NEW YORK, NY / ACCESSWIRE / January 5, 2022 / Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ:GFAI)(NASDAQ:GFAIW), today issued a letter to shareholders from Terence Yap, Chairman of Guardforce AI.
2021 was a pivotal year for Guardforce AI. We continued our expansion from a cash logistics business to an integrated security solutions provider and entered the U.S. capital markets. We founded Guardforce AI in 2018 to acquire Guardforce Cash Solutions Security (Thailand) Co., Ltd., or GF Cash, a secured logistics company with almost 40 years of experience delivering comprehensive services for door-to-door cash collection and delivery, supporting banks, government organizations, multinationals, blue chip companies, SMEs and retailers in Thailand. Today, we have rapidly evolved through a series of organic growth strategies and acquisitions to provide secured logistics, robotics applications and cybersecurity services in Asia and the U.S.
In 2020 we introduced robotics solutions for our customers in Thailand and the Asia Pacific region with the launch of AI powered robots managed by an Intelligent Cloud Platform (ICP) for deployment to medical institutions, office buildings, business units, campuses, residential communities and apartments. As robotics revenues continue to scale during 2021, we entered two new growth markets within the Asia Pacific region via the merger of Macau GF Robotics Limited and GF Robotics Malaysia Sdn. Bhd, which is expected to close early in 2022. Both locations provide great opportunities for robotics solutions, especially in the education, hospitality, retail, and corporate sectors in this fast-growing region.
Our robotics segment continued to expand with the recent proposed acquisition of SBC Global Holdings Inc in the United States. The company provides autonomous robotics solutions that drive business continuity and community health - enabling healthier, safer and more efficient offices, residential and commercial real estate, schools, airports and many other sectors. We believe the acquisition will further empower our operations and ability to deploy robotic and technology solutions in the United States and Canada. This acquisition is also expected to close early in 2022.
In 2021 our journey towards diversifying our service offerings and geographic reach also grew with a majority acquisition of Handshake Networking Limited. Established in 2004, Handshake is a premier information security consultancy providing network security to multinational corporations in Hong Kong and around the world. The company offers a wide variety of information security consultancy services, including penetration testing and vulnerability assessment, information systems audit, consultancy, computer forensics and security awareness training.
Taken together, our strategic acquisitions and geographic expansion has made Guardforce AI a globally integrated security solutions provider in the cybersecurity, artificial intelligence, robotics and related fields. We believe diversifying our service offerings, international reach and revenue streams will continue as the security industry increasingly adopts advanced technologies and physical security and cybersecurity converge.
Throughout 2021 our ability to achieve our growth strategy and seek new opportunities was supported by our secure logistics business in Thailand. During the year we were selected as the authorized operator of the Consolidated Cash Center in the Khon Kaen province of Thailand and Consolidated Cash Center (CCC) for Hadyai CCC, each for five years. Winning these bids is further evidence that we are increasing our stature with the Thai government while also increasing our market leading position in the cash center outsourcing market.
Operationally, 2021 was marked by our entrance into the U.S. capital markets with a successful initial public offering with gross proceeds of approximately $15 million, before underwriting discounts and other offering expenses. Combined with our over $7.7 million cash balance as of June 30, 2021, we are confident our acquisition program will have sufficient capital to fund its pipeline of accretive new partnerships. The listing of our shares on the Nasdaq represents a significant milestone for Guardforce AI. We believe a Nasdaq listing will help elevate the Company's public profile, expand our shareholder base, improve liquidity and enhance shareholder value.
Looking ahead, our momentum will continue to build as we focus on expanding our Robots as a Service (RaaS) platform to efficiently offer more AI value-added services for our customers. We are accelerating the development of new cybersecurity and robotics/AI applications in response to market needs and feedback from our customers. We will continue to seek strategic opportunities to acquire or partner with leading security industry companies to enhance our technology capabilities and expand our international presence.
To our shareholders and all our partners, thank you for your continued support, and I look forward to another year of success in 2022.
Chairman of Guardforce AI
ABOUT Guardforce AI
Guardforce AI Co. Ltd. (NASDAQ:GFAI)(NASDAQ:GFAIW) is a leading integrated security solutions provider that is trusted to protect and transport the high-value assets of public and private sector organizations. Developing and introducing innovative technologies that enhance safety and protection, Guardforce AI helps clients adopt new technologies and operate safely as the Asia Pacific business landscape evolves.
For more information, visit www.guardforce.ai.
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. We make such forward-looking statements pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended, and other federal securities laws. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on reasonable assumptions we have made in light of our industry experience, perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you read and consider this press release you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions, including the risks described in the reports and other documents we file with the Securities and Exchange Commission. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance anticipated in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect or change, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date of this press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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SOURCE: Guardforce AI Co., Limited
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