QUEBEC CITY, Aug. 20 /CNW/ - The board of Directors of Lyrtech inc. (TSX
VENTURE: LYT) announces that it will seek regulatory approval for a share
consolidation at a rate of one (1) new common share for each tranche of ten
(10) issued and outstanding common shares.
The proposed consolidation was approved by the shareholders of the
company at the annual and special general meeting held on July 23, 2008.
It is the Company's management and the Directors' opinion, that the
Company's existing issued and outstanding common share capital of
246,737,924 shares is not conducive to completing such additional equity
financing and that a consolidation of the Company's share capital is required
in order to facilitate attracting new equity investment in the Company.
Following the consolidation the issued and outstanding shares would be
approximately 24,673,792. No fractional shares will be issued. Any fractions
of a share will be rounded down to the nearest whole number of common shares.
Implementation of the share consolidation does not have an effect on the
actual or intrinsic value of the business of the Company.
The timing of the consolidation will be governed by the regulatory and
transfer agent requirements. A news release will be issued when the date of
consolidation has been determined.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this news release.
This press release contains forward-looking statements that reflect the
company's current expectations regarding future events. These forward-looking
statements involve risks and uncertainties. Actual results could differ
materially from those projected herein. The company disclaims any obligation
to update these forward-looking statements.
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 through its manufacturing division. 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. For more
information, visit www.lyrtech.com.
For further information:
For further information: Louis Bélanger, president and chief executive
officer, Lyrtech, (418) 877-4644, email@example.com