Baylin Technologies Inc. satisfies court order

TORONTO — Baylin Technologies Inc. announces that it has satisfied an 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 $2,250,000 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 funded 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% Cumulative Redeemable Retractable Series B Preferred Shares at a price of $25.00 per share for proceeds of $2,250,000. 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.