A Blog from Gerbsman Partners Board of Intellectual Capital on “Maximizing Enterprise Value” for technology, life science, medical device and cleantech companies and their Intellectual Property
Update to “The Bidding Process, Procedures for the SALE of Galtronics Vietnam Dai Dong Assets.”
Gerbsman Partners – http://gerbsmanpartners.com has been retained by Baylin Technologies, Inc. “Baylin” http://www.baylintech.com to solicit interest for the acquisition of all or substantially all of its wholly owned subsidiary, Galtronics Vietnam “Galtronics” http://galtronics.com, Dai Dong assets located at Dai Dong Hoan Son Industrial area, Tien Du District, Bac Ninh Province, Vietnam, including its fixed assets, technology equipment, real estate lease and associate Intellectual Property (“IP”), in whole or in part (collectively, the “Galtronics Vietnam Assets”). Interested parties can bid separately on the SMT line, Orbit Compact Range and/or Real Estate. Also, please see attached a draft Asset Purchase Agreement (“APA”).
Invested to date– Galtronics Vietnam has invested approximately $9.5 million including building improvements and equipment.
Key Equipment items
SJ Inno Tech SMT line that has been tested and qualified, but not run any production yet.
Orbit Compact range system from Microwave Vision Group with LGF Feeds, Wideband, Dual-pol LGF-150, LGF-300 & LGF-1800 (1.5-3 GHz, 3-6 GHz, 18-40 GHz) and a 1.8 meter quiet zone. Orbit will install the system for the new buyer and extend all warranties beginning at commissioning the system.
Quality/ Reliability testing equipment including vibration testing, salt spray, temperature and humidity chamber, thermal shock chamber, and drop testing station.
Building
9965 sq metres of leased newly remodeled manufacturing and office space. Ten year lease running through 2029, current yearly rate of $34.53 per square meter. Landlord willing to work to reassign the lease.
Please see attached detail Baylin Vietnam sales letter, to include detail information of equipment and building, equipment list, NDA and “APA”.
Also, please click on link to review specific information in the Baylin Vietnam Data Room GTD Data Room These include a detail slide power point, detail equipment list, pictures of facility and SMT line information zip file.
I would encourage and recommend that all interested parties have their counsel speak with Philip Mohtadi, Esq. General Counsel and Corporate Secretary, to discuss any questions or comments of a legal nature relating to the transaction and “APA”. Philip is available at 1 647 291 7525 philip.mohtadi@baylintech.com . It is also recommended that the “APA” be submitted with any bid.
IMPORTANT LEGAL NOTICE:
IMPORTANT LEGAL NOTICE:
The information in this memorandum does not constitute the whole or any part of an offer or a contract.
The information contained in this memorandum relating to the Baylin Vietnam Assets has been supplied by Baylin. It has not been independently investigated or verified by Gerbsman Partners, its agents or any other adviser.
Potential purchasers should not rely on any information contained in this memorandum or provided by Baylin, or Gerbsman Partners (or their respective staff, agents, and attorneys) in connection herewith, whether transmitted orally or in writing as a statement, opinion, or representation of fact. Interested parties should satisfy themselves through independent investigations as they or their legal and financial advisors see fit.
Baylin, Gerbsman Partners, and their respective staff, agents, and attorneys, (i) disclaim any and all implied warranties concerning the truth, accuracy, and completeness of any information provided in connection herewith and (ii) do not accept liability for any loss arising from the provision of, or any omission from, such information, including that contained in this memorandum, whether that loss arises by reason of the Baylin Vietnam Assets or Gerbsman Partners’ negligence or otherwise.
Any sale of the Baylin Vietnam Assets will be made on an “as-is,” “where-is,” and “with all faults” basis, without any warranties, representations, or guarantees, either express or implied, of any kind, nature, or type whatsoever from, or on behalf of Baylin, Gerbsman Partners or any other adviser. Without limiting the generality of the foregoing, Baylin and Gerbsman Partners and their respective staff, agents, and attorneys, hereby expressly disclaim any and all implied warranties concerning the condition of the Baylin Vietnam Assets and any portions thereof, including, but not limited to, environmental conditions, compliance with any government regulations or requirements, or any implied warranties of habitability, merchantability, or fitness for a particular purpose.
This memorandum contains confidential information and is not to be made available to any person without Gerbsman Partners’ prior consent. This memorandum and the information contained herein are subject to the non-disclosure agreement attached hereto as Exhibit A.
The Bidding Process for Interested Buyers
Interested and qualified parties will be expected to sign a non-disclosure agreement (attached hereto as Exhibit A) before they will be given access to key members of the management and intellectual capital teams and the due diligence “war room” documentation (the “Due Diligence Materials”). Each interested party, upon accessing the Due Diligence Materials granted to it, shall be deemed to acknowledge and agree: (i) that it is bound by the bidding procedures described herein; (ii) that it has an opportunity to inspect and examine the Baylin Vietnam assets, to review all pertinent documents and information with respect thereto and raise such enquiries as it considers necessary; (iii) that it is not relying upon any written or oral statements, representations, or warranties of the Baylin Vietnam Assets, Gerbsman Partners, or their respective staff, agents, or attorneys; and (iv) all documents and reports provided to it have been provided solely for the convenience of the interested party, and Baylin, Gerbsman Partners (and their respective, staff, agents, or attorneys) do not make any representations as to the accuracy or completeness of the same.
Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the Baylin Vietnam Assets. Sealed bids must be submitted so that the bid is actually received by Gerbsman Partners no later than Friday, July 22, 2022, 3:00pm Pacific Standard Time (the “Bid Deadline”). Please also email steve@gerbsmanpartners.com with any bid.
Bids should identify those assets being tendered for in a specific and identifiable way. The attached Baylin Vietnam Asset schedule and lease information may not be complete.
Any person or other entity making a bid must be prepared to provide independent confirmation that they possess the financial resources to complete the purchase. All bids must be accompanied by a refundable deposit via check in the amount of US$200,000 (payable to Baylin Technologies, Inc.). The winning bidder will be notified within 3 business days after the Bid Deadline. Non-successful bidders will have their deposit returned to them. Until a binding sale agreement is entered into, Baylin Vietnam reserves the right to, in its sole discretion, accept or reject any bid without giving reasons for its decision, withdraw any assets from sale or choose not to proceed with the sale.
Baylin will require the successful bidder to close within 7 business days (or such later date as agreed to or notified by Baylin at its discretion). Any or all of the assets of the Baylin Vietnam Assets will be sold on an “as is, where is” basis, with no representation or warranties whatsoever.
All sales and transfer taxes, stamp duty, goods and services taxes (GST) or similar taxes, if any, relating to the sale of the Baylin Vietnam Assets shall be payable by the successful bidder.
For additional information, please see below and/or contact:
Update to “The Bidding Process, Procedures for the SALE of Galtronics Vietnam Dai Dong Assets.”
Gerbsman Partners – http://gerbsmanpartners.com has been retained by Baylin Technologies, Inc. “Baylin” http://www.baylintech.com to solicit interest for the acquisition of all or substantially all of its wholly owned subsidiary, Galtronics Vietnam “Galtronics” http://galtronics.com, Dai Dong assets located at Dai Dong Hoan Son Industrial area, Tien Du District, Bac Ninh Province, Vietnam, including its fixed assets, technology equipment, real estate lease and associate Intellectual Property (“IP”), in whole or in part (collectively, the “Galtronics Vietnam Assets”). Interested parties can bid separately on the SMT line, Orbit Compact Range and/or Real Estate
Invested to date– Galtronics Vietnam has invested approximately $9.5 million including building improvements and equipment.
Key Equipment items
SJ Inno Tech SMT line that has been tested and qualified, but not run any production yet.
Orbit Compact range system from Microwave Vision Group with LGF Feeds, Wideband, Dual-pol LGF-150, LGF-300 & LGF-1800 (1.5-3 GHz, 3-6 GHz, 18-40 GHz) and a 1.8 meter quiet zone. Orbit will install the system for the new buyer and extend all warranties beginning at commissioning the system.
Quality/ Reliability testing equipment including vibration testing, salt spray, temperature and humidity chamber, thermal shock chamber, and drop testing station.
Building
9965 sq metres of leased newly remodeled manufacturing and office space. Ten year lease running through 2029, current yearly rate of $34.53 per square meter. Landlord willing to work to reassign the lease.
Please see attached detail Baylin Vietnam sales letter, to include detail information of equipment and building, equipment list and NDA.
Also, please click on link to review specific information in the Baylin Vietnam Data Room GTD Data Room These include a detail slide power point, detail equipment list, pictures of facility and SMT line information zip file.
IMPORTANT LEGAL NOTICE:
IMPORTANT LEGAL NOTICE:
The information in this memorandum does not constitute the whole or any part of an offer or a contract.
The information contained in this memorandum relating to the Baylin Vietnam Assets has been supplied by Baylin. It has not been independently investigated or verified by Gerbsman Partners, its agents or any other adviser.
Potential purchasers should not rely on any information contained in this memorandum or provided by Baylin, or Gerbsman Partners (or their respective staff, agents, and attorneys) in connection herewith, whether transmitted orally or in writing as a statement, opinion, or representation of fact. Interested parties should satisfy themselves through independent investigations as they or their legal and financial advisors see fit.
Baylin, Gerbsman Partners, and their respective staff, agents, and attorneys, (i) disclaim any and all implied warranties concerning the truth, accuracy, and completeness of any information provided in connection herewith and (ii) do not accept liability for any loss arising from the provision of, or any omission from, such information, including that contained in this memorandum, whether that loss arises by reason of the Baylin Vietnam Assets or Gerbsman Partners’ negligence or otherwise.
Any sale of the Baylin Vietnam Assets will be made on an “as-is,” “where-is,” and “with all faults” basis, without any warranties, representations, or guarantees, either express or implied, of any kind, nature, or type whatsoever from, or on behalf of Baylin, Gerbsman Partners or any other adviser. Without limiting the generality of the foregoing, Baylin and Gerbsman Partners and their respective staff, agents, and attorneys, hereby expressly disclaim any and all implied warranties concerning the condition of the Baylin Vietnam Assets and any portions thereof, including, but not limited to, environmental conditions, compliance with any government regulations or requirements, or any implied warranties of habitability, merchantability, or fitness for a particular purpose.
This memorandum contains confidential information and is not to be made available to any person without Gerbsman Partners’ prior consent. This memorandum and the information contained herein are subject to the non-disclosure agreement attached hereto as Exhibit A.
The Bidding Process for Interested Buyers
Interested and qualified parties will be expected to sign a non-disclosure agreement (attached hereto as Exhibit A) before they will be given access to key members of the management and intellectual capital teams and the due diligence “war room” documentation (the “Due Diligence Materials”). Each interested party, upon accessing the Due Diligence Materials granted to it, shall be deemed to acknowledge and agree: (i) that it is bound by the bidding procedures described herein; (ii) that it has an opportunity to inspect and examine the Baylin Vietnam assets, to review all pertinent documents and information with respect thereto and raise such enquiries as it considers necessary; (iii) that it is not relying upon any written or oral statements, representations, or warranties of the Baylin Vietnam Assets, Gerbsman Partners, or their respective staff, agents, or attorneys; and (iv) all documents and reports provided to it have been provided solely for the convenience of the interested party, and Baylin, Gerbsman Partners (and their respective, staff, agents, or attorneys) do not make any representations as to the accuracy or completeness of the same.
Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the Baylin Vietnam Assets. Sealed bids must be submitted so that the bid is actually received by Gerbsman Partners no later than Friday, July 22, 2022, 3:00pm Pacific Standard Time (the “Bid Deadline”). Please also email steve@gerbsmanpartners.com with any bid.
Bids should identify those assets being tendered for in a specific and identifiable way. The attached Baylin Vietnam Asset schedule and lease information may not be complete.
Any person or other entity making a bid must be prepared to provide independent confirmation that they possess the financial resources to complete the purchase. All bids must be accompanied by a refundable deposit via check in the amount of US$200,000 (payable to Baylin Technologies, Inc.). The winning bidder will be notified within 3 business days after the Bid Deadline. Non-successful bidders will have their deposit returned to them. Until a binding sale agreement is entered into, Baylin Vietnam reserves the right to, in its sole discretion, accept or reject any bid without giving reasons for its decision, withdraw any assets from sale or choose not to proceed with the sale.
Baylin will require the successful bidder to close within 7 business days (or such later date as agreed to or notified by Baylin at its discretion). Any or all of the assets of the Baylin Vietnam Assets will be sold on an “as is, where is” basis, with no representation or warranties whatsoever.
All sales and transfer taxes, stamp duty, goods and services taxes (GST) or similar taxes, if any, relating to the sale of the Baylin Vietnam Assets shall be payable by the successful bidder.
For additional information, please see below and/or contact:
Gerbsman Partners – http://gerbsmanpartners.com has been retained by Baylin Technologies, Inc. “Baylin” http://www.baylintech.com to solicit interest for the acquisition of all or substantially all of its wholly owned subsidiary, Galtronics Vietnam “Galtronics” http://galtronics.com, Dai Dong assets located at Dai Dong Hoan Son Industrial area, Tien Du District, Bac Ninh Province, Vietnam, including its fixed assets, technology equipment, real estate lease and associate Intellectual Property (“IP”), in whole or in part (collectively, the “Galtronics Vietnam Assets”).
Invested to date– Galtronics Vietnam has invested approximately $9.5 million including building improvements and equipment.
Key Equipment items
SJ Inno Tech SMT line that has been tested and qualified, but not run any production yet.
Orbit Compact range system from Microwave Vision Group with LGF Feeds, Wideband, Dual-pol LGF-150, LGF-300 & LGF-1800 (1.5-3 GHz, 3-6 GHz, 18-40 GHz) and a 1.8 meter quiet zone. Orbit will install the system for the new buyer and extend all warranties beginning at commissioning the system.
Quality/ Reliability testing equipment including vibration testing, salt spray, temperature and humidity chamber, thermal shock chamber, and drop testing station.
Building
9965 sq metres of leased newly remodeled manufacturing and office space. Ten year lease running through 2029, current yearly rate of $34.53 per square meter. Landlord willing to work to reassign the lease.
Selling entity – Galtronics Vietnam Dai Dong Company Limited.
Please see in the detail sales letter attached detail information on the Baylin Vietnam Assets and Real Estate. Additional information is available in the online due diligence room.
Galtronics, established in 1978 in Israel, designs and manufactures innovative wireless antenna solutions for its customers. Galtronics antennas and products are custom engineered to meet specifications for customers’ embedded, infrastructure and mobile wireless infrastructure needs. Embedded antenna products enable connectivity for customers, including traditional cable companies that have involved multiple system operators, and are used in many other applications, from automotive solutions and public safety applications to internet of things (“IoT”).
Infrastructure products include distributed antenna systems (“DAS”), base station antennas (“BSA”), and small cells. Galtronics also has a long history of 4G and 5G antenna solutions for mobile phone manufacturers. Since its establishment, the Galtronics business has grown into an international platform with operations in North America and Asia.
IMPORTANT LEGAL NOTICE:
IMPORTANT LEGAL NOTICE:
The information in this memorandum does not constitute the whole or any part of an offer or a contract.
The information contained in this memorandum relating to the Baylin Vietnam Assets has been supplied by Baylin. It has not been independently investigated or verified by Gerbsman Partners, its agents or any other adviser.
Potential purchasers should not rely on any information contained in this memorandum or provided by Baylin, or Gerbsman Partners (or their respective staff, agents, and attorneys) in connection herewith, whether transmitted orally or in writing as a statement, opinion, or representation of fact. Interested parties should satisfy themselves through independent investigations as they or their legal and financial advisors see fit.
Baylin, Gerbsman Partners, and their respective staff, agents, and attorneys, (i) disclaim any and all implied warranties concerning the truth, accuracy, and completeness of any information provided in connection herewith and (ii) do not accept liability for any loss arising from the provision of, or any omission from, such information, including that contained in this memorandum, whether that loss arises by reason of the Baylin Vietnam Assets or Gerbsman Partners’ negligence or otherwise.
Any sale of the Baylin Vietnam Assets will be made on an “as-is,” “where-is,” and “with all faults” basis, without any warranties, representations, or guarantees, either express or implied, of any kind, nature, or type whatsoever from, or on behalf of Baylin, Gerbsman Partners or any other adviser. Without limiting the generality of the foregoing, Baylin and Gerbsman Partners and their respective staff, agents, and attorneys, hereby expressly disclaim any and all implied warranties concerning the condition of the Baylin Vietnam Assets and any portions thereof, including, but not limited to, environmental conditions, compliance with any government regulations or requirements, or any implied warranties of habitability, merchantability, or fitness for a particular purpose.
This memorandum contains confidential information and is not to be made available to any person without Gerbsman Partners’ prior consent. This memorandum and the information contained herein are subject to the non-disclosure agreement attached hereto as Exhibit A.
VIETNAM LOCATION HISTORY
Based in Bac Ninh Province, Vietnam, Galtronics Vietnam is a part of the Galtronics business line of Baylin, a leading radio frequency technology company that researches, designs, develops, manufactures, and sells passive and active radio frequency (“RF”) products, terrestrial microwave products and services.
In 2019, Galtronics Vietnam was selected to supply a Tier 1 network equipment provider with 3.5GHz Massive MIMO Unit (“MMU”) antenna modules. COVID impacted Asia earlier than it did other parts of the developed world. By March of 2020, Vietnam and several other Asia Pacific countries had imposed severe travel restrictions and facility lockdowns. While the leasehold improvements were completed, not all of the capital programs were finished before the lockdowns and restrictions were implemented. Over the course of the delays, the Tier 1 network equipment provider’s sales of its MMU product softened significantly. This led the customer to lower its sales forecasts, as well as to redesign the product to reduce its complexity.
In February 2021, the Baylin board of directors made the decision to replace the CEO and CFO with new leadership. In June 2021, Leighton Carroll was named the CEO of Baylin technologies. In January 2022, Dan Nohdomi was named the CFO of Baylin technologies. As part of the new mandate, the board asked management to evaluate strategic alternatives for the GTD facility. Galtronics new management team concluded that the facility would not enter production for its intended purpose and have decided to liquidate the assets of the Galtronics Vietnam Dai Dong facility.
SUMMARY OF CORPORATE INFORMATON
Baylin Technologies is a multination technology company headquartered in Toronto, Ontario, Canada. Baylin consists of four discreet operating business – Mobile, Embedded, Infrastructure, and Satcom. Baylin’s operating companies are typically run by a division president and have operations/headquarters in multiple different countries depending on the business unit.
Mobile, operating under the brand name Galtronics, is headquartered in Suwon, South Korea and has offices in Bupyeong, South Korea as well as two Vietnamese facilities one in Bac Ninh, and the other in Dai Dong. The primary function of the Mobile business is to operate as a CM/ODM to manufacture mobile antennas for Samsung worldwide. The primary customer is Samsung Mobile also in Suwon.
Embedded, also operating under the brand name Galtronics, is headquartered in Tempe, Arizona with a shared manufacturing facility in Wuxi, China. The primary business of embedded is custom engineered and manufactured antennas for home automation, automotive, and public safety applications. Customers include AT&T, Verizon, Google, Charter, Netgear, L3 Harris, and many more.
Infrastructure, the last unit under the Galtronics brand, is headquartered in Ottawa, Ontario, Canada with shared facilities in Tempe, Arizona and Wuxi, China. Infrastructure designs and manufactures macro cell tower antennas, outdoor small cells, venue wireless solutions, and in-building wireless products. Customers include AT&T, Verizon, T-Mobile, Rogers, Bell, Telus, and many more.
Target Market:
Any company looking for prime manufacturing space in Vietnam.
2. PCBA companies looking to expand.
3.Testing and Design companies looking for state of the art equipment.
4. Electronic ODM or CM looking for move in ready equipment and space near Hanoi.
Why the Baylin Vietnam Assets are Attractive
Attractive Area – Located close to Hanoi with easy access to all modes of transportation. Surronded by industrial areas providing access to many national and international customers. Accessible workforce that as of 2020, hourly factory workers in Vietnam made $2.99 per hour, versus $6.50 per hour in China. Since 2016, the average increase in hourly wages per year in China is more significant than the increase in Vietnam.
Best in Class Technology – SMT Line and Compact Range System are best in class technology for electrical assembly and RF testing including mmWave. Building is move in ready. The equipment which has not been run in production is stored so that it is still in “new” condition. Compact Range key components still in their original packaging.
Management Team at Baylin / Galtronics Asia Pacific (for information purposes only:
Leighton Carroll, Chief Executive Officer
Leighton was appointed CEO of Baylin in June 2021 and brings over 25 years of corporate technology leadership experience, including wireless network, engineering, and software development. As President of QuadGen Wireless, a national telecommunications services engineering firm, Leighton led the company to sustained growth and customer diversification, to ultimately overseeing QuadGen’s successful acquisition by MasTec. Leighton worked with AT&T for 18 years in various executive roles including leading the Merger and Integration organization for wireless.He is a graduate of Virginia Tech and has executive education from Harvard Business School, the Wharton Business School, and the MIT Sloan School of Business.
Dan Nohdomi, Senior Vice President and Chief Financial Officer
Dan joined Baylin as CFO in January of 2022 bringing more than twenty years of senior financial leadership experience to the Company including US and international roles. His prior experience includes working for a publicly listed Canadian asset management company, an asset-based lender and specialty finance company, a private debt fund.. He is a Chartered Professional Accountant and holds an MBA from Cornell University.
Philip Mohtadi, General Counsel, Baylin Technologies
Philip is a business-focused lawyer and before joining Baylin in 2019 he was general counsel at one of Canada’s iconic retailers (Sears Canada) and prior to that was in private practice at one of Canada’s leading law firms (Torys). Philip has over 30 years’ experience in a broad range of corporate and commercial matters, including specific expertise in securities, finance, mergers and acquisitions, corporate restructurings and public company governance. LLB The University of Western Ontario.
Mike Moon, President, Asia Pacific
Mr. Moon joined Galtronics in July 2014 moving from his thirty year career with Samsung in which he held increasingly senior roles culminating as President of Samsung Electro-Mechanics America and Vice President for Samsung Electro-Mechanics Corporate in Korea. As seasoned mobile technology sales and marketing executive, Mr. Moon brings multicultural and multilingual experience to the Galtronics team. Mr. Moon is noted for his sales and leadership capabilities as well as his extensive network of contacts in the antenna and components marketplace
Mark Waddell, Vice President Global Manufacturing
Mr. Waddell joined Galtronics as General Manager in September 2016 to lead the manufacturing operations in China. Mark previously worked for ten years with Meadwestvaco/WestRock in various operations positions both in the USA and China. Prior to that, Mark worked for Mann Edge Tool Company for 17 years, most of those as VP of Sales and President. Mark holds a degree in Mechanical Engineering from Bucknell University in Pennsylvania.
Denis Lee, Vice President and General Manager, Galtronics Vietnam
Mr. Lee joined Galtronics in 2004 as a founding member of Galtronics Korea. Prior to joining Galtronics Mr. Lee worked in aerospace for eight years.Denis was successful in winning the first Samsung business for Galtronics in 2004 and lead all engineering activities at the Korean location. He successfully managed the move to mass production in China as well as local manufacturing in Korea. In 2013, Denis was promoted to GM of Korea. In 2015, Denis took on the role of Asian regional VP of engineering to support business development for Acer and Foxconn. Denis holds a Master of Science Degree in Mechanical Engineering Technology from Hongik University in Seoul, South Korea
The Bidding Process for Interested Buyers
Interested and qualified parties will be expected to sign a non-disclosure agreement (attached hereto as Exhibit A) before they will be given access to key members of the management and intellectual capital teams and the due diligence “war room” documentation (the “Due Diligence Materials”). Each interested party, upon accessing the Due Diligence Materials granted to it, shall be deemed to acknowledge and agree: (i) that it is bound by the bidding procedures described herein; (ii) that it has an opportunity to inspect and examine the Baylin Vietnam assets, to review all pertinent documents and information with respect thereto and raise such enquiries as it considers necessary; (iii) that it is not relying upon any written or oral statements, representations, or warranties of the Baylin Vietnam Assets, Gerbsman Partners, or their respective staff, agents, or attorneys; and (iv) all documents and reports provided to it have been provided solely for the convenience of the interested party, and Baylin, Gerbsman Partners (and their respective, staff, agents, or attorneys) do not make any representations as to the accuracy or completeness of the same.
Following an initial round of due diligence, interested parties will be invited to participate with a sealed bid, for the acquisition of the Baylin Vietnam Assets. Sealed bids must be submitted so that the bid is actually received by Gerbsman Partners no later than Friday, July 22, 2022, 3:00pm Pacific Standard Time (the “Bid Deadline”). Please also email steve@gerbsmanpartners.com with any bid.
Bids should identify those assets being tendered for in a specific and identifiable way. The attached Baylin Vietnam Asset schedule and lease information may not be complete.
Any person or other entity making a bid must be prepared to provide independent confirmation that they possess the financial resources to complete the purchase. All bids must be accompanied by a refundable deposit via check in the amount of US$200,000 (payable to Baylin Technologies, Inc.). The winning bidder will be notified within 3 business days after the Bid Deadline. Non-successful bidders will have their deposit returned to them. Until a binding sale agreement is entered into, Baylin Vietnam reserves the right to, in its sole discretion, accept or reject any bid without giving reasons for its decision, withdraw any assets from sale or choose not to proceed with the sale.
Baylin will require the successful bidder to close within 7 business days (or such later date as agreed to or notified by Baylin at its discretion). Any or all of the assets of the Baylin Vietnam Assets will be sold on an “as is, where is” basis, with no representation or warranties whatsoever.
All sales and transfer taxes, stamp duty, goods and services taxes (GST) or similar taxes, if any, relating to the sale of the Baylin Vietnam Assets shall be payable by the successful bidder.
For additional information, please see below and/or contact:
Seemingly overnight, everything changed. It was 2008 and I was running Trulia. We not only faced a recession but a catastrophic meltdown in our core market.
It wasn’t my first crisis. I’d been in the eye of the storm once before when lastminute.com, a European online travel site where I was one of the founding team, was massively impacted by the 9/11 crisis and 2001 recession.
Decisions that not only gave us a fighting chance, but the chance to pull ahead of our competition. These learnings helped many of our NFX Guild companies gain ground, at speed, while others stalled out during the pandemic.
Today, it seems we’re on the cusp of another economic downturn. Only this downturn is different. It’s bigger. And it’s likely to last much longer.
We’re facing a confluent swirl of the following: inflation rates hitting a near 40-year high; rising interest rates, oil and gas prices skyrocketing; a pullback in public equities and the crypto markets; a snapback of tech growth as the pandemic recedes; increasing layoffs; and socioeconomic and political turmoil due to the current war in Ukraine. It’s not pretty out there.
Your journey in this new bear market is only now getting started. Startup CEOs, Founders and teams: if you’re working at a startup today, this will likely be among the most challenging climates you’ll face.
That’s why I want to take an updated look now at what lies ahead for startups, and share an actionable list for how to find the opportunity in the storm. I’ve built this list pulling from my experience both as a former Founder and now as a VC.
***
Know this — crises always end. We have seen repeatedly how economic shocks drive efficiency and accelerate automation, which in turn drives tech adoption. They are a cyclical part of our market economy and there are black swans that inevitably occur. Many of the most successful technology companies (Airbnb, Uber, WhatsApp, etc) have started during periods of market uncertainty. You’ve probably heard this many times, and I know it’s small consolation for what is going to be really tough times for many.
But the point is this: The only way to build an iconic company is to do things differently. And in a crisis, survival requires being and thinking differently. There is an abundance of opportunity in this moment, if you can see what others do not, act quickly, and keep your head up.
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