|[February 28, 2013]
Wireless Matrix Shareholders Approve Sale of Wireless Matrix USA Inc. and Subsequent Liquidation
HERNDON, Va. --(Business Wire)--
Wireless Matrix Corporation (TSX: WRX) ("Wireless Matrix" or the
"Company"), the leading provider of software and communications to
improve service fleet performance metrics, announces that at the special
meeting of its shareholders held earlier today (the "Special Meeting"),
shareholders voted to approve the previously announced sale by the
Company to CalAmp (News - Alert) Corp. ("CalAmp") of all of the shares of its
wholly-owned subsidiary Wireless Matrix USA Inc. (the "Sale
Transaction"), and the subsequent voluntary liquidation and dissolution
of the Company (the "Winding Up").
Closing of the Sale Transaction is subject to a number of conditions as
set out in the purchase agreement entered into by the parties, including
CalAmp securing the funding required to complete the purchase. These
conditions are summarized in the management proxy circular dated January
24, 2013, prepared in connection with the Special Meeting (the "Proxy
Circular"), which is available on the System for Electronic Document
Analysis and Retrieval (SEDAR) under the Company's profile at www.sedar.com.
The Company anticipates that the Sale Transaction will close in the
first half of March, 2013.
As also described in the Proxy Circular, pursuant to the Winding Up to
occur following the closig of the Sale Transaction, the Company
estimates that shareholders will receive liquidation proceeds of between
US$0.58 to US$0.61 per share.
Further information regarding the Sale Transaction and the Winding Up
will be provided to shareholders in due course.
About Wireless Matrix
Wireless Matrix Corporation (TSX: WRX) provides fleet solutions to
improve delivery metrics. The Company's software and wireless data
solutions provide intelligence for managing, measuring and monitoring
service execution. Users consistently report greater on-time arrivals,
increased productivity and lower total operating expenses. The Wireless
Matrix solution suite includes FleetOutlook®, a web-based
platform providing fleet operators complete visibility of their
operations, and vehicle mounted cellular and satellite wireless data
communication services. Wireless Matrix is headquartered in Herndon, Va.
For more information visit www.wirelessmatrix.com.
Forward Looking Statements
General information regarding the Company set forth in this document,
including management's assessment of the Company's future plans and
operations, of the closing of the Sale Transaction and of the proceeds
to be available for shareholders upon the Winding Up, contains
forward-looking statements that involve substantial known and unknown
risks and uncertainties, some of which are beyond the Company's and
management's control, including, but not limited to, the ability of the
conditions to the conclusion of the Sale Transaction to be satisfied and
the ability of the Company to proceed subsequently on a timely basis
with the settlement of its obligations and liabilities. The Company's
actual results, performance or achievement could differ materially from
those expressed in or implied by these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated to occur or transpire from the forward-looking statements
will provide any benefits to the Company. All data presented herein
should be read in conjunction with the Company's regulatory filings with
the appropriate Securities Commission and on SEDAR, which also disclose
further risks and uncertainties pertaining to the operations of the
Company. These filings, including the Company's Annual Information Form
and the Proxy Circular, are located under the Company's profile at www.sedar.com.
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