Updated April 8, 2020
We at Sequans are mobilized to mitigate the effects of the COVID-19 pandemic and are working in concert with our customers, partners, and colleagues to do whatever is necessary to minimize the reach of the pandemic and its consequences. We are grateful for the tireless efforts of the global alliance of doctors, nurses, first responders and others who are selflessly working and fighting to overcome this unprecedented health crisis.
Here is our current status:
Safety for Our Employees
Sequans, as a priority, has put in place every possible measure to ensure the health and safety of our employees and their families. To minimize the spread of the virus, we are following all directives of the governments and public health officials of the 11 countries in which we do business. Our employees are all working remotely from home and have been supplied with all necessary equipment to work efficiently for the duration of time in which this is necessary. We are already familiar with remote working and feel confident there will be minimal impact on our ability to quickly respond to customer needs and requirements.
Management of Resources
After experiencing some disruption in the first few weeks of the crisis, our management and logistical systems are now operating smoothly, and production has almost returned to normal levels. We are closely monitoring developments in each country where we operate and are adapting to new restrictions and directives imposed by authorities in response to the evolving situation. Sequans is ISO-9001-2015 certified and has the processes in place to manage resources and mitigate risks in a crisis situation.
Business Returning to Normal
Our modules are produced in China where the pandemic has reached its peak and is now retreating, with business beginning to return to normal. Our chips are produced in other countries in the region where production has not been affected to date. Any disruption in our supply chain related to third party components is being managed with our main suppliers as part of our business continuity plan. Ordering lead-times are still somewhat extended, and we are therefore encouraging our customers to place orders with sufficient lead time.
We are acutely aware of the role wireless communications technology and broadband access can play in fighting the virus, and we are resolved to continue our efforts to help in its eradication by making sure our employees remain safe and our customers are supplied as quickly and efficiently as possible.
Forward Looking Statements
This statement contains forward-looking statements regarding future events and our ability to respond to the COVID-19 pandemic. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our ability to continue to operate remotely at high levels of productivity and the potential impact of the coronavirus on our manufacturing operations and on customer demand, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the forward-looking statements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein are detailed in documents we file from time to time with the Securities and Exchange Commission.