TORONTO, Feb. 28,
2023 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the
"Company") announces that its Vietnamese subsidiary, Galtronics
Vietnam Dai Dong Co., Ltd. ("GTD"), has completed the transfer of
the lease of its MMU facility in Vietnam to a third party, which has assumed
responsibility for GTD's obligations under the lease. The
facility was originally intended to be an MMU antenna contract
manufacturing facility, but never became operational, in part due
to the COVID-19 pandemic.
The original term of the lease ran until May 29, 2029. The rental and related costs
associated with the lease over its remaining term were expected to
total approximately CAD $2.7
million.
The transfer of the lease substantially completes the
liquidation of GTD's assets other than a test chamber for which we
continue to conduct a sales process.
About Baylin
Baylin is a leading diversified global technology company. The
Company focuses on the research, design, development,
manufacturing, and sale of passive and active radio-frequency
products, satellite communications products, and supporting
services.
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. They 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", "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 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 expected savings resulting from the
transfer of GTD's lease. 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.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.
SOURCE Baylin Technologies Inc.