Business
Baylin Provides Update on Cost Reduction Initiatives, and Q1 2020 Financial Reporting
Baylin Provides Update on Cost Reduction Initiatives, and Q1 2020 Financial Reporting ...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n\n\n\nBaylin Provides Update on Cost Reduction Initiatives, and Q1 2020 Financial Reporting\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 6, 2020\n\n\n\nTORONTO, April 6, 2020 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"Company\" or \"Baylin\"), a leading, diversified, global wireless technology company focused on research, design, development, manufacturing and sales of passive and active radio frequency products and services, today announced further cost reduction initiatives it is taking in light of Covid-19 and the timing of the release of its first quarter financial results.\n\n \n \n \n \n \n \n\n \nIn response to the economic and business challenges brought on by Covid-19, the Company is undergoing a comprehensive assessment of its operations and costs to ensure it remains competitive. In addition to efficiencies implemented in Q4 2019, the Company has implemented a cost saving plan that will reduce expenses by approximately $6.5 million annually, of which approximately one-third of the reduction is expected to be permanent. The plan includes postponing or cancelling discretionary expenditures, reducing travel costs, freezing all non-essential hiring, deferring a portion of senior executives' salaries and temporary layoffs of a number of employees. \nThe Company will be taking advantage of temporary exemptions announced by Canadian securities administrators to permit reporting issuers to delay the filing of their interim financial reports under section 4.4 of National Instrument 51-102 (\"NI 51-102\") and management's discussion & analysis under subsection 5.1(2) of NI 51-102 for an additional 45 days from the deadline otherwise applicable. The release of our Q1 2020 earnings is now scheduled to occur after the close of business on Tuesday June 16, 2020 followed by our earnings call with analysts the next morning on June 17. The Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207  and ...