MATRRIX announces appointment of new director and establishment of credit facility

CALGARY, Dec. 23, 2014 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the Corporation) (TSX-V: MXX) is pleased to announce the appointment of Matthew Andrade, CFA as a director of the Corporation effective December 19, 2014.  Mr. Andrade is a resident of Calgary and is the Director, Investments for Werklund Capital Corporation.  He is primarily responsible for the public equities and tradable debt portfolio with additional responsibilities for various private equity files and new venture evaluation.  In addition to his investment experience, Mr. Andrade has significant transactional experience in the oil & gas and oilfield services industry.  He is the President of the CFA Society Calgary and is the global Chair of the CFA Institute's Disciplinary Review Committee. 

Following Mr. Andrade's appointment as a director, MATRRIX's Board of Directors now comprises of seven individuals.  Biographies for each director of the Corporation can be viewed on MATRRIX's website http://www.matrrix.com.

The Corporation also announces that it has entered into a $5 million revolving operating loan facility with a Canadian based lender.  The facility bears interest of prime plus one percent and will be used for general corporate purposes.  The facility provides for an annual review with on May 31 of each year and is repayable on demand by the lender.  The Company is currently debt free and will primarily use the facility to manage seasonal fluctuations in its cash flow.

FORWARD-LOOKING INFORMATION

This press release contains certain statements or disclosures relating to MATRRIX that are based on the expectations of MATRRIX as well as assumptions made by and information currently available to MATRRIX which may constitute forward-looking information under applicable securities laws. In particular, this press release contains forward-looking information related to the establishment of its credit facility and the ability of the Corporation to manage liquidity and seasonal cash flows.  Such forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond MATRRIX's control.  Many factors could cause the performance or achievement by MATRRIX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking information, which could have a material impact on the Corporation's ability to meet its obligations under the terms of the credit facility. MATRRIX's documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. Accordingly, readers should not place undue reliance on forward-looking statements.  MATRRIX disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

ABOUT MATRRIX

MATRRIX provides horizontal and directional drilling services in for the oil and gas industry in western Canada and vertical well monitoring and performance drilling services for the oil and gas industry in the Permian basin in the United States.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE MATRRIX Energy Technologies Inc.