Gorilla Technology Commences Smart Government Project in Egypt, Marking A New Era in AI Innovation

LONDON, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, with the receipt of the advance payment from Government of Egypt, announced the official commencement of its ground-breaking project that will provide the Government of Egypt with a Smart Government Security Convergence solution. The project is a significant step forward for the country and will contribute to Egypt's Vision 2030 objectives.

"Driven by global threats, we are pushing the boundaries of cutting-edge technology innovation and progress for defence networks. We are thrilled to kickstart the project and embark on this journey. I am extremely proud of the Gorilla team and elated to share a profound commitment that beats at the heart of my endeavours, the unwavering dedication to transforming Egypt into a technological giant,” said Jay Chandan, Gorilla’s Chairman & CEO. "With our keystone project in Egypt progressing, we have begun generating revenue and cash flow, increasing our cash balance and providing ample runway to capitalize on the growth opportunities ahead of us.”

Gorilla has assembled a team of experts and visionaries to spearhead the project. The project's key objective is to improve the efficiency and effectiveness of security operations while enabling better decision-making, proactive threat detection, and quick response to emerging risks.

"This partnership combines Gorilla's networking power, solutions expertise, and scalability with the best-in-class managed services capabilities. We are confident that our team will usher in a new era of large-scale service delivery for mission-critical networks. We won this groundbreaking project due to our technical capabilities and comprehensive and in-depth research process, where diligent exploration and meticulous analysis have played pivotal roles. The dedicated individuals involved on both sides have invested substantial time and effort in building the capabilities required and creating value for the customer. Their commitment is underscored by a profound passion for identifying challenges and engineering creative and effective solutions," said Mohan Raj Kumar, Global Head of Customer Success for Gorilla.

Heading the project is Suresh Jayachandran, Gorilla’s Director of Customer Success, who commented, "Managed Network Services is core to our business, and we're proud to partner with the Government of Egypt to lead in their secured network deployments, modernization, and operations for the Air Gap Network. Our committed team is fully dedicated to overseeing all aspects of this project, from start to finish.”

"In addition to creating a world class solution network that delivers value to Egypt, we look forward to capitalizing on future opportunities generated from the successful implementation of the Air Gap Network. This endeavour is a collective mission driven by our shared resolve to achieve outcomes that surpass expectations," added Chandan.

About Gorilla Technology Group Inc.

"Empowering Your Tomorrow"

Gorilla, headquartered in London U.K., is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. Gorilla provides a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education.

The Company’s vision is to empower a connected tomorrow through innovative and transformative technologies. Gorilla envisions a world where seamless connectivity transcends boundaries, enriching lives, industries, and societies.

Gorilla’s commitment is to lead the way in pioneering cutting-edge solutions that bridge gaps, foster collaboration and inspire progress. By relentlessly pushing the boundaries of technology, the Company aims to create an ecosystem where individuals, businesses and communities thrive in an era of digital empowerment.

Through continuous innovation, ethical practices and a steadfast dedication to quality, Gorilla strives to shape a future where every interaction, transaction, and experience is enhanced by the power of technology.

For more information go to Gorilla-Technology.com.

Forward-Looking Statements

This press release contains "forward-looking statements” within the meaning of the "safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements include, without limitation, statements referencing Gorilla’s contract with the Government of Egypt, the development of the market for smart-government security products and the effects of integrating smart government security products. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors, including those described under the heading "Risk Factors” in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the "SEC”) on April 28, 2023, and those that are included in any of Gorilla’s future filings with the SEC, are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

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