TORONTO, June 29,
2022 /CNW/ - Redline Communications Group Inc.
("Redline" or the "Company") (TSX: RDL), a leading provider of
mission-critical data infrastructure for remote and harsh
environments, is pleased to announce that the Company has obtained
a final order from the Ontario Superior Court of Justice
(Commercial List) approving the previously announced plan of
arrangement (the "Arrangement") with Aviat Networks, Inc. ("Aviat")
pursuant to which Aviat, through a wholly-owned subsidiary, would
acquire all of the outstanding common shares of Redline (the
"Common Shares") for CAD$0.90 per
Common Share.
Redline expects to complete the Arrangement in the first half of
July 2022, subject to satisfaction or
waiver of the remaining closing conditions of the Arrangement.
Following completion of the Arrangement, it is anticipated that the
Common Shares will be delisted from the Toronto Stock Exchange and
the Company will cease to be a reporting issuer under applicable
Canadian securities law.
Further information about the Arrangement is set out in
Redline's management information circular dated May 18, 2022 which has been filed under Redline's
profile on SEDAR at www.sedar.com.
If Shareholders have questions regarding the Arrangement, please
contact:
Richard Yoon
Chief Executive Officer
+1-905-479-8344,
ryoon@rdlcom.com
About Redline Communications
Redline Communications (TSX:RDL) designs and manufactures
powerful wide-area wireless networks for mission-critical
applications in challenging locations. Redline networks are used by
Oil & Gas companies onshore and offshore, Mining companies on
surface and underground operations, by municipalities to remotely
monitor infrastructure, and by specialized telecom service
providers to deliver premium services. Hundreds of businesses
worldwide rely on Redline to engineer, plan and deliver ruggedized,
secure and reliable networks for their IoT, voice, data, and video
communications needs. For more information visit
www.rdlcom.com.
Forward-Looking Statements
Certain statements in this release may constitute
forward-looking statements or forward-looking information within
the meaning of applicable securities laws. Such statements
include with respect to Redline, its beliefs and expectations
regarding the ability to close the Arrangement, the satisfaction of
other conditions to the closing of the Arrangement on proposed
terms and in the time assumed and expectations regarding delisting
from the Toronto Stock Exchange and ceasing to be a reporting
issuer. In some cases, forward-looking statements can be identified
by terms such as "could", "expect", "may", "will", "anticipate",
"believe", "intend", "estimate", "plan", "potential", "project" or
other expressions concerning matters that are not historical facts.
Readers are cautioned not to place undue reliance upon any such
forward-looking statements. Such forward-looking statements are not
promises or guarantees of future performance and involve both known
and unknown risks and uncertainties that may cause the actual
results, performance, achievements or developments of Redline to
differ materially from the results, performance, achievements or
developments expressed or implied by such forward-looking
statements. Forward-looking statements, by their nature, are based
on certain assumptions regarding expected growth, management's
current plans, estimates, projections, beliefs, opinions and
business prospects and opportunities (collectively, the
"Assumptions"). While the Company considers these Assumptions to be
reasonable, based on the information currently available, they may
prove to be incorrect.
Many risks, uncertainties and other factors could cause the
actual results of Redline to differ materially from the results,
performance, achievements or developments expressed or implied by
such forward-looking statements. These risks, uncertainties and
other factors include but are not limited to the following:
the ability to close the Arrangement; the ability of Redline to
satisfy the conditions to the closing of the Arrangement on
proposed terms and in the time assumed; significant competition,
competitive pricing practices, cautious capital spending by
customers, industry consolidations, rapidly changing technologies,
evolving industry standards, frequent new product introductions,
short product life cycles and other trends and industry
characteristics affecting the telecommunications industry; any
material, adverse effects on Redline's performance if its
expectations regarding market demand for particular products prove
to be wrong; any negative developments associated with Redline's
suppliers and contract manufacturing agreements including the
Company's reliance on certain suppliers for key components;
potential penalties, damages or cancelled customer contracts from
failure to meet delivery and installation deadlines and any defects
or errors in Redline's current or planned products; fluctuations in
foreign currency exchange rates; potential higher operational and
financial risks associated with Redline's efforts to expand
internationally; a failure to protect Redline's intellectual
property rights, or any adverse judgments or settlements arising
out of disputes regarding intellectual property; changes in
regulation of the wireless industry or other aspects of the
industry; any failure to successfully operate or integrate
strategic acquisitions, or failure to consummate or succeed with
strategic alliances; and Redline's potential inability to attract
or retain the personnel necessary to achieve its business
objectives or to maintain an effective risk management strategy
(collectively, the "Risks").
For additional information on these Risks, see Redline's most
recently filed Annual Information Form and Annual MD&A, which
are available on SEDAR at www.sedar.com and on the Company's
website at www.rdlcom.com. Redline assumes no obligation to update
or revise any forward-looking statements or forward-looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by law. All forward
looking statements contained in this release are expressly
qualified in their entirety by this cautionary statement
SOURCE Redline Communications Group Inc.