Business
Guardforce AI Announces Planned U.S. Expansion with Proposed Acquisition of SBC Global Holdings Inc.
NEW YORK, NY / ACCESSWIRE / December 9, 2021 / Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ:GFAI, GFAIW), an integrated security
About this update from Guardforce Ai Co., Limited
[{"type":"text","content":"NEW YORK, NY / ACCESSWIRE / December 9, 2021 / Guardforce AI Co., Limited (\"Guardforce AI\" or the \"Company\") (NASDAQ:GFAI, GFAIW), an integrated security solutions provider in Asia, announced today its proposed U.S. expansion plans with the acquisition of New Jersey-based SBC Global Holdings Inc. (\"SBC\"). As part of the acquisition, Robert Shiver, Chairman and CEO of SBC, will continue to lead the firm. The proposed acquisition is expected to be completed by January 31, 2022.The purchase price is expected to be one times SBC's 2021 audited total assets, which the parties expect to be approximately $2 million. The purchase price will be paid in a mix of cash (10%) and Company equity (90%). The parties expect to value the equity portion of the purchase price based upon a price of $4.20 per Company share. The equity portion of the purchase price will be subject to vesting over a two-year period and locked-up until vested. The acquisition of SBC is subject to, among other things, the satisfactory completion of due diligence by the Company, the entry into definitive agreements and any required third-party consents.Terence Yap, Chairman of Guardforce AI, commented, \"As a Singapore-headquartered company, we view the United States and Canada as incredibly important markets and a priority for our global expansion plans. This development is part of our ongoing commitment to working with innovative businesses around the world with the goal of expanding the reach of our core offerings globally.\"Robert Shiver, Chairman and CEO of SBC, added, \"We are excited to work with Guardforce AI as they expand into the U.S. market. Given Guardforce AI's well-established international operations, presence and diversified set of AI solutions, SBC will now have potentially greater opportunities in terms of additional and diverse revenue streams. We have great confidence that this acquisition will aid our growth not only in the United States, Canada but also in Southeast Asia.\"SBC offers robotic Technology-as-a-Service (\"TaaS\") to customers and clients in the educational, residential, healthcare, and transportation sectors in the U.S and has offices in New Jersey and New York. The acquisition is expected to further enable Guardforce AI's operations and ability to deploy its roll out of additional robotic and technology solutions in the United St...