SEATTLE, WA, Aug. 20, 2013 /CNW/ - Wireless Matrix Corporation
(NEX: WRX.H) ("Wireless Matrix" or the "Company") wishes to provide
its shareholders with an update as to the status of its previously
announced liquidation and dissolution.
The Company is currently awaiting receipt of
final tax clearance certificates from the Canadian taxation
authorities, following which it expects to be able to proceed with
a second and final cash distribution to the holders of its common
shares as a return of capital. Once such cash distribution
has been completed, the Company intends to proceed with its
dissolution by filing Articles of Dissolution with the Director
under the Canada Business Corporations Act. Further details
regarding such distribution and dissolution will be provided in due
course.
Given the impending dissolution of the Company,
the fact that the Company has ceased to carry on any operating
business since the sale of its former operating subsidiary Wireless
Matrix USA Inc. in March 2013, and the fact that the remaining
assets of the Company consist of cash in an amount which is less
than US$3,300,000 following the
distribution of over US$47 million to
its shareholders as a return of capital in April 2013, the Board of Directors of Wireless
Matrix has decided to not file and deliver to its shareholders the
audited annual financial statements and related management's
discussion and analysis ("MD&A") for its financial year ended
April 30, 2013, which are otherwise
required to be filed by August 28,
2013 under applicable Canadian securities laws. The Board
has made this decision in the interests of avoiding the significant
expense of preparing such audited financial statements and thereby
maximizing the amount of cash remaining for distribution to its
shareholders. For the same reasons, the Company also does not
intend to file and deliver any future interim financial statements
and related MD&A.
"Since the sale of Wireless Matrix USA Inc., management has been solely focused
on liquidating the Company and preserving its remaining cash assets
as best as possible in order to maximize the amount of the
distribution to shareholders," said Richard
Myers, Chief Executive Officer of Wireless Matrix. "We
believe that given the current status of the Company and its
impending dissolution, producing financial statements would not
provide any meaningful information to our shareholders or the
market and would therefore represent an unnecessary expense to the
Company. We will report back to our shareholders as expeditiously
as possible with respect to the final distribution and dissolution
of Wireless Matrix."
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 obtaining of final tax clearance
certificates and 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 occur or transpire in the
manner intended or at all. 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