Guardforce AI Co., Ltd. (NASDAQ: GFAI) is engaged as an integrated security solutions provider in the Asia Pacific region. The company primarily provides protection and transportion services for high-value assets for public and private sector clients. Shares of the security services company are rallying 14% through afternoon trading on Tuesday, November 30, 2021. Over the past three months, Guardforce AI has seen average daily volume of 3.21 million shares. However, volume of 20.11 million shares or dollar volume of around $32.18 million, has already exchanged hands through afternoon trading Tuesday.
Shares of Guardforce AI are gaining after the company announced that its subsidiary, Guardforce Cash Solutions Security (Thailand) Company Limited, has secured a five-year contract to operate a Consolidated Cash Center (CCC) in Hadyai, Thailand. The company will provide operational services for the CCC location, including security & transportation services. Guardforce AI was selected by the Thai Bankers’ Association and representatives from the Bank of Thailand.
The Hadyai CCC location is located in the southern part of the country and just recently completed construction earlier this year. Hadyai is also the only CCC that the Bank of Thailand maintains in the deep southern part of Thailand, covering seven provinces. The latest contract comes after Guardforce AI recently won an additional five-year contract for a CCC location in the Khon Kaen province of Thailand, which is the largest such location in the northeast part of the country.
Kee Yun Kwan, the Chief Operating Officer at Guardforce AI, commented, “We are delighted that we have been selected to operate this facility. This is a milestone for us and we will continue providing the best service to our clients and customers. Winning this bid is further evidence that we are increasing our creditability with the Thai government while also increasing our market leading position in the cash center outsourcing market.”
Disclosure: Neither Spotlight Growth nor its officers have any position or relationship with any companies mentioned in this article, but may choose to initiate a position at any time. No payment was made to create this article. This article should not be taken as a solicitation or recommendation to buy or sell any securities. Please conduct your own research and consult your financial advisor to determine your risk tolerance and investment path. We are not licensed brokers or investment advisors.