- Company engages advisors to assist new CEO with restructuring plan -
QUEBEC CITY, Dec. 7 /CNW/ - Lyrtech Inc. (TSX-V: LYT), a leader in
digital signal processing (DSP) technologies, today announced it has
implemented a cost reduction and restructuring program designed to optimize
the use of strategic resources in the face of operational challenges.
Under the leadership of Dr. Alain Houle, recently appointed CEO,
management is rapidly effecting operational change including headcount
reductions in certain manufacturing and sales areas of the business. The focus
of these initiatives is to improve productivity and conserve cash resources
while management and its advisors seek additional capital.
To assist management and the Board with this operational and financial
restructuring, the Company has engaged the services of Hawk Sight Limited, a
European Merchant Bank and Mario Lemire, a Quebec-based financial professional
with seasoned turnaround experience.
"While we maintain our focus on delivering quality products and
fulfilling customer commitments, we have made considerable improvements by
bringing new operating discipline to the business," said Alain Houle, CEO.
"Despite the challenges we face today, management and the Board remain
committed to our current business model, and believe that changes enacted
today will best enable the Company to recapitalize and succeed long-term."
To fund ongoing operations and to meet its interim financial obligations,
the Company is negotiating with lenders and in discussion with potential
financial partners. The Company can provide no assurances that these
discussions will be successful.
About Lyrtech Inc.
Lyrtech 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 Innovator division. From the company's state-of-the-art
facility, Innovator offers prototyping services, new product introduction
services, turnkey assembly, box build assembly, and other electronic
manufacturing services, providing customers with a quality production run of
highly complex products with a fast turnaround. For more information, please
Forward looking Statements
Certain statements made in this press release regarding Lyrtech's future
operations, expected financial position, future revenues, projected costs,
prospects, plans and objectives are forward-looking statements. These
forward-looking statements, by their nature, necessarily involve risks and
uncertainties that could cause actual results to differ materially from those
contemplated by the forward-looking statements. Lyrtech considers the
assumptions on which these forward-looking statements are based to be
reasonable at the time they were prepared, but cautions that these assumptions
regarding future events, many of which are beyond Lyrtech's control, may
ultimately prove to be incorrect. Factors and risks which could cause actual
results to differ materially from current expectations are discussed in
Lyrtech's annual report for the year ended December 31, 2006. Lyrtech
disclaims any intention or obligation to update or revise any forward-looking
statements. For additional information on risks and uncertainties relating to
these forward-looking statements, investors should consult Lyrtech's ongoing
filings, including its most recent annual report, found on SEDAR at
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
For further information:
For further information: Alain Houle, President and CEO, (418) 877-4644,
email@example.com; Investor Relations: Matthieu Cardinal, The Equicom
Group, (514) 844-6054, firstname.lastname@example.org