Guardforce AI Secures Two Long-Term Contracts with Established Clients for Secured Logistics Services
These contracts strengthen the company’s leading position in secured logistics and cash handling within Thailand
New York, NY, Jan. 13, 2023 (GLOBE NEWSWIRE) -- Guardforce AI Co., Limited (“Guardforce AI” or the “Company”) (NASDAQ: GFAI, GFAIW), an integrated security provider specializing in secured logistics, AI and Robot-as-a-Service (RaaS), today announced its subsidiary, Guardforce Cash Solutions Security (Thailand) Company Limited (“GFCS”), has secured two long-term contracts with pre-existing clients for its secured logistics and cash handling services, further strengthening the Company’s leading position in Thailand. Both clients converted into long-term agreements with GFCS following an expansion of the scope of services provided by GFCS. Both contracts started in the first quarter of 2023.
The first contract is a 5-year agreement with Don Muang Tollway Public Company Limited (“DMT”), a toll facility management company that constructs and manages toll roads. GFCS is contracted by DMT to provide a variety of services to the Don Muang Tollway, including setting up and managing Guardforce Deposit Machines (GDM) at key toll plazas, as well as providing cash handling, cash-in-transit and coupon counting. The second contract is a 3-year contract with a renowned retail chain store in Thailand. GFCS is contracted to provide cash-in-transit and counting services for 326 out of this company’s 644 stores in northern Thailand.
Olivia Wang, the Chairwoman and Chief Executive Officer of Guardforce AI, stated, “Guardforce AI has been operating in the secured logistics market for more than 40 years in Thailand, and we are dedicated to providing innovative and efficient cash solutions for our clients. The fact that these two clients expanded their scope of services with us and moved to long-term, multi-year contracts with us further validates our exceptional service. Besides strengthening our position in the market, the relationships we maintain with our clients provides us with a solid foundation to expand into other business sectors such as robotics. With the lifting of pandemic restrictions and recovery of the economy in Thailand, we are confident that both our secured logistics and RaaS business lines are poised for significant growth within Thailand.”
About Guardforce AI Co., Ltd.
Guardforce AI Co., Ltd. (NASDAQ:GFAI, GFAIW) is a global security solutions provider, building on its legacy secured logistic business, while expanding and transforming into an integrated AI and Robot-as-a-Service (RaaS) business. With more than 40 years of professional experience and a strong customer foundation, Guardforce AI is developing RaaS solutions that improve operational efficiency, quickly establishing its presence in the Asia Pacific region, while expanding globally. For more information, visit Twitter:
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