QUEBEC CITY, June 23, 2011 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or the "Corporation") (TSXV: LTK), a worldwide leader in digital signal processing
technologies, and its affiliate company Lyrtech RD Inc., announces that
it has reached an understanding with Finexcorp Inc. further to the
receipt of notices of intention to enforce surety issued by Finexcorp
Inc., a secured creditor of the Corporation on June 17th, 2011. On June 23, 2011, the Corporation and Finexcorp Inc. have agreed
on the terms and conditions under which the Corporation will have the
opportunity to improve its capital structure, as well as an interim
debt financing of up to $750,000 by Finexcorp Inc.. The interim
financing is comprised of a short term $250,000 bridge loan and an
additional $500,000 factoring facility. As well, the Corporation has
negotiated an in-kind $250,000 inventory facility with Enigma, a long
"These are very positive news for the company" said Louis Belanger, CEO
of Lyrtech. "Lyrtech has been generating a positive EBITDA quarter
after quarter and this bridge financing will give us the required
latitude to work on improving the capital structure of the company in
the short term."
Lyrtech, a proud member of the Texas Instruments Design House Network,
develops and manufactures advanced digital signal processing solutions
for companies worldwide, a vital technology to network and wireless
communications, audio and video processing, as well as electronic
systems in all fields of technology. Lyrtech offers a full range of
DSP-FPGA development platforms, as well as design, prototyping, and
manufacturing of electronic products. Lyrtech works in partnership with
industry leaders such as Texas Instruments, The MathWorks, and Xilinx.
Lyrtech's customers include many prestigious names of the consumer
electronics, telecommunications, aerospace, and defense fields.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
SOURCE LYRTECH INC.
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