QUEBEC CITY, Feb. 12 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or "the
company") (TSX-V: LTK), a firm specializing in digital signal processing
technologies, is proud to announce that it should complete a convertible
debenture financing ("the financing"). The debenture will have a one-year
term, bearing interest at the annual rate of 10%, and will be convertible to
common Lyrtech shares at a price of $0.07 per share.
Holders of Lyrtech one-year term convertible debentures in the amount of
$250,000, issued between February 29, 2008, and May 30, 2008, have agreed to
postpone the maturity of the debentures until reception of 2008 tax credits
for scientific research and experimental development. The conversion price of
these convertible debentures shall remain $0.15 per share.
Likewise, holders of other Lyrtech one-year term convertible debentures
in the amount of $500,000, issued on January 16, 2008, have also agreed to
postpone the maturity of their debentures for another year. The conversion
price of these debentures shall be changed to $0.07 per share.
The financing and the modifications to the terms of the current
debentures are subject to the approval of regulatory authorities.
Further, Lyrtech announces that it grants 750,000 options to purchase
shares to each of its two founders, Louis Chouinard and Louis Bélanger, who
are also directors of the company. Additionally, 135,000 options were granted
to other employees. All these options are granted in accordance with the terms
and conditions of Lyrtech's stock option plan and confer to their holders the
right to acquire one Lyrtech common share at a price of $0.07 per share over a
period of two and a half years.
Lyrtech also announces the resignation of Christian Marcoux, vice
president of operations, on January 16, 2008 and of Jean-Sébastien Bérubé,
executive vice president, sales & marketing. Overseeing Lyrtech Inc.'s
manufacturing activities is now the responsibility André Noel, while
overseeing the activities relating to R&D are now the responsibility of Michel
Arsenault. Mr. Bérubé will be leaving Lyrtech on February 13, 2009. Mr.
Bérubé's sales responsibilities are taken over by Francis Létourneau.
"I would like to thank Mr. Marcoux and Mr. Bérubé for their important
contribution over the last years. We are grateful to them and wish them good
luck in their endeavours," stated Louis Bélanger, president and chief
executive officer of Lyrtech.
Lyrtech, 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 (through its manufacturing partner Enigma Interconnect). 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 defence fields.
For more information, visit www.lyrtech.com.
Neither TSX Venture Exchange Inc. nor its regulation services provider
(as that term is defined in the policies of the TSX Venture Exchange
Inc.) accepts responsibility for the adequacy or accuracy of this
For further information:
For further information: Louis Bélanger, president and CEO, Lyrtech
Inc., (418) 877-4644, firstname.lastname@example.org