QUEBEC CITY, Nov. 23, 2011 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or the "Corporation") (TSXV: LTK) announces today that, further to the Nov 16/11 press
release announcing that its assets have been taken into payment by
Finexcorp, a secured creditor, the Corporation no longer has any assets
/ operations and is therefore a shell. As a result of this, the
Corporation has been advised by the TSX Venture Exchange that its
shares will be transferred to NEX, effective November 24.
NEX is a separate board of the TSX Venture Exchange for companies
previously listed on TSX Venture Exchange or Toronto Stock Exchange
which have failed to maintain compliance with the ongoing financial
listing standards of those markets. NEX has been designed to provide a
forum for the trading of publicly listed shell companies while they
seek and undertake transactions in furtherance of their reactivation as
companies which will carry on an active business.
All directors of the Corporation have remained in function. The
Corporation is looking at different options to carry on active business
and will provide updates in the following weeks. However, it cannot
give any assurance that an active or liquid market for its common
shares will develop or be sustained.
On its side, Finexcorp and its affiliates have indicated their intention
to exploit the assets and support the operations that will continue. A
new corporate entity will fulfill all of Lyrtech's contractual
obligations and outstanding orders. They assure that customers and
partners will know a seamless and rapid transition.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE LYRTECH INC.
For further information:
President and CEO