TORONTO, July 9, 2024
/CNW/ - Baylin Technologies Inc. (TSX: BYL) (the "Company")
is pleased to announce that it has entered into an agreement to
sell the Company's Mobile and Network business unit to a strategic
acquiror from Korea for purchase consideration that includes
substantially all liabilities of the business. Subject to receipt
of regulatory and other approvals and satisfaction of other closing
matters, the Company expects to complete the transaction in the
third quarter.
The Mobile and Network business designs and manufactures
antennas for use in wireless communications products, principally
for use in mobile phones but also in personal computers, tablets,
Internet of Things and other wirelessly connected devices. In
May 2023, the Company announced it
was evaluating its options for the business, including whether it
should remain part of the Company's core long-term strategy. Later,
the Company conducted its own sales process and retained an
investment banker to supplement the Company's efforts.
"We are very pleased with the outcome of the process, concluding
with an agreement to sell our Mobile and Network business," said
Leighton Carroll, Chief Executive
Officer of the Company. Simplifying our business model will allow
us to focus on our remaining core businesses: Embedded,
Infrastructure, and Satellite Communications, which continue to
demonstrate strong results and growth.
About Baylin
Baylin is a leading diversified global wireless technology
company. Baylin focuses on the research, design, development,
manufacture and sale of passive and active radio-frequency
products, satellite communications products, and supporting
services. Baylin aspires to exceed its customers' needs and
anticipate the direction of the market. For further information,
please visit www.baylintech.com.
Forward Looking Statements
This press release includes forward-looking information and
forward-looking statements (together, "forward-looking statements")
within the meaning of applicable securities laws. Forward-looking
statements are not statements of historical fact. Rather, they are
disclosure regarding conditions, developments, events or financial
performance that we expect or anticipate may or will occur in the
future, including, among other things, information or statements
concerning our objectives and strategies to achieve those
objectives, statements with respect to management's beliefs,
estimates, intentions and plans, and statements concerning
anticipated future circumstances, events, expectations, operations,
performance or results. Forward-looking statements can be
identified generally by the use of forward looking terminology,
such as "anticipate", "believe", "could" "should", "would",
"estimate", "expect", "forecast", "indicate", "intend", "likely,
"may", "outlook", "plan", "potential", "project", "seek", "target",
"trend" or "will", or the negative or other variations of these
words or other comparable words or phrases, and are intended to
identify forward-looking statements, although not all
forward-looking statements contain these words.
The forward-looking statements in this press release include
statements regarding the completion of the sale of the M&N
Business and the timing and expected benefits of the sale.
Forward-looking statements are based on certain assumptions and
estimates made by us in light of the experience and perception of
historical trends, current conditions, expected future
developments, including projected growth and sales in passive and
active radio frequency and terrestrial microwave products and
services, and other factors we believe are appropriate and
reasonable in the circumstances, but there can be no assurance that
such assumptions and estimates will prove to be correct.
Many factors could cause our actual results, level of activity,
performance or achievements or future events or developments to
differ materially from those expressed or implied by the
forward-looking statements, including the risk factors discussed in
the Company's most recent Annual Information Form, which is
available on the Company's profile on SEDAR+ at
www.sedarplus.ca. All the forward-looking statements in this
press release are qualified by these cautionary statements and
other cautionary statements or factors in this press release. There
can be no assurance that the actual results or developments will be
realized or, even if substantially realized, will have the expected
consequences to, or effects on, the Company. Unless required by
applicable securities law, the Company does not intend and does not
assume any obligation to update these forward-looking
statements.
SOURCE Baylin Technologies Inc.
