Tuesday, September 13, 2022 7:12:54 AM
The purchase price and consummation of the acquisition of Kewei are subject to the satisfactory completion of the Company’s due diligence and an independent audit, as well as a third-party valuation and fairness opinion. The Company plans to pay for this acquisition through a combination of cash (10%) and restricted common stock of the Company (90%) at a value of no less than $1 per share. Guardforce AI expects to enter into a definitive purchase agreement with Kewei relating to this acquisition within the next few months.
Lin Jia, President of Guardforce AI, stated, “We are thrilled 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 to its proprietary software. Its robotic solutions cover a variety of recurring revenue streams such as technical services and robotics advertising. The RaaS platform currently operates approximately 65,000 robots that belong to Kewei, clients, and partners, of which more than 40,000 are equipped with screens for advertising and interactive features. Kewei’s customer base includes an impressive roster of Fortune 500 corporations across various industries. In 2021, the unaudited Chinese GAAP revenue for Kewei was approximately USD $15 million. Overall, we believe this proposed acquisition, including Kewei’s highly skilled R&D team, robust robotics platform, operational skills, as well as its advertising and technical capabilities, provide us a solid foundation to further expand our geographic footprint across China and other international markets.”
Olivia Wang, Chairwoman and Chief Executive Officer of Guardforce AI, added, “After conducting further due diligence, it became clear that acquiring Kewei itself, compared to acquiring only the Kewei sales channel subsidiaries, would add both a premier roster of business clients, as well as advanced technologies that we believe will help to accelerate our strategic expansion within the robotics industry worldwide. Overall, we remain focused on our goal to transform Guardforce AI into a leading integrated security company in AI and robotics.”
Recent GFAI News
- Guardforce AI Reports Record Revenue of $36.3 Million for 2023 • GlobeNewswire Inc. • 04/29/2024 01:00:37 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/23/2024 05:07:26 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/23/2024 08:53:28 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/18/2024 09:58:21 PM
- Guardforce AI Appoints Yuting Zuo as Chief Financial Officer • GlobeNewswire Inc. • 01/17/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/02/2024 09:11:19 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/02/2023 08:42:54 PM
- Guardforce AI Completes Conversion of $15.91 Million of Total Debt and Interest into Ordinary Shares at $5.40 Per Share • GlobeNewswire Inc. • 10/24/2023 12:00:00 PM
- Guardforce AI Has Secured a Three-Year Contract with a Leading Japanese Retailer for its End-to-End Cash Management Solution Including Guardforce Digital Machine in Thailand • GlobeNewswire Inc. • 10/17/2023 11:00:00 AM
- Guardforce AI Reports Interim Financial Results for the First Half of 2023, and Provides Business Update • GlobeNewswire Inc. • 10/02/2023 11:00:00 AM
- Guardforce AI Secures Two-Year Contract for its End-to-End Cash Management Solution Including Guardforce Digital Machine in Thailand • GlobeNewswire Inc. • 09/12/2023 11:00:00 AM
- Guardforce AI Partners with Concorde Security Pte Ltd to Launch a New Robotic Security Solution in Singapore • GlobeNewswire Inc. • 07/20/2023 11:00:00 AM
- Guardforce AI Announces Closing of Underwritten Public Offering and Exercise of Full Over-Allotment Option • GlobeNewswire Inc. • 05/15/2023 08:30:00 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM