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Lyrtech announces the receipt of notices of intention to enforce security issued by Finexcorp Inc.

  //science-technology.news-articles.net/content/2 .. to-enforce-security-issued-by-finexcorp-inc.html
  Published in Science and Technology on Tuesday, June 21st 2011 at 4:50 GMT by Market Wire
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QUEBEC CITY, June 21, 2011 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or the "Corporation") (TSXV: LYT), a leader in digital signal processing technologies, and its affiliate company Lyrtech RD Inc., announce the receipt on June 17, 2011, of notices of intention to enforce security issued by a secured creditor, Finexcorp Inc., under subsection 244(1) of the Bankruptcy and Insolvency Act.

These notices that are subject to a 10 days grace period have been received without any prior notice of default or breach of covenants as specified in the loan agreements. The Corporation is now evaluating the situation with the intent of formulating a strategy that will best preserve and protect the interests of the Corporation and its shareholders.

In this context, the Corporation has requested a halt trading of its shares in the TSX Venture Exchange Inc.

The Corporation will continue to provide updates as it develops the next steps of its strategy.

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.