Mr. Kelly Myles reports

BAYLIN TECHNOLOGIES CONFIRMS AMENDMENTS TO CONVERTIBLE DEBENTURES AND CANCELLATION OF DEBENTUREHOLDER MEETING

The holders of Baylin Technologies Inc.'s 6.5 per cent extendible convertible unsecured debentures due July 10, 2023, have approved the previously announced proposed amendments to the indenture governing the debentures between the company and Computershare Trust Company of Canada, as debenture trustee, dated as of July 10, 2018, and have authorized the company and the debenture trustee to enter into a supplemental indenture giving effect to the amendments.

The Amendments, once effected, will result in (i) an extension to the maturity date of the Debentures from July 10, 2023 to June 30, 2026, (ii) an increase in the interest rate on the Debentures from 6.5% to 8.5%, effective June 30, 2023, (iii) a reduction in the conversion price of the Debentures from $3.85 to $1.00 per common share of the Company, and (iv) an amendment to the definition of "Change of Control" in the Indenture to permit the Company's Chairman, Jeffrey C. Royer, and related parties, to acquire 66 2/3% or more of the common shares of the Company without it constituting a Change of Control.

Debentureholders representing 71.7% of the outstanding principal amount of the Debentures have provided consent in favour of an extraordinary resolution approving the Amendments, which exceeds the 66 2/3% threshold required under the Indenture. As a result, the meeting of Debentureholders scheduled for June 20, 2023 to consider the Amendments is no longer necessary and has been cancelled. Similarly, the notice to Debentureholders of the Company's intention to elect to repay the Debenbtures on their maturity date in common shares is now deemed to have been withdrawn.

The Company and the Debenture Trustee intend to execute and deliver the Supplemental Indenture on or about June 21, 2023, at which time the Amendments will become effective and binding on all Debentureholders. Subject to satisfaction of certain conditions, the Debentures are expected to be posted for trading on the Toronto Stock Exchange at the opening on June 30, 2023 under the new name "8.5% Convertible Unsecured Debentures" and the existing trading symbol "BYL.DB".

About Baylin

Baylin is a leading diversified global technology company. It focuses on the research, design, development, manufacturing, and sale of passive and active radio-frequency products, satellite communications products, and supporting services.

We seek Safe Harbor.