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Baylin Technologies Announces Transfer of Lease and Related Liabilities by its Vietnamese Subsidiary
Baylin Technologies Announces Transfer of Lease and Related Liabilities by its Vietnamese Subsidi...
About this update from Baylin Technologies, Inc.
[{"type":"text","content":"\n \n \n \n Baylin Technologies Announces Transfer of Lease and Related Liabilities by its Vietnamese Subsidiary\n \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 Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Feb. 28, 2023\n \n \n /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the \"Company\") announces that its Vietnamese subsidiary, Galtronics Vietnam Dai Dong Co., Ltd. (\"GTD\"), has completed the transfer of the lease of its MMU facility in\n \n Vietnam\n \n to a third party, which has assumed responsibility for GTD's obligations under the lease. The facility was originally intended to be an MMU antenna contract manufacturing facility, but never became operational, in part due to the COVID-19 pandemic.\n \n \n \n \n \n \n \n \n \n The original term of the lease ran until\n \n May 29, 2029\n \n . The rental and related costs associated with the lease over its remaining term were expected to total approximately CAD\n \n $2.7 million\n \n .\n \n \n The transfer of the lease substantially completes the liquidation of GTD's assets other than a test chamber for which we continue to conduct a sales process.\n \n \n \n About Baylin\n \n \n \n Baylin is a leading diversified global technology company. The Company focuses on the research, design, development, manufacturing, and sale of passive and active radio-frequency products, satellite communications products, and supporting services.\n \n \n \n Forward-Looking Statements\n \n \n \n This press release includes forward-looking information and forward-looking statements (together, \"forward-looking statements\") within the meaning of applicable securities laws. They 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 antic...