Wireless Matrix Corporation WSMXF

Bought Deal Financing

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Wireless Matrix Corporation Announces Bought Deal Financing CCNMATTHEWS Wireless Matrix Corporation May 24, 2007 - 08:08:15 AM Wireless Matrix Corporation Announces Bought Deal Financing CALGARY, ALBERTA--(CCNMatthews - May 24, 2007) - NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Wireless Matrix Corporation ("Wireless" or the "Corporation") (TSX:WRX) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the "Underwriters"), co-led by Orion Securities Inc. and GMP Securities LP and including Wellington West Capital, Inc., in connection with a "bought deal" common share financing by way of short form prospectus of an aggregate of 12,500,000 common shares at a price of $1.02 per common share for aggregate gross proceeds of $12,750,000, with an over-allotment option in favour of the Underwriters to purchase up to an additional 1,875,000 common shares at a price of $1.02 per common share, for further gross proceeds of $1,912,500, which would increase the offering to $14,662,500, if fully exercised. Net proceeds of the financing will be used to fund acquisitions, growth capital, repayment of the Corporation's existing line of credit of US$2 million and for general working capital purposes. The Corporation will be proceeding to file a preliminary short form prospectus with the securities authorities in the provinces of British Columbia, Alberta, Manitoba and Ontario, on or about May 29, 2007. The offering is subject to regulatory approval, including approval of the Toronto Stock Exchange and is expected to close on or about June 13, 2007. About Wireless Wireless provides enterprise-class wireless data solutions for business-critical mobile and remote asset operations. The Corporation delivers real-time data services across cellular, satellite and WiFi networks; a variety of modems and hardware platforms; and transportation applications that increase productivity and reduce operating expenses with service fleet operations. Wireless is headquartered in Reston, Virginia, and has offices in Burnaby, British Columbia and Mountain View, CA. For more information visit www.wrx-us.com.