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Lyrtech announces shares for debt issuance

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  Published in Science and Technology on Friday, May 20th 2011 at 16:31 GMT by Market Wire
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QUEBEC CITY, May 20, 2011 /CNW Telbec/ - Lyrtech Inc. (Lyrtech) (TSXV: LTK), a worldwide leader in digital signal processing technologies, announces that it has closed a shares for debt conversion with Welch Bussières, avocats inc. and with I²S Tactik inc.. The debts so converted amount to $151,863.01 and have been released by the issuance of 1 012 419 common shares at a price of $0.15 per share.

The shares issued under this transaction are subject to a restricted period on resale for four months and one day. The transaction is subject to the approval of TSX Venture Exchange inc. and of regulatory authorities.

About 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 defense fields.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.