TORONTO, April 6, 2020 /CNW/ - Baylin Technologies
Inc. (TSX: BYL) (the "Company" or "Baylin"), a
leading, diversified, global wireless technology company focused on
research, design, development, manufacturing and sales of passive
and active radio frequency products and services, today announced
further cost reduction initiatives it is taking in light of
Covid-19 and the timing of the release of its first quarter
financial results.
In response to the economic and business challenges brought on
by Covid-19, the Company is undergoing a comprehensive assessment
of its operations and costs to ensure it remains competitive. In
addition to efficiencies implemented in Q4 2019, the Company has
implemented a cost saving plan that will reduce expenses by
approximately $6.5 million annually,
of which approximately one-third of the reduction is expected to be
permanent. The plan includes postponing or cancelling discretionary
expenditures, reducing travel costs, freezing all non-essential
hiring, deferring a portion of senior executives' salaries and
temporary layoffs of a number of employees.
The Company will be taking advantage of temporary exemptions
announced by Canadian securities administrators to permit reporting
issuers to delay the filing of their interim financial reports
under section 4.4 of National Instrument 51-102 ("NI 51-102") and
management's discussion & analysis under subsection 5.1(2) of
NI 51-102 for an additional 45 days from the deadline otherwise
applicable. The release of our Q1 2020 earnings is now scheduled to
occur after the close of business on Tuesday
June 16, 2020 followed by our earnings call with analysts
the next morning on June 17. The
Company confirms that its management and other insiders are subject
to an insider trading black-out policy that reflects the principles
in section 9 of National Policy 11-207 and there have been no
material business developments since March
11, 2020, the date the audited consolidated financial
statements were filed, other than as disclosed in our news release
dated March 26, 2020 and in this news
release.
The annual and special meeting of shareholders, originally
scheduled for May 12, 2020, is being
rescheduled and will not be held on that date. We are currently
working with our transfer agent to determine a new date for the
meeting and will announce the new meeting date as soon as it is
available. Mr. David Gelerman, who
has been a director of the Company since February 2018, has resigned from the board.
Forward-Looking Statements
This press release includes forward-looking information and
forward-looking statements ("forward-looking statements") within
the meaning of applicable securities laws. They are not statements
of historical fact. Rather, it is disclosure regarding events,
conditions, developments 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, plans, estimates and intentions and
statements concerning anticipated future events, circumstances,
expectations, results, operations or performance. 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", "plan", "potential",
"project", "outlook", "seek", "target", "trend" or "will" or the
negative or other variations of these words or other comparable
words or phrases and is intended to identify forward-looking
statements, although not all forward-looking statements contains
these words.
The forward-looking statements in this press release include
statements regarding the effect on the Company and its subsidiaries
of cost cutting initiatives, the amount of cost reductions
resulting from those initiatives and the permanent nature of those
initiatives. Forward-looking information and statements are
based on assumptions and estimates made by us in light of the
experience and perception of historical trends, current conditions,
expected future developments, including projected growth in the
antenna and related industries, 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 Annual Information Form dated March 11, 2020 which is available on the
Company's profile at www.sedar.com. All the forward-looking
statements made 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.
About Baylin
Baylin Technologies Inc. is a leading, diversified, global
wireless technology company. Baylin focuses on research, design,
development, manufacturing and sales of passive and active radio
frequency products and services. Baylin aspires to meet its
customers' needs and anticipate the direction of the market. For
further information, please visit www.baylintech.com or
contact Investor Relations: investor.relations@baylintech.com.
SOURCE Baylin Technologies Inc.