BYL Baylin Technologies Inc

TORONTO, June 6, 2024 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the "Company") is pleased to announce that it has agreed with its principal lender, Royal Bank of Canada (the "Bank"), to amend the Credit Agreement dated March 29, 2019, as amended, between the Company and the Bank. The amendment includes an extension of the maturity date of the credit facilities from June 30, 2024 to January 31, 2025. The Company repaid the term portion of the credit facility on its maturity on December 29, 2023.

Leighton Carroll, Baylin's CEO, said, "We continue to be extremely grateful for the Bank's support and its ability to work with us while we have been turning around Baylin. Rebuilding trust with our lenders was an important prerequisite to this and prior extensions. I look forward to continuing our progress and seeing Baylin finally live up to its potential."

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.

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.

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.