Guardforce AI Announces Closing of Previously Announced Acquisition of Beijing Wanjia Security System Co., Ltd

NEW YORK, NY , June 24, 2022 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ:GFAI,GFAIW), an integrated security solutions provider, announced today that it has acquired Beijing Wanjia Security System Co., Ltd. (“BJWJ”) from Shenzhen Yeantec Co., Limited ("Yeantec") for approximately US $8.4 million. 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 (10%) and restricted ordinary shares of the Company (90%) at the previously agreed price of U.S. $2.00 per share.