BYL Baylin Technologies Inc

TORONTO, May 26, 2023 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the "Company") announced today that it has completed its previously announced private placement (the "Private Placement") of 8,000,000 common shares to its principal shareholder, 2385796 Ontario Inc. (the "Subscriber"), a company over which Mr. Jeffrey C. Royer, Chairman of the Board of Directors of the Company, exercises control and direction over investment decisions. The Subscriber purchased the common shares at a subscription price of $0.39 per share (being the volume-weighted average trading price of the common shares on the Toronto Stock Exchange (the "TSX") for the five trading days ending on May 19, 2023, the day the Company filed notice of the Private Placement with the TSX). The Company will use the $3,120,000 proceeds to fund working capital in the business, including for use in the Mobile and Network business line. The common shares are being listed on the TSX. After giving effect to the Private Placement, the Subscriber and a related party hold approximately 61.8% of the outstanding common shares of the Company.

Baylin is a diversified global wireless technology company. We focus on the research, design, development, manufacture and sale of passive and active radio-frequency products, satellite communications products, and supporting services. For further information, please visit www.baylintech.com.

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 use of proceeds from the Private Placement. 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.