   |
|
|
|
|
| Lyrtech Signs a Letter of Engagement With Desjardins Securities For a Five Million Dollars Financing
QUEBEC CITY, Quebec--(BUSINESS WIRE)--Sept. 15, 2003--Lyrtech inc. (TSX Venture: LYT), worldwide specialist in digital signal processing (DSP) development technologies, announces it has signed a letter of engagement with Desjardins Securities inc. for a financing that can total up to five (5) million dollars. This financing will be provided in three different steps consisting of both private placements and a public offering of common Class A shares. BizVantage – Beyond the news - a realtime Net clipping service: for business, investment or technology. In the first transaction, Lyrtech's co-founders, Messrs. Louis N. Belanger and Louis Chouinard will sell 6,666,667 Class A shares in share capital of Lyrtech through the facilities of Desjardins Securities. Messrs Belanger and Chouinard will utilize the proceeds from this transaction to subscribe to 5,000,000 units, each unit consisting of one (1) Class A share in the share capital of Lyrtech at a price of $0.20 per Class A share and one half (1/2) Class A share purchase warrant exercisable at a price of $0.25 per Class A share for a period of eighteen (18) months from the date of the transaction. Concurrently with the closing of the transaction described above, Desjardins Securities will offer a private placement in an amount of up to $1,500,000 on terms to be mutually agreed upon. Concurrently with the closing of the two transactions described above, Lyrtech will initiate the preparation of a preliminary prospectus for a public offering as hereinafter described. More specifically, Desjardins Securities will market a prospectus offering of units on a best efforts basis for an amount to be determined in light of then existing market conditions but expected to be between $1 Million and $3 Million. Each unit will consist of one (1) Class A share plus one (1) Class A share purchase warrant. Each warrant will entitle the holder thereof to subscribe to one (1) Class A share for a period of time to be determined. Pricing of the units will be determined in accordance with the policies of the TSX Venture Exchange Inc.. Desjardins Securities will use its best efforts to arrange for purchasers for the units in the jurisdictions pursuant to applicable securities laws. "This is a major step for Lyrtech in its development", stated Mr. Miguel Caron, Lyrtech's President and CEO. "With the tremendous help and expertise of Mr. Richard Groome from Desjardins Securities and its team in the financing of high-technology companies, we were able to rapidly come to the best agreement possible for all parties. Mr. Groome was able to understand Lyrtech's real short and long term potential and has shown great confidence in the team and expertise of the company. Moreover, such a transaction shows how Desjardins Securities is present to help companies of Quebec in their development." Lyrtech's financing is subject to the approval of the securities commissions. About Desjardins Securities Desjardins Securities is a wholly-owned subsidiary of Desjardins Group. It provides brokerage services to its retail, corporate and institutional client segments. Desjardins Securities manages assets of $9.8 billion, has 34 branches in Quebec and Ontario and more than 265 investment advisors serving its retail investment client segment. About Lyrtech Lyrtech is positioned in the worldwide digital signal processing (DSP) technology market. These technologies are central to network and wireless telecommunications, audio and video processing and the electronics of defense and aerospace systems. Lyrtech inc. has established partnerships with industry leaders in the field such as Texas Instruments, Xilinx, The MathWorks, Analog Devices and Infineon Technologies. The corporation also has prestigious customers such as Nokia, Nortel, Fujitsu, Mitshubishi, SONY, GM, Toyota, Honda, BAE Systems, EADS and much more. Lyrtech inc. is a public corporation whose shares are listed on the TSX Venture Exchange under the ticker abbreviation LYT. Lyrtech exports to more than twenty countries. (www.lyrtech.com) TSX Venture Exchange has neither approved nor disapproved the information contained herein and accepts no responsibility for it.
|
