QUEBEC CITY, Nov. 2 /CNW Telbec/ - Lyrtech Inc. (Lyrtech or the company) (TSX Venture Exchange: LTK), a worldwide leader in digital signal processing technologies, is proud to announce today that Finexcorp has agreed to amend its financing agreement with Lyrtech. This amendment will raise Lyrtech's limit to CA$5 million to meet the needs of the company's rising business volume. The terms and conditions of the amended agreement between Finexcorp and Lyrtech remain the same as the ones of the CA$2.5 million agreement announced on March 4, 2008.
"The recent contracts we were able to close, evaluated at around CA$4.5 million, added to those already in progress, dictated the need for a higher financing limit. Finexcorp has once again came through, showing its trust in Lyrtech and proving that it is a reliable business partner," declared Louis Bélanger, president and CEO of Lyrtech.
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 defence fields. For details, visit www.lyrtech.com.
Finexcorp, a privately owned Quebec company specialised in asset-based financing and, more specifically, in financing partnerships, is the only important non-institutional, asset-based financing organization that is not a bank in Quebec. For more information about Finexcorp, visit www.finexcorp.ca.
SOURCE LYRTECH INC.
For further information: For further information: Louis Bélanger, President and chief executive officer, Lyrtech Inc., (418) 877-4644, firstname.lastname@example.org; Martin Bédard, Finexcorp Inc., 1-877-653-5777, email@example.com; Patrice Rainville, Finexcorp Inc., 1-877-653-5777, firstname.lastname@example.org