• Commitment to invest up to $100 million underscores dedication to contributing to the development of the region

• Enables Gorilla to efficiently manage operations and support customers in Egypt and greater Middle East Region

LONDON, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ: GRRR), a global provider of Smart Country AI, IoT technologies and Cybersecurity, is proud to announce the establishment of its new distribution company Gorilla Distribution Partners in Egypt, marking a significant milestone in the company's global expansion strategy.

The decision to set up operations in Egypt comes as part of Gorilla's commitment to meeting the growing demand for leading IT hardware & software solutions in the broader Middle East region. Gorilla Distribution Partners will be strategically located in Cairo, enabling Gorilla to strengthen overall customer satisfaction by streamlining the supply chain, efficiently managing logistics, and ensuring timely deliveries.

"We are thrilled to establish our distribution company in Egypt," said Tofiq Quershi, Managing Director of Gorilla Distribution Partners. "Egypt presents an exciting opportunity for Gorilla to strengthen its presence and better serve its customers in the region. This expansion reflects our commitment to providing exceptional IT products and services to our customers in Egypt and The Middle East, underscoring our confidence in the region's growth potential."

Jay Chandan, Chairman & CEO of Gorilla Technology Group, commented, "We are witnessing exciting times ahead, as the IT distribution landscape undergoes a transformative shift, from the middle position of a two-tier model to the central role in an ecosystem model. We are committed to lead the technology distribution ecosystem in the region by embracing and understanding the dynamic changes taking place. The establishment of Gorilla Distribution Partners locally extends our capabilities to be at the forefront of fostering the transformative technology growth and seizing first opportunities in Egypt and the Middle East region. Adaptation is the key to thriving in this dynamic environment."

Chandan continued, "Embarking on an ambitious expansion into Egypt, we are committing an investment of up to $100 million over the next few years. This initiative goes beyond mere business growth. More importantly, it's about fostering a thriving ecosystem. Our strategy includes the creation of new job opportunities, the development of local talent through upskilling programs and a dedicated effort to boost Egypt's competitiveness as a prime investment destination. Our goal is not only to contribute to the growth of the local and national economy, but also to establish sustainable economic opportunities for the Egyptian labour force. We are steadfast in our commitment to forging robust partnerships with local businesses and stakeholders, staying true to our ethos of sustainable and mutually beneficial growth."

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.

Media Contact:
Jeff Fox
The Blueshirt Group for Gorilla
+1 (415) 828-8298
jeff@blueshirtgroup.com

Investor Relations Contacts:
Gary Dvorchak
The Blueshirt Group for Gorilla
+1 (323) 240-5796
gary@blueshirtgroup.com

Scott McCabe
The Blueshirt Group for Gorilla
+1 (917) 434-3275
scott@blueshirtgroup.com