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Lyrtech announces the conversion of convertible debentures and a shares for debt issuance

^{Published on 2010-09-02 13:10:53 - Market Wire}
 

QUEBEC CITY, Sept. 2 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or the "Company") (TSX-V: LTK), a firm specializing in digital signal processing technologies, announces the conversion into shares of two convertible debentures of $275,000 each, at a price of $0.07 per share amounting to 3,928,571 shares for each debenture. The two debentures are held respectively by Responsa Corporation ("Responsa"), a corporation controlled by Avraham Elarar, a director of the Company, and by Canadian Scientific Systems inc. ("CSS").

Lyrtech also announces a share for debt conversion of an amount of $91,963 of accrued interest on the two debentures of $275,000 each. The payment of the interest translates into the issuance of 270,479 common shares to Responsa and of 270,479 common shares to CSS, both at a price of $0.17 per share. These shares will be subject to a restricted period on resale for four months and one day.

Responsa and CSS have both agreed to grant to Louis Belanger and Louis Chouinard, directors of Lyrtech, the option to acquire half of all the shares issued to them following the conversion of their respective debentures.

"We are extremely happy with this transaction which demonstrates a significant trust in the Company from these shareholders, while at the same time contributing to decreasing the Company's debt", declared Louis Bélanger, president and CEO 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 (through its manufacturing partner Enigma Interconnect). 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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