19.4%Up 0.8%Operating expenses ($K)7,08211,996- 41.0%Net income (loss) from operations15,023-28,801n/a     For the six months ended June 30, 2024, Borqs reported total net revenues of US$16.77 mill

SANTA CLARA, Calif., Sept. 19, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs" or "the Company"))), will be presenting on October 5th, 2023, at the WallStreet Research / Global Capital Network / Med Tech Conference being held all day at the Hyatt Hotel in Newport Beach, California. The Company is a global leader in embedded software and products for the Internet of Things (IoT) industry.  The Company is also in the process of divesting its 49 percent stake in Holu Hou Energy LLC, ("HHE"), a solar energy + storage company that currently has the majority of its activities in Hawaii. HHE has recently signed a multi-year agreement for the installation of the HHE systems

SANTA CLARA, Calif., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced the Committee on Foreign Investment in the United States (CFIUS) has granted the Company an extension from the original deadline of September 15, 2023 to January 1, 2024 to complete the divestment of its subsidiary, Holu Hou Energy LLC (HHE). As previously announced, the Company was mandated by CFIUS to divest its ownership in the solar energy storage subsidiary, HHE, due to national security concerns. Subsequently, Cantor Fitzgerald & Co., a nationally reputable investment fir

Revenues reached $52.5 million, 77.7% Year-Over-Year (YOY) growth.Gross margin was 21.2%, an improvement of 1,240 basis points.Adjusted EBITDA reached $4.8 million. SANTA CLARA, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced its financial results for the year ended December 31, 2022. Key Financial Results (not including the results Holu Hou Energy, LLC ("HHE") which is separately presented as Discontinued Operations) Revenues for the year ended December 31, 2022 increased 77.7% to $52.5 million compared to $29.6 million for the ye

Revenues for the first half 2022 reached $30.1 million, 141% Year-Over-Year (YOY) growth.Revenue forecast for 2022 is $50-55 million, YOY growth of over 69%Backlog currently stands at $50 million for Holu Hou Energy, LLC (HHE), a majority-owned solar & energy storage system subsidiary. SANTA CLARA, Calif., Oct. 21, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless, Internet of Things (IoT) solutions, and innovative clean energy, today announced its financial results for the six months ended June 30, 2022. Key Financial Results: Revenue for the 6 months ended June 30, 2022 increased by 141% to $30.1 million comp

SANTA CLARA, Calif., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (OTC:BRQSF, "Borqs" or the "Company")), a global provider of embedded software and products for the Internet of Things (IoT), today announced its financial results for the first half of 2024. Interim financial statements were filed today with the SEC. First-Half 2024 Financial Highlights  For the six months ended June 30, 20242023vs. H1 2023        Revenues ($K)16,77314,992+ 11.9%Gross Margin20.2%19.4%Up 0.8%Operating expenses ($K)7,08211,996- 41.0%Net income (loss) from operations15,023-28,801n/a     For the six months ended June 30, 2024, Borqs reported total net revenues of US$16.77 mill

SANTA CLARA, Calif., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (OTC:BRQSF, "Borqs" or the "Company")) a global provider of embedded software and products for the Internet of Things (IoT) announced on November 11, 2024, that the Company intends to sell its hardware and software business to Sasken Technologies, Inc. by the end of this calendar year. The total consideration, inclusive of earn-outs, management incentives, and other payouts, shall not exceed US$40 million. Earnouts will be linked to performance of target entities in 2024 and 2025. As a result of this strategic transaction, Borqs will have a clean and debt-free capital structure, providing a solid foundation fo

SANTA CLARA, Calif., Oct. 06, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that its board of directors has approved a 1-for-12 reverse split of the Company's ordinary shares. The reverse stock split is anticipated to take effect on October 10, 2023 (the "Effective Date"). Accordingly, at the Effective Date, every twelve of the Company's ordinary shares issued and outstanding will be automatically converted into one ordinary share of the Company. The Company's ordinary shares are expected to begin trading on the Nasdaq Capital Market on a post-split basi

SANTA CLARA, Calif., Oct. 06, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that it has received multiple non-binding indications of interest for its stake in Holu Hou Energy LLC ("HHE") and a selected group of potential buyers have been invited to participate in the second round of due diligence and negotiations for the complete divestment of the Company's interest in HHE. As previously announced, the Company was mandated by CFIUS to divest its ownership in the solar energy storage subsidiary, HHE, due to national security concerns. Subsequently, Cant

SANTA CLARA, Calif., Oct. 03, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that it is actively engaged in business development with partners to manufacture smart IoT devices for the African market. The smart IoT devices, mainly mobile phones, will be leased to local users in Africa from a local leasing company. These devices are built with advanced security software to prevent fraud and theft. "The number of mobile users in Africa has been growing rapidly. However, not all African consumers can afford smart IoT devices. Therefore, leasing mobile equ

SANTA CLARA, Calif., Sept. 29, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that its board of directors has approved a 1-for-12 reverse split for the Company's common stock. The reverse stock split is anticipated to take effect on October 10, 2023. Accordingly, at the effective date, every twelve issued and outstanding shares of the Company's common stock will be converted into one share of the Company's common stock. The Company's common stock is expected to begin trading on the Nasdaq Capital Market on a post-split basis beginning on October 10, 2

Santa Clara, CA, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS) ("BRQS" or the "Company"), a global provider of 5G wireless and Internet of Things (IoT) solutions announced today its participation in the Eighth Annual Dawson James Conference on Thursday, October 12th, 2023 at the Wyndam Grand Jupiter at Harbourside Place in Jupiter, Florida. The Company is also a holder of a 49 percent stake in Holu Hou Energy LLC, ("HHE"), a solar energy + storage company based in Hawaii, and is in the process of divesting its stake acquired two years ago by year end of 2023. The company expects to receive significant cash proceeds from the divestiture of this holding. Bo

SANTA CLARA, Calif., Sept. 28, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that together with Silicon Valley based SkyCentrics, Borqs will launch the next generation Modbus adaptor products in Q4 2023 and start commercial shipments to customers. The product is intended to be used by Smart Grid appliance manufacturers and OEMs in the U.S. to enable Demand Response signal delivery to and/or data acquisition from Modbus-enabled equipment such as water heating or thermostatic control systems. The products will support cellular and PoE connectivity and provi

SANTA CLARA, Calif., Sept. 20, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs", or the "Company"))), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced that the Company received a deficiency notification letter from the Nasdaq Stock Market LLC ("Nasdaq") on September 15, 2023, notifying the Company that the Company's listed securities did not maintain a minimum market value of $35 million ("MVLS") for a period of 30 consecutive business days to meet the MVLS requirement. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a compliance period of 180 calendar days, or until March 13, 2024, to regai

SANTA CLARA, Calif., Sept. 19, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, "Borqs" or "the Company"))), will be presenting on October 5th, 2023, at the WallStreet Research / Global Capital Network / Med Tech Conference being held all day at the Hyatt Hotel in Newport Beach, California. The Company is a global leader in embedded software and products for the Internet of Things (IoT) industry.  The Company is also in the process of divesting its 49 percent stake in Holu Hou Energy LLC, ("HHE"), a solar energy + storage company that currently has the majority of its activities in Hawaii. HHE has recently signed a multi-year agreement for the installation of the HHE systems