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†
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David Waldman or Natalya Rudman
Crescendo Communications, LLC
Guardforce AI business communication