Sep 18, 2019, 16:02 ET
TORONTO, Sept. 18, 2019 /CNW/ - Baylin Technologies (TSX: BYL) is pleased to announce that its wholly owned subsidiary, Galtronics Vietnam Co. Ltd. ("Galtronics"), has been selected as one of a few vendors to supply a tier one network equipment provider with 3.5GHz 5G MMU (Massive MIMO Unit) antenna modules, on a worldwide basis.
Galtronics has commenced construction of production lines in its new facility in Vietnam, with scheduled completion in Q1, 2020. Volume production of these antenna modules is expected to begin in Q2, 2020. There will be additional 5G products produced in this facility commencing at a later date. Galtronics will invest approximately C$9.0M to design and equip this facility which will have sufficient capacity to address its customers' needs for the next 2-3 years, with the ability to double production if required.
Recent reports from ResearchAndMarkets suggest the massive MIMO sector is poised for explosive growth, with industry revenue expected to grow from US$1.3B in 2018 to US$21.0B by 2026, representing a 41.6% CAGR. "This project represents the single largest new business opportunity Galtronics has ever invested in and we expect it to generate positive ROI within the first 2 years of production. This facility will be dedicated to 5G products and this win launches us into an exciting wave of the future.", said Randy Dewey, Baylin's President and CEO.
Baylin (TSX: BYL) is a diversified leading global wireless technology management company. Baylin focuses on research, design, development, manufacturing and sales of passive and active RF products and services. We aspire to exceed our customers' needs and anticipate the direction of the market.
Certain statements contained in this press release constitute "forward-looking statements" that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of the Company, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates,", "predicts," "potential," "targeted," "plans," "possible" and similar expressions, or statements that events, conditions or results "will," "may," "could" or "should" occur or be achieved. The forward-looking statements in this press release include statements regarding the Company's expected completion date of its new facility in Vietnam, start date of volume production of antenna modules, production capacity of the facility, and returns generated from products manufactured in the facility, and other statements regarding the Company's plans, objectives and expectations. These statements reflect the Company's current views regarding future events and operating performance and are based on information currently available to the Company as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the Company's ability to successfully allocate capital as needed and to develop new products, as well as the fact that the Company's results of operations and business outlook are subject to significant risk, volatility and uncertainty. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's Annual Information Form dated March 13, 2019 which is available on the Company's profile at www.sedar.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update these forward-looking statements.
SOURCE Baylin Technologies Inc.
For further information: Daniel Kim, EVP Corporate Development, Baylin Technologies Inc., [email protected]
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