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Guardforce AI Closes Acquisition of Beijing Wanjia Security System Co.

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MANews-(C)2009-2022

US-based security solutions provider Guardforce AI Co., Ltd (NASDAQ: GFAI) has acquired Chinese alarm security solution provider Beijing Wanjia Security System Co., Ltd. from Shenzhen Yeantec Co., Ltd. for approximately USD 8.4m, the company said.

BJWJ is an integrated alarm security solution provider with more than 25 years of experience and a well-established customer base among retail businesses.

The acquisition was paid for in a combination of cash and restricted ordinary shares of the company at the previously agreed price of USD 2.00 per share.

As previously announced, on May 24, 2022, Guardforce AI entered into two definitive agreements to acquire a total of eight companies in China.

The second definitive agreement, to acquire an additional seven companies from Shenzhen Kewei Robot Technology Co., Ltd, is still expected to close in 3Q22.

The seven...

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