Lyrtech announces the closing of financing to pay its bank and its guaranteed debts

    QUEBEC CITY, March 4 /CNW/ - Lyrtech Inc. (Lyrtech; TSX-V: LYT) announces
that it closed a $1.1M (that can increase to $2.5M) accounts receivable
financing with Finexcorp a private, independent, asset-based financing company
located in Quebec City that offers an entire range of working capital
solutions. Furthermore, Finexcorp subscribed to a convertible debenture of
$150,000 under similar conditions as those of the Pointe-Claire division
assets sale - $0.15 per common share (following the 10-to-1 grouping planned
in the upcoming months).
    Thanks, among other things, to this financing, Lyrtech was able to
reimburse the totality of its bank advances and guaranteed debts.
    "This agreement is another step towards the betterment of the company's
financial performance that must begin with better financing and controlled
expenses. Other financing activities are currently underway. Through the
present financing, Lyrtech again bolsters its plan aimed at stabilizing its
financial well-being," stated Louis Bélanger, president and CEO at Lyrtech.

    About Lyrtech

    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 and software IP, 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

    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.

    %SEDAR: 00014715EF

For further information:

For further information: Louis Bélanger, President, CEO and acting CFO,
Lyrtech Inc., (418) 877-4644,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890