TORONTO, April 5, 2017 /CNW/ - Baylin Technologies Inc. ("Baylin") (TSX: BYL) today announced the forthcoming retirement of CFO James Newell from Baylin Technologies.
Randy Dewey, President and CEO, explained that "James Newell commenced his CFO employment with the company in November of 2015. The plan all along was for Jim to help the company through its restructuring and to retire within eighteen months." "We are right on track with the timing and have commenced our search for Jim's replacement."
Jim will continue to support the new CFO through a transition period and explained, "It has been my pleasure to work with Randy, the Board and the rest of the team in executing on the financial turnaround plan. Baylin is now in a much stronger financial position, and I look forward to watching its growth continue."
The Baylin Audit Committee has commenced the search for a new CFO and we expect to complete that process within a reasonable timeframe. Baylin has made consistent improvements in the previous eighteen months and there is positive momentum in the business. The company is entering a new chapter and we look forward to complimenting the team with an experienced capital markets CFO who possesses significant M&A experience and who will continue the focus on financial rigour and strategic insight that Jim has implemented to date.
Baylin (TSX: BYL) is a leading global wireless technology management company. Baylin focuses on design, development, manufacturing and delivery of leading wireless products and services. We aspire to meet our customers' needs and anticipate the direction of the market.
Forward-looking Information Cautionary Statement
This news release contains statements that may constitute "forward-looking statements" or "forward looking information" under applicable securities laws, including statements relating to, the customers and potential sales of products by Baylin and assumptions regarding the future performance of Baylin. Certain statements made in this news release that are not historical facts are also forward-looking statements. These forward-looking statements reflect management's current internal projections, expectations or beliefs and are based on information currently available to Baylin. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "predict", "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from those discussed in the forward-looking statements. Risks and uncertainties that could cause or contribute to such differences include, but are not limited to those described under "Risk Factors" in Baylin's most recent annual information form, which is available on SEDAR. Baylin has made a number of assumptions in making forward-looking statements in this news release. Although management believes that the forward-looking statements contained herein are based on reasonable assumptions, an investor cannot be assured that actual results will be consistent with such statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Baylin cannot provide any assurance that forward-looking statements will materialize. The forward-looking statements included in this news release are made as of the date of this news release and Baylin undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise except as may be required by applicable securities laws.
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.
SOURCE Baylin Technologies Inc.
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