QUEBEC CITY, Nov. 14, 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., announce the
receipt on November 11, 2011, of a motion to institute proceedings of
premature forced surrender and taking in payment served by a secured creditor, Finexcorp Inc., under section 2765 and
following of the Civil Code of Québec (the "Motion"). The Motion was sent following the receipt of prior notices of
exercise of a hypothec issued on October 17, 2011.
The request will be heard on November 15, 2011 at the Palais de Justice
of Quebec City.
The Corporation will continue to provide updates as it develops the next
steps of its strategy.
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.
For further information:
President and CEO