GFAI Guardforce AI Company Ltd

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 www.guardforceai.com Twitter: @Guardforceai

Safe Harbor Statement

This press release contains statements that do not relate to historical facts but are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise.

Investor Relations:David Waldman or Natalya RudmanCrescendo Communications, LLCEmail: gfai@crescendo-ir.comTel: 212-671-1020

Guardforce AI Corporate Communications:Hu Yu

Email: yu.hu@guardforceai.com