QUEBEC CITY, Jan. 22, 2008 (Canada NewsWire via COMTEX News Network)
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Lyrtech Inc. (Lyrtech; TSX-V: LYT), announces that on January 16,
2008, it signed a letter of intent with Enigma Interconnect Inc.
(Enigma), an electronics manufacturing services (EMS) provider, for
the sale of certain assets of the Innovator division of Lyrtech and a
concurrent private placement of $500,000. The aggregate proceeds of
both transactions is $844,103. This letter of intent was instrumental
in obtaining an interim forbearance agreement with its bank. On
January 21, 2008, the parties closed both transactions in trust,
pending the release of the funds held in trust and regulatory
approval.

Lyrtech and Enigma are operating at arm's length. Enigma has
manufacturing facilities in Canada, and procurement and engineering
offices in China. Enigma is entering into this transaction with the
intent of creating a close industrial partnership with Lyrtech and
Lyrtech intends to use the manufacturing services of Enigma to
manufacture its own products as well as the products being designed
for its customers. For more information relating to Enigma, visit
www.enigmacorp.com

Disposition of Assets

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According to the terms of the agreements, Enigma has acquired certain
manufacturing assets for a price of $1,234,000, paid by way of the
assumption of leasing and debt obligations and has acquired inventory
of electronic components and work-in-progress in consideration for
$344,103, paid at closing. Enigma has also assumed the liabilities of
Lyrtech in relation to a commercial lease, in an amount of $1,229,000.
No finder's fee will be paid in relation to this transaction.

Private Placement

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Concurrently with this sale of assets, Lyrtech undertook a private
placement of convertible debentures for proceeds of $500,000. Each
convertible debenture will bear interest at a rate of 10% per annum
and will have a term of one year. These debentures may be converted
into Class A shares of Lyrtech at the option of the debentureholder at
a conversion price of $0.10 per share prior to the consolidation of
the share capital of Lyrtech on a 10:1 basis or, after such
consolidation, both the debentureholder and Lyrtech will have the
option to convert the debenture, in its entirety, at a conversion
price of $0.15 per common share (post-consolidation). Any securities
issued as part of this offering are subject to a four-month hold
period under applicable securities legislation. The consolidation of
the share capital of Lyrtech, previously approved by the shareholders
of Lyrtech at the annual and special meeting held April 30, 2007, was
also approved by the board of directors of Lyrtech January 21, 2008.

Lyrtech also announces that it received the resignation of Mr. Pierre
Lortie from the Board of Directors, Friday, January 18, 2008, after
closing of markets, and January 21, 2008 received the resignation of
Mr. Jules Pleau from the Board of Directors. Both have been valuable
members of the Board of Directors and the Board of Directors would
like to thank them for their contributions. Mr. Louis Bélanger and Mr.
Richard Rumpf will replace Mr. Lortie and Mr. Pleau on the audit
committee of Lyrtech.