Guardforce AI Announces Completion of Previously Announced Acquisition of Beijing Wanjia Security System Co., Ltd

Guardforce AI Co., Ltd.

The Acquisition Strengthens Guardforce AI’s Integrated Security Solutions in China

NEW YORK, NY, June 24, 2022 (GLOBE NEWSWIRE) — Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ:GFAI,GFAIW), a provider of integrated security solutions, today announced that the Beijing Wanjia Security System Co., Ltd. (“BJWJ”) from Shenzhen Yeantec Co., Limited (“Yeantec”) for approximately US$8.4 million. BJWJ is an integrated alarm security solution provider with over 25 years of experience and an established customer base among retail companies. The acquisition was paid for in a combination of cash (10%) and restricted common stock of the Company (90%) at the previously agreed price of US $2.00 per share.

As previously announcedOn May 24, 2022, Guardforce AI signed two definitive agreements to acquire a total of eight companies in China. The second definitive agreement, to acquire an additional seven companies from Shenzhen Kewei Robot Technology Co., Limited (“Kewei”), is expected to close in the third quarter of 2022. The seven companies to be acquired from Kewei are established providers of Robotics-as-a-Service (RaaS) solutions in their respective markets in China.

Terence Yap, President of Guardforce AI, commented: “The acquisition of an established Beijing integrated security solutions provider is truly transformative for Guardforce AI as it not only strengthens our position in Asia, but also expands our integrated security capabilities. Importantly, this acquisition brings Guardforce AI to an established customer base at retail companies across a variety of industries. Our global expansion strategy includes not only expanding geographically, but also building a more diverse customer base. We look forward to leveraging these newly acquired capabilities on our global platform and accelerating the commercial rollout of our integrated security initiatives. In addition, we look forward to completing the acquisition of Kewei’s seven robotics businesses in the third quarter of 2022.”

About Guardforce AI Co., Ltd.

Guardforce AI Co., Ltd. (NASDAQ:GFAI,GFAIW) is a global provider of integrated security solutions focused on developing robotic solutions and information security services that complement its established secure logistics business. With over 40 years of professional experience, Guardforce AI is a trusted brand name protecting and transporting high-value assets of public and private sector organizations. Guardforce AI develops and delivers innovative technologies and services that improve safety and protection. For more information visit www.guardforceai.com

Safe Harbor Statement

This press release contains statements that are not statements of historical fact but are “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements can generally (though not always) be identified by their use of terms and expressions such as anticipate, appear, believe, proceed, may, estimate, expect, indicate, intend, may, plan, possibly, predict, project, pursue, will, would, and other similar terms and expressions, such as as well as the use of the future tense. Forward-looking statements are not historical facts or guarantees of future performance. Instead, they are based solely on current beliefs, expectations and assumptions regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements are forward-looking, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control, including the risks described in our registration statements and reports under the heading “Risk Factors” such as filed with the Securities and Exchange Commission. Actual results and financial condition could differ materially from those stated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we assume no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations:
David Waldman or Natalya Rudman
Crescendo Communications, LLC
E-mail: gfai@crescendo-ir.com
Phone: 212-671-1020

Guardforce AI business communication
Yu Hue
E-mail: yu.hu@guardforceai.com

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