Guardforce AI Co Ltd (NASDAQ:GFAI) has announced that its Thailand subsidiary Guardforce Cash Solutions Security (GFCS) has secured two long-term contracts with pre-existing clients for its secured logistics and cash handling services, further strengthening its leading position in that country.
The company said both clients converted into long-term agreements following an expansion of the scope of services provided by GFCS, with both contracts started in the first quarter of 2023.
“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,” Guardforce AI chairwoman and CEO Olivia Wang said in a statement. “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.”
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The company noted that the first contract is a five-year agreement with Don Muang Tollway Public Company Limited, a toll facility management company that constructs and manages toll roads. Under the contract, GFCS will provide a variety of services to the Don Muang Tollway, including setting up and managing Guardforce Deposit Machines at key toll plazas, as well as providing cash handling, cash-in-transit and coupon counting.
The second contract is a three-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 the company’s 644 stores in northern Thailand.
"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,” Wang continued. “With the lifting of pandemic restrictions and recovery of the economy in Thailand, we are confident that both our secured logistics and RaaS (Robot-as-a-Service) business lines are poised for significant growth within Thailand.”
Guardforce AI is a global security solutions provider, building on its legacy secured logistic business while expanding and transforming into an integrated AI and RaaS business.
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