Lyrtech Signs a Letter of Engagement With Desjardins Securities For a Five Million Dollars Financing.Business Editors QUEBEC CITY, Quebec--(BUSINESS WIRE)--Sept. 15, 2003 Lyrtech inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture: LYT LYT Layout LYT Layout (file extension) LYT Love You Too LYT Love You To (Beatles song) LYT Lewisham Youth Theatre LYT Love Ya Tons ), worldwide specialist in digital signal processing See DSP. Digital Signal Processing - (DSP) Computer manipulation of analog signals (commonly sound or image) which have been converted to digital form (sampled). (DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive ) 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. 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 Verb 1. subscribe to - receive or obtain regularly; "We take the Times every day" subscribe, take buy, purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; 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 Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy . Concurrently with the closing of the two transactions described above, Lyrtech will initiate the preparation of a preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders 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 TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "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 EADS European Aeronautic Defence and Space Company N.V. EADS Expeditionary Air Defense System (USMC) EADS Extended Air Defense Systems EADS Environmental Assessment Data System EADS Echelons Above Division Study and much more. Lyrtech inc. is a public corporation whose shares are listed on the TSX Venture Exchange under the ticker abbreviation abbreviation, in writing, arbitrary shortening of a word, usually by cutting off letters from the end, as in U.S. and Gen. (General). Contraction serves the same purpose but is understood strictly to be the shortening of a word by cutting out letters in the middle, 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. |
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