Ms. Kelly Myles reports

BAYLIN ANNOUNCES REPAYMENT OF TERM LOAN

Baylin Technologies Inc. has repaid in full its term loan, which matures on Dec. 29, 2023. The term loan is part of the company's credit facilities with Royal Bank of Canada and HSBC Bank of Canada, which also includes a revolving credit facility. The repayment was financed from the proceeds of the company's recently completed rights offering of $11.8-million and a private placement to its largest shareholder, 2385796 Ontario Inc., for proceeds of $1.7-million.

The private placement consists of the issuance of 68,000 10 per cent cumulative redeemable retractable Series A preferred shares at a price of $25 per Series A preferred share for proceeds of $1.7-million. Subject to certain limitations and applicable law, dividends are payable in cash on a monthly basis at an annual rate of $2.50 per share. At any time on and after Jan. 1, 2025, the company at its option may redeem, and the holder may require the company to redeem, some or all of the Series A preferred shares then outstanding in cash at the issue price. On Dec. 31, 2028, the company is required to redeem all Series A preferred shares then outstanding in cash at their issue price. The Series A preferred shares are non-voting.

About Baylin Technologies Inc.

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.