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Guardforce AI Extends Contract with Government Savings Bank in Thailand; Contract Valued in Excess of $19 Million over Three Years

Guardforce AI Co., Limited, an integrated security solutions provider, announced that Guardforce Cash Solutions Security (Thailand) Company Limited (“GFCS”), the secured logistic subsidiary of Guardforce AI, has extended its contract as the automated teller machine (ATM) service provider for Government Savings Bank (GSB) in Thailand. The contract starts on June 1, 2022 and is worth approximately USD $19.5 million over a three-year period.  Under the agreement, GFCS will service approximately 4,000 units across Thailand and provide full a full suite of ATM services, including replenishment, maintenance and cleaning services.

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“We are delighted to have extended this significant multi-year ATM contract with Government Savings Bank in Thailand. This contract is a further illustration of our competitiveness, reliability, and solid reputation in the industry,” commented, Kee Yun Kwan, Chief Operating Officer at Guardforce AI. “The cash logistic market represents a significant growth opportunity for our cost-effective and secure cash management solutions. Based on a recent report from Allied Market Research, the global cash logistic market is projected to grow from $16.83 billion in 2020 to $33.28 billion by 2030. Additionally, with the easing of COVID-19 restrictions and the revival of the economy, especially tourism, we anticipate that the demand for our secured logistics solutions will continue to increase. We look forward to accelerating the commercial rollout of our cash solutions across Thailand, which play an important role in reducing risks and public exposure of cash transfer.”

Additionally, Guardforce AI announced that it has received a notification letter (the “Notification Letter”) from the Nasdaq Stock Market LLC (the “NASDAQ”) dated May 27, 2022, notifying the Company that it is not in compliance with the minimum bid price requirement as set forth under NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ. This press release is issued pursuant to NASDAQ Listing Rule 5810(b), which requires prompt disclosure upon the receipt of a deficiency notification.

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NASDAQ Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s ordinary shares for the 30 consecutive business days from April 14, 2022 through May 26, 2022 the Company no longer meets the minimum bid price requirement.

In accordance with the NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until November 23, 2022, to regain compliance with NASDAQ Listing Rule 5550(a)(2). To regain compliance, the Company’s ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 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 face delisting.

The receipt of the Notification Letter has no immediate effect on the listing of the Company’s ordinary shares, which will continue to trade uninterrupted on NASDAQ under the ticker “GFAI”. To address this issue, the Company intends to continuously monitor its closing bid price and is in the process of considering various measures to improve its financial position and results of operations, which the Company expects to countervail the short-term adverse effects on its trading price and cure the deficiency in due time.

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