Toronto, Canada – September 15, 2022 – 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.

For further information contact:


Investor Relations:
Kelly Myles, Marketing and Communications Manager
Baylin Technologies Inc.
kelly.myles@baylintech.com

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.

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