NEW YORK, NY, May 31, 2022 (GLOBE NEWSWIRE) — Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security solutions provider, today announced that Guardforce Cash Solutions Security (Thailand) Company Limited (“GFCS”), the secure logistics subsidiary of Guardforce AI, has extended its contract as an ATM service provider (ATM) for Government Savings Bank (GSB) in Thailand. The contract begins June 1, 2022 and is worth approximately US$19.5 million over a three-year term. Under the agreement, GFCS will serve approximately 4,000 units across Thailand and provide a full range of ATM services, including replenishment, maintenance and cleaning services.
“We are delighted to have extended this important multi-year ATM contract with Government Savings Bank in Thailand. This contract is yet another illustration of our competitiveness, reliability and solid reputation in the industry,” commented Kee Yun Kwan, COO of Guardforce AI. “The cash logistics market represents a significant growth opportunity for our cost-effective and secure cash management solutions. According to a recent report by Allied Market Research, the global cash logistics market is expected to grow from $16.83 billion in 2020 to $33.28 billion by 2030. Additionally, with the easing of COVID-19 related restrictions and the revival of economy, particularly tourism, we expect demand for our secure logistics solutions to continue to increase. We look forward to accelerating the commercial rollout of our cash solutions across Thailand, which play an important role in reducing risk and public exposure to cash transfers.
Additionally, Guardforce AI today announced that it has received a notification letter (the “Notification Letter”) from Nasdaq Stock Market LLC (the “NASDAQ”) dated May 27, 2022 advising the Company that it is not not in compliance with the minimum bid price requirement as set forth in NASDAQ Listing Rule 5550(a)(2) for continued NASDAQ listing. This press release is issued pursuant to NASDAQ Listing Rule 5810(b), which requires prompt disclosure upon receipt of a notice of deficiency.
NASDAQ listing rule 5550(a)(2) requires listed securities to maintain a minimum offering price of $1.00 per share, and listing rule 5810(c)(3)(A) provides that there is a breach of the minimum bid price requirement if the default persists for a period of 30 consecutive business days. Based on the closing bid price of the common shares of the Company for the 30 consecutive business days from April 14, 2022 to May 26, 2022, the Company no longer meets the minimum bid price requirement.
Pursuant to NASDAQ listing rule 5810(c)(3)(A), the Company has 180 calendar days, or until November 23, 2022, to regain compliance with NASDAQ listing rule 5550 (a)(2). To regain compliance, the Company’s common stock must have a closing bid price of at least $1.00 for at least 10 consecutive trading days. In the event that the Company does not regain compliance by November 23, 2022, the Company may be eligible for additional time to regain compliance or may be subject to debarment.
Receipt of the notification letter does not have an immediate effect on the listing of the common shares of the Company, which will continue to trade without interruption on the NASDAQ under the symbol “GFAI”. To address this issue, the Company intends to continuously monitor its closing bid price and is considering various measures to improve its financial condition and results of operations, which the Company expects to offset short-term negative effects on its share price. and remedy the deficiency in a timely manner.
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 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.
David Waldman or Natalia Rudman
Crescendo Communications, LLC
Guardforce AI Enterprise Communications