Wireless Matrix Announces Closing of Sale Transaction
HERNDON, VA - (March 4, 2013) - Wireless Matrix Corporation (TSX: WRX) (the “Company”) announced today that it has completed the previously announced sale to CalAmp Corp. (the “Sale Transaction”) of all of the shares of its wholly-owned subsidiary Wireless Matrix USA Inc. for cash proceeds of US$53 million, subject to a working capital adjustment in an amount to be determined within the next approximately 30 days.
As a result of the closing of the Sale Transaction, the Company intends to commence the procedures necessary for its voluntary liquidation and dissolution pursuant to which shareholders are expected to receive liquidation proceeds of between US$0.58 to US$0.61 per share. In this regard, the Company intends to file a Statement of Intent to Dissolve shortly with the Director under the Canada Business Corporations Act. Further details regarding the dissolution process will be provided to shareholders in due course.
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 and of the proceeds to be available for shareholders upon the liquidation and dissolution of the Company, 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 Company to proceed 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 Commissions and on SEDAR, which filings also disclose further risks and uncertainties pertaining to the operations of the Company. These filings, including the Company‘s most recent Annual Information Form and the Company‘s Management Proxy Circular dated January 24, 2013, are located under the Company‘s profile at http://www.sedar.com.