SANTA CLARA, Calif., April 20, 2020 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS), (the “Company”, or “Borqs”), a global leader in embedded software and products for the Internet of Things (IoT) industry, today announced that the demand for mobile personal safety and tracking devices is expected to more than double for the year 2020 due to heightened awareness for monitoring of safety for senior citizens and others brought on by the COVID-19 environment.
Borqs designs and manufactures hi-tech mobile personal safety and tracking devices for a major North American multinational consumer electronics retailer and other customers for constant monitoring and emergency services. The product is also available through major pharmacy chains and online. The wearable device features an easily accessible panic button, location tracking, fall detection and other vital health information. Users wearing the device and with subscription to the service have access 24/7 to a highly trained agent for help at the push of just one button. The mobile device is waterproof and can detect a sudden drop in height as in a fall and will send off an alert, making it particularly appealing to senior citizens and to a wider age-range of consumers particularly in the current environment which the World Health Organization has labelled as a global pandemic. The device was first launched in 2019 and over 100,000 units were delivered within that year. As indicated by Borqs’ customers, demand for the year 2020 is expected to be 2 to 3 times the levels of 2019.
The above information reflects preliminary estimates based on currently available information. The actual number of units to be delivered in 2020 may vary substantially from the preliminary estimates.
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.
Forward-Looking Statements and Additional Information
This 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 Company will not consummate its previously announced line of credit transaction on terms favorable to the Company or at all, the possibility that the Company may not receive actual orders in the amounts forecasted herein, the possibility that the Company may not be able to deliver its wearable device to satisfy the increased demand forecast herein, and the negative impact of the coronavirus 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.