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Guardforce AI (NASDAQ:GFAI) stock is running higher on Tuesday thanks to news of a deal with Hadyai CCC in Thailand.
This deal has Guardforce Cash Solutions Security, a subsidiary of GFAI, operating a Consolidated Cash Center for Hadyai CCC. The deal was agreed on jointly by the Thai Bankers’ Association as well as the Bank of Thailand.
It’s worth noting that Hadyai CCC is the only “CCC that the Bank of Thailand maintains in the deep southern region of Thailand.” That has it covering seven provinces, including Songkhla, Trang, Satun, Phatthalung, Yala, Pattani and Narathiwat.
Kee Yun Kwan, COO of Guardforce AI, said the following about the news boosting GFAI stock higher today.
“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.”
GFAI investors are reacting positively to today’s news with heavy trading of the stock. As of this writing, more than 18 million shares have changed hands. That’s quite the jump from the company’s daily average trading volume of 3.2 million shares.
GFAI stock is up 25.2% as of Tuesday morning but si down 54.1% since the start of the year.
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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.
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