QUEBEC CITY, Nov. 16, 2011 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or the "Corporation") (TSXV: LTK), a leader in digital signal processing technologies, and
its affiliate company Lyrtech RD Inc., announces the taking in payment,
on November 15, 2011, of their assets by a secured creditor, Finexcorp
Inc., following a judgment rendered by Quebec Superior Court.
Finexcorp and its affiliates have indicated their intention to 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
The Corporation will continue to provide updates on the situation.
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