Guardforce AI (NASDAQ:GFAI) stock is gaining on Friday as investors react to the company securing two new contracts.
The first of these contracts is with Don Muang Tollway Public Company Limited and is set to last for five years. This will have Guardforce AI handling several aspects of the toll facility management company’s Don Muang Tollway.
With this deal, Guardforce AI will be in charge of setting Guardforce Deposit Machines at the location. It will also take care of cash handling, cash-in-transit, and coupon counting.
Next is the company’s three-year deal with an unnamed retail chain in Thailand. With this deal, Guardforce AI will be responsible for cash-in-transit and counting services at 326 of its 644 stores in northern Thailand.
What This Means for GFAI Stock
Olivia Wang, chairman and CEO of Guardforce AI, said the following about the deal:
“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.”
GFAI investors are excited about today’s deal with heavy trading. That has some 7 million units on the move as of this writing. This is a major jump over the company’s daily average trading volume of about 810,000 shares.
GFAI stock is up 12.4% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.