Benzinga | Oct 21, 2021 12:12PM EDT

Borqs Technologies Reports Purchase Of 51% Stake In Holu Hou Energy, No Terms Disclosed

* Borqs signed definitive agreements on October 19, 2021 with Holu Hou Energy ("HHE") to acquire 51% ownership

* Purchase consideration in cash and ordinary shares of Borqs will be based on the performance of HHE in the years 2022 and 2023

* HHE financial results will be consolidated into Borqs beginning Q4 2021

* Reaffirms year 2022 HHE revenue forecast of $48 million

* Cash payments to HHE have already been secured in recent financing

SANTA CLARA, Calif., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (NASDAQ:BRQS, &ldquo, Borqs, &rdquo, or the &ldquo, Company&rdquo, ))), 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.