TORONTO, Sept. 15,
2022 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the
"Company") is pleased to announce that it has agreed with
its principal lenders, Royal Bank of Canada and HSBC Bank Canada, to amend the
Credit Agreement dated March 29,
2019, as amended (the "Credit Agreement"), to extend
the maturity date of the revolving and term credit facilities from
September 30, 2022, to September 29, 2023. The amendments also include a
quarterly minimum EBITDA covenant for the 12-month period ending on
the relevant quarter and a revised minimum Liquidity covenant (each
as defined in the Credit Agreement).
The Company is also pleased to announce that its Vietnamese
subsidiary, Galtronics Vietnam Dai Dong Company Limited
("GTD"), has agreed with its lender, HSBC Bank (Vietnam) Ltd., to various amendments to its
credit facility agreement, including an extension of the maturity
date of the facility from August 18,
2022, to August 18, 2023. In
connection with these amendments, GTD repaid Can$1.3 million of the
outstanding principal amount of the facility, which included
amounts realized from the previously announced sale of equipment
owned by GTD. GTD has agreed to repay the remaining principal
amount of the facility of Can$1.1million in four equal quarterly
instalments, with the first payment due on November 18, 2022.
Leighton Carroll, CEO of the
Company said, "I would like to thank our banking partners for their
continued willingness to engage with us and support our business.
These extensions, which included a material paydown on our HSBC
Bank Vietnam loan, allow the Company to continue honouring its
commitments while we improve the operations and financial soundness
of the business."
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, satellite communications products, and supporting
services.
Forward-Looking Information and
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, forward-looking statements 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 is 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 amendments to the Company's and GTD's credit
facilities and its ability to continue to honour its commitments.
Forward-looking information and 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 in sales of passive
and active radio frequency and satellite communications products,
and supporting 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 under 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 any forward-looking statements.
SOURCE Baylin Technologies Inc.