Baylin Technologies Announces the Sale of its Mobile and Network Business

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.

For further information contact: Investor Relations: Kelly Myles, Marketing and Communications Director, Baylin Technologies Inc., [email protected]