HERNDON, VA, April 9, 2013 /CNW/ - Wireless Matrix Corporation
(NEX: WRX.H) ("Wireless Matrix" or the "Company") announces that
its Board of Directors has declared an initial distribution to the
holders of common shares of the Company ("Common Shares") in the
aggregate amount of US$47,069,044.40,
or US$0.56 per Common Share (the
"Distribution Payment"), in connection with the liquidation and
ultimate dissolution of Wireless Matrix.
The Distribution Payment will paid on
April 18, 2013, to shareholders of
record at the close of business on April 16,
2013, and will be made as a return of capital, with the
stated capital of the Common Shares being reduced accordingly.
Pursuant to the due bill trading procedures
of the NEX, the Common Shares will commence trading on a "due
bills" basis on the NEX effective from the opening on April 12, 2013 to and including the payment date
of April 18, 2013. Sellers of
Common Shares on NEX from April 12,
2013 to and including April 18,
2013, will not be entitled to the Distribution Payment.
Holders of Common Shares, including purchasers of Common
Shares, on April 18, 2013, will be
entitled to receive the Distribution Payment. The Common Shares
will commence trading on NEX on an ex-distribution basis effective
from the opening on April 19, 2013
(being the date on which purchases of the Common Shares will no
longer have an attaching right to the Distribution Payment).
The due bills will be redeemed on April 23, 2013, once all trades with attached due
bills entered into up to April 18,
2013 have settled.
Further details regarding the amount of funds
available for future distribution to shareholders upon completion
of the liquidation of the Company will be provided in due course.
Upon conclusion of the liquidation process, Wireless Matrix intends
to apply for a Certificate of Dissolution from the Director under
the Canada Business Corporations Act.
Forward Looking Statements
General information regarding the Company set
forth in this document, including management's assessment of the
Company's future plans as regards 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 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 www.sedar.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Wireless Matrix Corporation