Science & Technology
Science and Technology
Science and Technology 
Fri, June 24, 2011
Thu, June 23, 2011
Lyrtech announces a positive outcome to the previously announced surety issues and additional financings for up to $1,000,000.
QUEBEC CITY, June 23, 2011 /CNW Telbec/ - Lyrtech Inc. ("Lyrtech" or the "Corporation") (TSXV: LTK), a worldwide leader in digital signal processing technologies, and its affiliate company Lyrtech RD Inc., announces that it has reached an understanding with Finexcorp Inc. further to the receipt of notices of intention to enforce surety issued by Finexcorp Inc., a secured creditor of the Corporation on June 17th, 2011. On June 23, 2011, the Corporation and Finexcorp Inc. have agreed on the terms and conditions under which the Corporation will have the opportunity to improve its capital structure, as well as an interim debt financing of up to $750,000 by Finexcorp Inc.. The interim financing is comprised of a short term $250,000 bridge loan and an additional $500,000 factoring facility. As well, the Corporation has negotiated an in-kind $250,000 inventory facility with Enigma, a long time supplier.
"These are very positive news for the company" said Louis Belanger, CEO of Lyrtech. "Lyrtech has been generating a positive EBITDA quarter after quarter and this bridge financing will give us the required latitude to work on improving the capital structure of the company in the short term."
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.