Borqs | December 20, 2022
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 the Company has received a letter dated December 13, 2022 (the “Letter”) from the Department of the Treasury on behalf of the Committee on Foreign Investment in the United States (“CFIUS”) stating that the Company is required to negotiate with CFIUS to fully divest its ownership interests and rights in Holu Hou Energy LLC (“HHE”) due to HHE solar energy storage system and EnergyShare technology for Multi-Dwelling Residential Units (“MDU’s”) being deemed a critical technology and therefore a potential national security risk.
As stated in the Letter, HHE is considered a top ten solar energy storage supplier in Hawaii, has only been increasing its dominant market share, expects to grow at an exponential rate, and focuses on multi-family dwelling units which are common in military housing. Due to Borqs’ IoT software development and hardware sourcing capabilities in China, CFIUS is concerned that through Borqs, the PRC could gain significant visibility and exert influence over HHE’s business operations and get access to HHE critical technology. CFIUS is requiring the Company to design a plan to mitigate all identified national security risks to the satisfaction of CFIUS.
Borqs intends to comply to the requirements from CFIUS and enter into a National Security Agreement with various departments of the U.S. Government with a plan that is effective, monitorable and verifiable to voluntarily divest Borqs’ investment interests and rights in HHE (the “Plan”). HHE’s commercialization of its solar energy storage system and novel EnergyShare technology for MDU’s has enabled the company to open up a new market segment for renewable energy in the USA - likely worth several billions of dollars. In the last year the Company’s MDU development pipeline has reached thousands of individual units in Hawaii alone, with California MDU potential being at least one to two orders of magnitude higher in the coming years. One segment of this new market is for communities of military and other government personnel. The overall MDU opportunity is significant for the company and significant for the USA. Since Borqs’ financial support in HHE starting from October 2021, HHE has signed approximately $50 million in contracts and has a growing pipeline approaching half a billion dollars. We believe this voluntary mitigation will enable the tremendous inherent value of HHE to be realized and that the divestment can be a profitable transaction for Borqs’ shareholders.
The Plan to mitigate will include engaging a nationally recognized investment bank with experience in administering competitive sales and auction processes, assigning and hiring of security and monitoring personnel to directly communicate with CFIUS, immediate and complete removal of all Borqs administrative and technical influence over HHE, immediate voluntary reduction of Borqs ownership of HHE from a majority to a minority position and with the target of divesting all. The Company believes such points will enable the Company to accomplish the divestment in an orderly manner.
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, and is also currently in development of 5G products for phones and hotspots. The Company acquired controlling shares of the solar energy storage system entity, Holu Hou Energy LLC, in October 2021.
About Holu Hou Energy, LLC
Holu Hou Energy, LLC, a Delaware Corporation, brings state-of-the-art renewable energy and energy storage systems to the Single-Family Residential, Multi-Dwelling Unit Residential and Commercial building markets. With operations in California, Hawaii, Wisconsin and Shanghai, HHE engineers proprietary storage system and control platform solutions, including a breakthrough “HHE Energy Share” technology that is key to development of the Multi-Dwelling Unit Residential housing market. HHE is a vital partner for investors and asset owners that are seeking ESG solutions.
Infoblox | January 30, 2023
Leading cloud-first DNS management and security provider, Infoblox Inc., recently announced the U.S. Government FedRAMP Moderate Authorization for its BloxOne® Threat Defense Federal Cloud offering. This authorization allows organizations to operate their SaaS platforms with greater confidentiality, operational security, availability and integrity. The Infoblox BloxOne Threat Defense Federal Cloud is a part of BloxOne Threat Defense, which combines Cloud Services Portal (CSP), Dossier threat investigation platform, and Infoblox's Threat Intel Data Exchange (TIDE) to help public sector organizations scale and simplify security from the network core to the edge.
Security analysts can investigate, and contextually rank threat events 3X faster with Infoblox's technology. Additionally, it gives them access to carefully curated and thorough threat intelligence, which they can incorporate into their current security technologies for network-wide protection.
The U.S. Census Bureau sponsored the authorization. Infoblox team closely worked with FedRAMP Program Management Office to meet FedRAMP’s stringent guidelines for data security. The BloxOne Threat Defense Federal Cloud is compliant with FedRAMP’s security standards above the NIST SP 800-53 framework; this allows Infoblox to obtain digital transformation projects of federal agencies.
Ralph Havens, President of Infloblox Federal, said, "Achieving FedRAMP authorization shows Infoblox's commitment to helping federal agencies digitally transform and secure cloud-first environments." He further added, "In reaching this significant milestone, we are delighted to now offer our federal customers a robust network security platform to augment our nation's cyber defenses against unrelenting security attacks from adversaries who wish to do us harm."
(Source – CISION)
Infoblox is a cloud-first networking and cybersecurity services provider. Its solutions enable businesses to make the most of their existing infrastructure investments and fully utilize the cloud to provide universally simple, scalable, and dependable network experiences. The Infoblox BloxOne® and NIOS systems are available on-premises and via SaaS, it lets operations teams standardize, accelerate and automate the delivery of cloud-native and data center network and security services from a single location.
Bidnet Direct | November 28, 2022
Today, the Borough of Caldwell announces it has joined the New Jersey Purchasing Group, a regional purchasing community by Bidnet Direct. Local government agencies throughout New Jersey utilize the purchasing group for bid and vendor management. The Borough of Caldwell invites all potential vendors to register online with the New Jersey Purchasing Group to access its upcoming solicitations by visiting http://www.bidnetdirect.com/new-jersey/caldwellnj.
The Borough of Caldwell joins the New Jersey Purchasing Group and the community of over 50 participating local government agencies located throughout New Jersey. Along with a variety of bid and vendor management solutions, the Borough of Caldwell gains access to a bid library to help with bid creation, a shared pool of vendors, and association with like-minded purchasing professionals in the area.
Vendors interested in doing business with the Borough of Caldwell are encouraged to register at http://www.bidnetdirect.com/new-jersey/caldwellnj. Benefits of joining the New Jersey Purchasing Group include:
Centralized location for bids from approximately 54 participating agencies
Bid alerts customized to the vendors’ products or services
Reliable and timely delivery of notifications, addenda and documents
The New Jersey Purchasing Group is one of Bidnet Direct’s regional purchasing groups throughout the country. It provides the Borough of Caldwell a bid and vendor management solution, document and addendum distribution, and tracking of all activity throughout the procurement process.
About the Borough of Caldwell:
Please visit the Borough of Caldwell’s website to explore the history and structure of the Borough. Our History - Caldwell, New Jersey
About Bidnet Direct:
Bidnet Direct, powered by mdf commerce, is a sourcing solution of regional purchasing groups available at no cost to local government agencies throughout the country. Bidnet Direct runs regional purchasing groups, including the New Jersey Purchasing Group, across all 50 states that are used by over 1,600 local governments.