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
