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Guardforce AI Expands Robotics As A Service To China's Greater Bay Area

  • Guardforce AI Co Ltd (NASDAQ: GFAIexpands its Robotics as a Service (RaaS) offering with the proposed acquisition of Shenzhen Keweien Robot Service Co., Ltd (SZ) and Guangzhou Kewei Robot Technology Co., Ltd. (GZ).
  • SZ and GZ derive revenues from AI robotic services which automate repetitive tasks.
  • The purchase price to be based upon a valuation that is equal to 0.55-times five years projected average revenue for both the acquired companies, estimated to be $10 million and will be paid in a mix of cash (10%) and shares (90%) at a price per share $4.20.
  • The company expects to complete the acquisition by the end of February 2022.
  • Guardforce AI held cash and equivalents of $9.4 million as of June 30, 2021.
  • Price Action: GFAI shares are trading higher by 6.60% at $1.13 during the premarket session on Friday.

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