[February 28, 2013]

Wireless Matrix Shareholders Approve Sale of Wireless Matrix USA Inc. and Subsequent Liquidation

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.

[ Back To Technology News's Homepage ]