Guardforce AI Co., Limited (NasdaqCM:GFAI) and Shenzhen GFAI Robot Technology Co., Limited entered into an agreement to acquire Certain robot-related business assets of Shenzhen Kewei Robot Technology Co., Limited for $2.1 million on December 21, 2022. The acquisition includes the transfer of certain equipment, clients in the sales pipeline, related sales channels and staff, as well as rights to the permanent use of its patents. Customers for the acquired business span various industries, such as restaurants, hotels, and office buildings, including Fortune 500 companies.

Additionally, the acquired rights to patents are expected to further enhance Guardforce AI's capabilities in RaaS development, which complement the Company's advanced AI capabilities. The deal is expected to complete in the first quarter of 2023, subject to customary closing conditions.