TORONTO, April 20, 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, today announced that Philip Jones, Chief Financial Officer, has resigned effective May 13, 2022, to pursue other endeavours. The Company has appointed Mr. Norman S. Wong as Interim Chief Financial Officer, effective May 16, 2022.
Mr. Wong, B.Sc., CPA, CA, has more than 30 years of experience in leadership positions, including Xillix Technologies Inc., MDSI Mobile Data Solutions Inc., ResponseTek Networks Corp. SendToNews, Basic Gov Corp and One45 Software.
“Norm brings to Redline a wealth of experience which will ensure a smooth transition as we move towards the shareholders’ vote on the recently announced offer for our Company by Aviat. I’d like to thank Philip for his dedication and support and wish him the best in his future endeavours,” said Richard Yoon, Redline’s President and Chief Executive Officer.
Redline (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, distribution utilities for last mile broadband, 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. 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, including with respect to, among other things: the appointment of Mr. Wong as CFO. 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 or outcomes and involve both known and unknown risks and uncertainties that may cause the actual results, performance, outcomes, achievements or developments of Redline to differ materially from the results, performance, outcomes, 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 timing and appointment of Mr. Wong as CFO, 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 effective risk management strategy (collectively, the “Risks”).
For additional information on these Risks, see Redline’s most recently filed Annual Information Form (“AIF”) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company’s website at www.rdlcom.com, as well as the circular relating to the Meeting to be filed by Redline on SEDAR. 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.
For further information: Redline Contact(s): Richard Yoon, Chief Executive Officer, +1-905-479-8344, [email protected]; Investor Relations Contact : Ron Shuttleworth, Partner, Oak Hill Financial, +1-647-500-7371, [email protected]