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

• Guardforce AI Co Ltd (NASDAQ:GFAI) expands 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.