Borqs Technologies Engages Cantor Fitzgerald & Co. For the Divestment of Holu Hou Energy LLC
SANTA CLARA, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless and Internet of Things (IoT) solutions, has engaged Cantor Fitzgerald & Co. (“Cantor Fitzgerald”) as its exclusive financial advisor with respect to the divestment of the Company’s ownership in Holu Hou Energy, LLC (“HHE”), a fast-growing solar energy and storage provider with unique solutions in energy sharing for the multi-dwelling residential market.
Cantor Fitzgerald will conduct a sales process on behalf of Borqs with respect to its divestment in HHE and has commenced outreach to potential acquirers in May 2023. Please direct any questions regarding this sales process or prospective interest to:
Hari Chandra
Managing Director
Global Head of Power, Energy and Infrastructure
Cantor Fitzgerald & Co.
Phone: +1 (347) 268 8636
Email: hari.chandra@cantor.com
HHE’s unique and proprietary solar energy storage system harnesses the power from solar panels, stores that energy, and has the capability to share it among multiple residential or commercial units thus providing a new level of resilience to homeowners, apartment owners, and businesses, providing energy security in uncertain and unstable times. HHE has signed multiple contracts with customers in Hawaii for the deployment of HHE’s solar energy plus storage system and EnergyShare technology for Multi-Dwelling Residential Units such as the recently announced Lendlease Island Palm Communities in Honolulu for large military personnel housing communities. Installations for these projects are to begin this summer. As previously disclosed, Borqs is mandated by the Committee on Foreign Investment in the United States (“CFIUS”) to divest its interests in HHE due to risks to national security arising as a result of Borqs’s investment in HHE. www.holuhou.com
“We are extremely pleased to have Cantor Fitzgerald taking on our divestment project”, said Pat Chan, the CEO of Borqs, “The acceptance from both the residential and commercial customers, evidenced by the signed contracts of HHE, has proven the importance and economics that HHE’s clean energy solutions can bring. With Cantor Fitzgerald’s seasoned team in the solar industry, I am confident that our interests in HHE will find the right buyer at the right price.”
About Borqs Technologies, Inc.
Borqs Technologies (Nasdaq: BRQS, “Borqs”, or the “Company”) 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 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, and is also currently in development of 5G products for phones and hotspots.
Website: www.borqs.com.
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 “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 positive financial results from the proposed divestment as described herein may not be realized, 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 Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
IR@borqs.com
www.borqs.com
