TORONTO, April 20,
2022 /CNW/ - Redline Communications Group Inc.
("Redline" or the "Company") (TSX: RDL), a leading provider of
mission-critical data infrastructure for remote and harsh
environments, today announced that Philip
Jones, Chief Financial Officer, has resigned effective
May 13, 2022, to pursue other
endeavours. The Company has appointed Mr. Norman S. Wong as Interim Chief Financial
Officer, effective May 16, 2022.
Mr. Wong, B.Sc., CPA, CA, has more than 30 years of experience
in leadership positions, including Xillix Technologies Inc., MDSI
Mobile Data Solutions Inc., ResponseTek Networks Corp. SendToNews,
Basic Gov Corp and One45 Software.
"Norm brings to Redline a wealth of experience which will
ensure a smooth transition as we move towards the shareholders'
vote on the recently announced offer for our Company by Aviat. I'd
like to thank Philip for his dedication and support and wish him
the best in his future endeavours," said Richard Yoon, Redline's President and Chief
Executive Officer.
About Redline
Redline (TSX:RDL) designs and manufactures powerful wide-area
wireless networks for mission-critical applications in challenging
locations. Redline networks are used by oil & gas companies
onshore and offshore, mining companies on surface and underground
operations, distribution utilities for last mile broadband,
municipalities to remotely monitor infrastructure, and by
specialized telecom service providers to deliver premium services.
Hundreds of businesses worldwide rely on Redline to engineer, plan
and deliver ruggedized, secure and reliable networks for their IoT,
voice, data, and video communications needs. For more information,
visit www.rdlcom.com.
Forward Looking Statements
Certain statements in this release may constitute
forward-looking statements or forward-looking information within
the meaning of applicable securities laws. In some cases,
forward-looking statements can be identified by terms such as
"could", "expect", "may", "will", "anticipate", "believe",
"intend", "estimate", "plan", "potential", "project" or other
expressions concerning matters that are not historical facts,
including with respect to, among other things: the appointment of
Mr. Wong as CFO. Readers are cautioned not to place undue reliance
upon any such forward-looking statements. Such forward-looking
statements are not promises or guarantees of future performance or
outcomes and involve both known and unknown risks and uncertainties
that may cause the actual results, performance, outcomes,
achievements or developments of Redline to differ materially from
the results, performance, outcomes, achievements or developments
expressed or implied by such forward-looking statements.
Forward-looking statements, by their nature, are based on certain
assumptions regarding expected growth, management's current plans,
estimates, projections, beliefs, opinions and business prospects
and opportunities (collectively, the "Assumptions"). While the
Company considers these Assumptions to be reasonable, based on the
information currently available, they may prove to be
incorrect.
Many risks, uncertainties and other factors could cause the
actual results of Redline to differ materially from the results,
performance, achievements or developments expressed or implied by
such forward-looking statements. These risks, uncertainties and
other factors include but are not limited to the following: the
timing and appointment of Mr. Wong as CFO, significant competition,
competitive pricing practices, cautious capital spending by
customers, industry consolidations, rapidly changing technologies,
evolving industry standards, frequent new product introductions,
short product life cycles and other trends and industry
characteristics affecting the telecommunications industry; any
material, adverse effects on Redline's performance if its
expectations regarding market demand for particular products prove
to be wrong; any negative developments associated with Redline's
suppliers and contract manufacturing agreements including the
Company's reliance on certain suppliers for key components;
potential penalties, damages or cancelled customer contracts from
failure to meet delivery and installation deadlines and any defects
or errors in Redline's current or planned products; fluctuations in
foreign currency exchange rates; potential higher operational and
financial risks associated with Redline's efforts to expand
internationally; a failure to protect Redline's intellectual
property rights, or any adverse judgments or settlements arising
out of disputes regarding intellectual property; changes in
regulation of the wireless industry or other aspects of the
industry; any failure to successfully operate or integrate
strategic acquisitions, or failure to consummate or succeed with
strategic alliances; and Redline's potential effective risk
management strategy (collectively, the "Risks").
For additional information on these Risks, see Redline's most
recently filed Annual Information Form ("AIF") and Annual MD&A,
which are available on SEDAR at www.sedar.com and on the Company's
website at www.rdlcom.com, as well as the circular relating to the
Meeting to be filed by Redline on SEDAR. Redline assumes no
obligation to update or revise any forward-looking statements or
forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by law. All forward looking statements contained in this
release are expressly qualified in their entirety by this
cautionary statement.
SOURCE Redline Communications Group Inc.
