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Gorilla Technology Group Inc. (symbol: GRRR) is a key player in the world of video intelligence and IoT technology, established in 2000. The company offers cutting-edge solutions in video-centric and content management applications. These applications serve sectors such as smart retail, enterprise surveillance, city security, and broadcast media. Leveraging its innovative VEMO technology, Gorilla integrates deep learning algorithms to automate digital stream processing and provide comprehensive video analytics. This adds value to businesses by uncovering new opportunities.
Gorilla Technology is divided into two main segments: Video IoT and Security Convergence, and Other Segments. The Video IoT and Security Convergence segment focuses on providing video intelligence, Internet of Things (IoT) security, edge AI data analytics, and operational technology (OT) security solutions. The Other Segments include additional services that support the company’s core offerings.
Recently, Gorilla has been at the forefront of cyber security innovation with the introduction of its security convergence devices. These devices are designed to enhance operational efficiency and performance through intelligent, edge AI solutions. Gorilla’s commitment to continuous technological advancement ensures that it delivers superior products and services to managed service providers, distributors, system integrators, and hardware manufacturers.
For the latest updates and more detailed information, visit their website at Gorilla-Technology.com.
Latest News:
- Introducing the Future of Cybersecurity: Security Convergence Devices by Gorilla
Gorilla Technology Group Inc. (NASDAQ: GRRR) has completed the purchase of over 1.1 million shares as part of its recently launched share buyback programme. With over $40 million in unrestricted cash, Gorilla plans to continue purchasing additional shares, believing its stock is substantially undervalued. The company is focusing on several key areas:
1. Aggressive business expansion across multiple regions and sectors
2. Maintaining financial and operational excellence
3. Laser focus on cash generation from existing contracts and future opportunities
4. Protecting shareholder value by monitoring suspicious trading activity
Gorilla anticipates reporting its 1H results before September 30th, with further updates on business strategy and market performance to follow.
Gorilla Technology Group Inc. (NASDAQ: GRRR) has announced a strategic share buyback program of up to $6 million, aiming to address what it believes is a significant undervaluation of its shares. The company has entered into privately negotiated transactions to repurchase over 1.1 million ordinary shares, expected to close within five business days. This initiative comes in response to a sharp decline in the company's market cap from approximately $650 million to $35 million, despite strong business performance.
Key financial highlights include:
- Free cash reserves exceeding $40 million
- Current assets totaling over $58 million, including restricted capital
- Real estate holdings valued at over $25 million
The company expects to release unaudited financial statements for the first half of 2024 by September 30, 2024.
Gorilla Technology Group Inc. (NASDAQ: GRRR) has announced a joint venture with Lanner Electronics to manufacture Gorilla's Next Generation Security Convergence appliances in Thailand. This venture follows their recent MOU and will introduce a new line of AI-enabled cybersecurity products at Lanner's existing facility in Thailand.
The product line will feature three distinct SKUs: entry-level, mid-range, and high-performance models, catering to various customer segments. This initiative aims to enhance production efficiency, quality, and scalability while strengthening Gorilla's regional presence and addressing global customer demands.
The partnership is expected to position both companies as leaders in delivering next-generation Customer Premise Equipment (CPE) and innovative appliances, reinforcing their commitment to driving technological advancements globally.
Gorilla Technology Group Inc. (NASDAQ: GRRR) has appointed Bruce Bower as Interim Chief Financial Officer (CFO). With over 20 years of experience in strategic financial management, capital raising, and corporate governance, Bower joins Gorilla at a important growth phase. His responsibilities will include overseeing financial operations, strategic planning, budgeting, and investor relations. Bower will also lead efforts to optimize Gorilla's capital structure and ensure rigorous financial governance as the company expands globally.
Jay Chandan, Chairman & CEO of Gorilla Technology Group, expressed excitement about Bower's appointment, highlighting his expertise in securing substantial capital and strategic vision. Bower, in turn, shared his enthusiasm for joining Gorilla's executive team, emphasizing his commitment to aligning financial strategy with the company's ambitious goals and driving operational excellence to power global expansion.
Gorilla Technology Group Inc. (NASDAQ: GRRR) has secured two major project wins in Taiwan, reinforcing its position in AI-driven security and smart city solutions. The first project involves expanding an AI Airside Management System at Taoyuan International Airport, building on initiatives dating back to 2016 to enhance security and operational efficiency. The second project focuses on collaborating with a leading telecom company to expand core network investigation systems for a national law enforcement agency in Taiwan, part of Gorilla's Smart Policing Solutions. This initiative aims to deliver a standardized and compliant system for telecom infrastructure that meets law enforcement requirements. These wins demonstrate Gorilla's commitment to innovation in AI and Cybersecurity, as well as its ability to address critical client needs in security infrastructure.
Gorilla Technology Group Inc. (NASDAQ: GRRR) has reported significant progress and financial stability in its ongoing project in the Middle East and North Africa (MENA) region. The company has successfully completed the first two milestones of the project, with all major clients making payments. This has resulted in free cash reserves exceeding $40 million and current assets of over $58 million. Gorilla's financial position is further strengthened by real estate holdings valued at over $25 million.
The company is now entering Phase 3 of the MENA project, which is expected to generate additional revenue streams in 2024 and 2025. Gorilla has clarified that payments are tied to specific milestone completions, dispelling rumors of annual-only payments. Projects in Taiwan are also progressing as planned, with a significant payment expected in November. The company is actively managing its financial resources and exploring financing options to support growth while maintaining sufficient liquidity.
Gorilla Technology Group Inc. (NASDAQ: GRRR) has appointed Keith Levy, former Head of Corporate Derivatives Trading for Bank of America, to its Board of Directors. Levy brings over two decades of experience in the financial sector, including roles at Credit Suisse and Bank of America. His expertise in trading, risk management, and balance sheet optimization is expected to contribute significantly to Gorilla's growth and innovation strategies.
Levy's background includes managing $45 billion of firm balance sheet and recognition as International Executive of the Year by the Executive Leadership Council in 2020. He holds degrees from Harvard University and the University of Michigan. The appointment aligns with Gorilla's mission to redefine the technology landscape in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology.
Gorilla Technology Group (NASDAQ: GRRR) will participate in the Water Tower Research Fireside Chat Series on June 20 at 11 am ET. Jay Chandan, Chairman and CEO, will discuss the company's recent project wins, the completed $12 million capital raise, and Gorilla's capital allocation strategy.
Additionally, updates on ongoing projects and the company's global expansion plans will be covered. The event is open to all investors, and replays will be available after the session.
Gorilla Technology Group (NASDAQ: GRRR) has released an update addressing shareholders' concerns over the recent decline in stock price. The company highlights securing three significant projects in Taiwan for Roaming Lawful Interception, Smart Port solutions, and Criminal Investigation systems, reinforcing its leading position in AI and cybersecurity. Despite this, Gorilla raised $12 million through a share offering to fund ongoing projects in Taiwan and Egypt. The company is negotiating several potentially transformative contracts. Gorilla also addresses false claims about a $300 million securities offering and phishing attempts targeting its stakeholders. CEO Jay Chandan emphasizes the company's resilience, commitment to innovation, and long-term growth strategy.
On June 13, 2024, Gorilla Technology Group (NASDAQ: GRRR) issued a letter to its stockholders addressing recent stock price declines and highlighting key achievements. The company secured three major projects in Taiwan focused on Roaming Lawful Interception (LI) solutions, Smart Port solutions, and Criminal Investigation systems, solidifying its position in AI and cybersecurity. Despite a recent capital raise of $12 million to fund ambitious projects in Taiwan and Egypt, the CEO acknowledges market concerns but stresses the company's commitment to innovation and resilience. Gorilla is also negotiating several transformative contracts, aiming to leverage these funds for future growth.
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