TORONTO, Dec. 31,
2024 /CNW/ - Baylin Technologies Inc. (the "Company")
is pleased to announce that it has completed the sale of its Mobile
and Network business unit, comprised of Galtronics Korea Co., Ltd.
("GTK") and Galtronics Vietnam Co., Ltd. ("GTV"), to a strategic
acquiror from Korea. The Company has now completed the sale of GTV,
following receipt of Vietnamese regulatory approvals. The sale of
GTK was completed in July 2024. The
Mobile and Network business unit designs and manufactures antennas
for use in wireless communications products, principally for use in
mobile phones.
Leighton Carroll, Chief Executive
Officer of the Company, commented: The sale will allow the Company
to focus on its remaining core businesses – Embedded Antenna and
Wireless Infrastructure under the Galtronics name and Satellite
Communications under the Advantech name.
The Company also announces the appointment of Clifford Gary as its new Chief Financial
Officer. Mr. Gary replaces Dan
Nohdomi, the former Chief Financial Officer, who is leaving
the Company to pursue other opportunities. Mr. Gary is currently
the Vice President Finance of the Company. His appointment is
effective January 1, 2025.
"It has been a great pleasure working with Dan. He has been a
key member of the management team and will be missed. Cliff has
been in his current position for several years, and his promotion
reflects the confidence the board of directors has in his ability
to take on this new and more challenging role", said Mr.
Carroll.
About Baylin
Baylin is a leading diversified global technology company. The
Company focuses on the research, design, development, manufacture
and sale of passive and active radio-frequency products and
satellite communications products and the provision of supporting
services. We strive to meet our customers' needs and anticipate the
direction of the market.
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 concerning the Company's focus on its remaining core
businesses. 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.