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Guardforce AI Announces Closing of Previously Announced Acquisition of Beijing Wanjia Security System 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
About this update from Guardforce Ai Co., Limited
[{"type":"text","content":"The Acquisition Strengthens Guardforce AI’s Integrated Security Solutions in China\nNEW YORK, NY , June 24, 2022 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ:GFAI,GFAIW), an integrated security solutions provider, announced today that it has acquired 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 more than 25 years of experience and a well-established customer base among retail businesses. The acquisition was paid for in a combination of cash (10%) and restricted ordinary shares of the Company (90%) at the previously agreed price of U.S. $2.00 per share. As previously announced, on May 24, 2022, Guardforce AI entered into 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 still 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, Chairman of Guardforce AI, noted, “The acquisition of a well-established integrated security solution provider in Beijing is truly transformative for Guardforce AI as it not only strengthens our foothold in Asia, but also expands our integrated security capabilities. Importantly, this acquisition brings to Guardforce AI an established customer base among retail businesses in different industries. Our global expansion strategy not only includes expanding geographically, but also building a more diverse customer base. We look forward to leveraging these newly acquired capabilities across our global platform and accelerating the commercial rollout of our integrated security initiatives. Additionally, we look forward to closing the acquisition of Kewei’s seven robotics companies in the third quarter of 2022.” About Guardforce AI Co., Ltd. Guardforce AI Co., Ltd. (NASDAQ:GFAI,GFAIW) is a global integrated security solutions provider that is focused on developing robotic solutions and information security services that complement its well-established secured logistics business. With more than 40 years of p...