Gorilla Technology Dismisses Misinformation, Confirms Intention to Acquire Shares by Company and Insiders
London, United Kingdom - Newsfile Corp. - 24 March 2025 - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company") issued a press statement.
"Gorilla Technology will not engage with baseless allegations spread by individuals charged by multiple authorities with fraud and market manipulation.
Given the multiple charges filed by both the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) against those behind these claims, their credibility is highly questionable. Our legal counsels across multiple jurisdictions are currently engaged in this matter. We will let our results and our business strategy speak for themselves," said Jay Chandan, Chairman & CEO of Gorilla Technology.
Given the fall in the Company's share price in connection with recent short selling, Gorilla's Board of Directors once again believes the shares to be deeply undervalued. Therefore, the Company will utilize funds remaining under its previously announced share buyback programme following the release of its 2024 earnings statement if the share price continues to fail to reflect what the Board sees as the Company's intrinsic value.
In addition, it is the intent of a large portion of the Board and the entire executive management team to acquire shares following the Company's earnings release. Jay Chandan added, "We believe in this company, in our vision and in the undeniable momentum we have built. The market will eventually catch up and we are putting our money where our conviction is."
About Gorilla Technology Group Inc.
Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide 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, by using AI and Deep Learning Technologies.
Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.
For more information, please visit our website: 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. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about the Company's intrinsic value and the ability of its board members and management team to purchase shares in the open market, along with those other risks described under the heading "Risk Factors" in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the "SEC") on May 15, 2024 and those that are included in any of Gorilla's future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors 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.
Contact:
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com
The issuer is solely responsible for the content of this announcement.
