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Lyrtech announces a $150,000 convertible debenture financing by a company owned by its founders and managers

^{Published on 2010-01-07 04:05:32 - Market Wire}
 

QUEBEC CITY, Jan. 7 /CNW Telbec/ - Lyrtech Inc. (Lyrtech or the Company) (TSX-V: LTK), a firm specializing in digital signal processing technologies, announces today that it intends to perform a convertible debenture financing of $150,000. This convertible debenture will have a term of two years and an annual interest rate of 10 %. It can be converted, at a time of the holder's choosing, to Lyrtech common shares at a price of 0.10$ per share (the Financing).

The convertible debenture part of the Financing will be subject to a restricted period on resale of four months and one day. The proceeds of the Financing will be used as working capital of the Company. The issue of said convertible debenture is conditional to the approval of regulatory authorities.

The debenture holder is Instruments Lyre Inc., a management company entirely owned by Louis Bélanger, president and CEO of Lyrtech, and Louis Chouinard, vice-president of 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, 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 more information, visit [ www.lyrtech.com ].

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

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