Guardforce AI Wins Five Year Bid to Operate Consolidated Cash Center in Hadyai, Thailand

Rhea-AI Summary

Guardforce AI Co., Limited (NASDAQ:GFAI, GFAIW) announced its selection to operate the Consolidated Cash Center in Hadyai, Thailand, a significant step in expanding its leadership in the cash center outsourcing market. The decision, made in collaboration with the Thai Bankers' Association and the Bank of Thailand, positions the center as the sole facility in Thailand's deep southern region, servicing seven provinces. This win follows an earlier five-year contract for another cash center in Khon Kaen, further solidifying Guardforce AI's credibility with the Thai government.

Positive

• Selected to operate Hadyai Consolidated Cash Center, enhancing market position.
• Only CCC in deep southern Thailand, servicing seven provinces.
• Previous win of five-year contract for Khon Kaen cash center.

Negative

• None.

Positioning the Company as the Leader in the Outsourcing Cash Center Business

NEW YORK, NY / ACCESSWIRE / November 30, 2021 / Guardforce AI Co., Limited ("Guardforce AI" or the "Company") (NASDAQ:GFAI)(NASDAQ:GFAIW), an integrated security solutions provider in Asia, has announced today that Guardforce Cash Solutions Security (Thailand) Company Limited ("GFCS"), the operating subsidiary of Guardforce AI, has been selected to operate a Consolidated Cash Center ("CCC") for Hadyai CCC.

The decision was jointly made by the Thai Bankers' Association, representatives of financial institutions and the Bank of Thailand. Hadyai CCC located in the south is a newly built facility that was completed in 2021 and is the only CCC that the Bank of Thailand maintains in the deep southern region of Thailand. This CCC covers seven provinces in total including Songkhla, Trang, Satun, Phatthalung, Yala, Pattani and Narathiwat. The city of Hadyai is close to the southern border with Malaysia and is the largest city of Songkhla Province, which is the third largest metropolitan area in the country.

Kee Yun Kwan, the Chief Operating Officer at Guardforce AI, commented, "We are delighted that we have been selected to operate this facility. This is a milestone for us and we will continue providing the best service to our clients and customers. Winning this bid is further evidence that we are increasing our creditability with the Thai government while also increasing our market leading position in the cash center outsourcing market."

Earlier this year, GFCS was also selected to operate for a period of five years the CCC in the Khon Kaen province of Thailand. The Khon Kaen CCC is the largest CCC in the north east of the country.

About Guardforce AI Co., Ltd.

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.guardforceai.com.

Forward-Looking Statements

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.

Corporate Contact
Yu Hu
Email: yu.hu@guardforceai.com
Phone: (+852) 2838-3500

Media Relations
Patrick Yu
Email: patrick.yu@fleishman.com
Phone: (+852) 2586-7877

Investor Relations
Shannon Devine
Email: GFAI@mzgroup.us
Phone: +1 203-741-8811

SOURCE: Guardforce AI Co., Limited

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FAQ

What did Guardforce AI announce on November 30, 2021?

Guardforce AI announced its selection to operate the Hadyai Consolidated Cash Center in Thailand.

What is the significance of the Hadyai Consolidated Cash Center for Guardforce AI?

It enhances Guardforce AI's leadership in the cash center outsourcing market and serves seven provinces.

How long is the contract for the Hadyai Consolidated Cash Center?

The contract is for a period of five years.

What previous contract did Guardforce AI secure before the Hadyai project?

Guardforce AI was previously awarded a five-year contract for the cash center in Khon Kaen.

Which organization selected Guardforce AI for the Hadyai project?

The Thai Bankers' Association and the Bank of Thailand jointly selected Guardforce AI.