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Guardforce AI introduced that it signed a non-binding letter of intent (LOI) to amass Shenzhen Kewei Robotic Know-how Firm Restricted, a Shenzhen Clever Guardforce Robotic Co subsidiary. The acquisition value and consummation of the acquisition are topic to the completion of Guardforce AI’s due diligence and an impartial audit, in addition to a third-party valuation and equity opinion.
Guardforce AI plans to pay for the acquisition with 10% money and 90% widespread inventory of the corporate at a price of no less than $1 per share. Throughout the subsequent few months, the corporate plans to enter right into a definitive buy settlement with Kewei Robotic.
Kewei Robotic makes a speciality of creating robotics software program options and robotics administration platforms, in addition to robotics gross sales and technical companies. The corporate affords a line of unmanned aerial automobiles (UAVs). It affords them underneath a Robots-as-a-Service (RaaS) mannequin.
“We’re thrilled to announce this proposed acquisition of Kewei, a professional Nationwide Excessive-tech Enterprise in China, which holds greater than a dozen robotics-related patents and greater than 40 copyrights to its proprietary software program. Its robotic options cowl a wide range of recurring income streams corresponding to technical companies and robotics promoting,” Lin Jia, President of Guardforce AI, mentioned. “The RaaS platform presently operates roughly 65,000 robots that belong to Kewei, purchasers, and companions, of which greater than 40,000 are outfitted with screens for promoting and interactive options. Kewei’s buyer base contains a formidable roster of Fortune 500 firms throughout numerous industries. In 2021, the unaudited Chinese language GAAP income for Kewei was roughly USD $15 million. Total, we consider this proposed acquisition, together with Kewei’s extremely expert R&D workforce, sturdy robotics platform, operational expertise, in addition to its promoting and technical capabilities, present us a stable basis to additional broaden our geographic footprint throughout China and different worldwide markets.”
Initially, Guardforce AI introduced an LOI to amass 12 of Kewei Robotic’s subsidiary corporations, and earlier than that, it deliberate to amass seven of its subsidiaries. This new settlement supersedes and replaces each of those outdated agreements.
“After conducting additional due diligence, it grew to become clear that buying Kewei itself, in comparison with buying solely the Kewei gross sales channel subsidiaries, would add each a premier roster of enterprise purchasers, in addition to superior applied sciences that we consider will assist to speed up our strategic enlargement inside the robotics trade worldwide. Total, we stay targeted on our objective to rework Guardforce AI into a number one built-in safety firm in AI and robotics.”
Guardforce AI is a worldwide built-in safety options supplier that focuses on creating robotic options and knowledge safety companies.