Ms. Kelly Myles reports

BAYLIN TECHNOLOGIES SATISFIES COURT ORDER

Baylin Technologies Inc. has satisfied the August, 2023, order of the Superior Court of Justice (Ontario) by remitting to the escrow agent established in connection with the company's acquisition of Advantech Wireless in January, 2018, the amount of $1,826,512 plus interest, or approximately $2.25-million in total. The order was the subject of an appeal to the Court of Appeal for Ontario, which was dismissed in December, 2024.

The remittance was paid for from the proceeds of a private placement to the company's controlling shareholder, 2385796 Ontario Inc. The private placement consisted of the issuance of 90,000 10 per cent cumulative redeemable retractable Series B preferred shares at a price of $25.00 per share for proceeds of $2.25-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 Sept. 25, 2026, the company at its option may redeem, and the holder at any time may require the company to redeem, some or all of the Series B preferred shares then outstanding in cash at the issue price. On Sept. 25, 2030, the company is required to redeem all Series B preferred shares then outstanding in cash at their issue price. The Series B preferred shares are non-voting.

About Baylin Technologies Inc.

Baylin is a leading diversified global wireless technology company. Baylin focuses on research, design, development, manufacturing and sales of passive and active radio frequency and satellite communications products, and the provision of supporting services. Baylin aspires to exceed its customers' needs and anticipate the direction of the market.