Guardforce AI Announces Letter of Intent to Acquire Shenzhen Kewei Robot Technology Company Limited, a Leading Robot Technology Company in China

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Acquisition will provide new robotics-as-a-service capabilities and add key patents
and expand Fortune 500 global customer base

Agreement replaces previously announced letter of intent to acquire 19 robotics subsidiaries from Shenzhen Kewei

NEW YORK, NY, Sept. 13, 2022 (GLOBE NEWSWIRE) — Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security solutions provider, today announced that it has signed a non-binding letter of intent with Shenzhen Intelligent Guardforce Robot Co., Ltd to acquire Shenzhen Kewei Robot Technology Company Limited (“Kewei”), a robotics company in specialized in the development of robotics software solutions and robotics management platforms, as well as in robotics sales and technical services.

This agreement supersedes and supersedes the previously announced letter of intent with Kewei to acquire 12 of its subsidiaries, and the terminated securities purchase agreement under which the Company intended to acquire 7 of its subsidiaries.

The purchase price and completion of the acquisition of Kewei are subject to the satisfactory completion of the Company’s due diligence and independent audit, as well as a third-party valuation and certification of equity. The Company expects to pay for this acquisition with a combination of cash (10%) and restricted common shares of the Company (90%) at a value of at least $1 per share. Guardforce AI expects to enter into a definitive purchase agreement with Kewei regarding this acquisition in the coming months.

Lin Jia, President of Guardforce AI, said, “We are delighted to announce this proposed acquisition of Kewei, a qualified national high-tech enterprise in China, which holds more than a dozen robotics-related patents and more than 40 copyrights on its owner. Software. Its robotic solutions cover a variety of recurring revenue streams such as technical services and robotic advertising. The RaaS platform currently operates around 65,000 bots owned by Kewei, customers and partners, of which more than 40,000 are equipped with advertising screens and interactive features. Kewei’s client base includes an impressive list of Fortune 500 companies in various industries. In 2021, Kewei’s unaudited Chinese GAAP revenue was approximately US$15 million. Overall, we believe this proposed acquisition, including Kewei’s highly skilled R&D team, robust robotics platform, operational skills, as well as advertising and technical capabilities, provides us with a strong foundation to further expand. our geographic footprint in China and other international markets.

Olivia Wang, President and CEO of Guardforce AI, added: “After conducting further due diligence, it became clear that the acquisition of Kewei itself, as compared to the acquisition of only the subsidiaries of Kewei’s sales channel, would add both a list of leading commercial customers, as well as cutting-edge technologies that we believe will help accelerate our strategic expansion within the robotics industry in the whole world. Overall, we remain focused on our goal of transforming Guardforce AI into a leading integrated security company in AI and robotics.

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

Safe Harbor Statement

This press release contains statements that do not relate to historical facts but that are “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements generally (but not always) be identified by their use of terms and expressions such as anticipate, appear, believe, continue, may, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue , want, want and other similar terms and expressions, as well as the use of the future tense. Forward-looking statements are neither historical facts nor 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 relate to the future, 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 forward-looking statements. registration and our reports under “Risk Factors” as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Accordingly, you should not rely on any such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof. Except as otherwise required by law, we undertake 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 Natalia Rudman
Crescendo Communications, LLC
E-mail: [email protected]
Tel: 212-671-1020

Guardforce AI Enterprise Communications
Hu Yu

E-mail: [email protected]


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