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Wireless Matrix Announces Mailing of Management Proxy Circular
HERNDON, VA, Feb. 8, 2013, 2013 (Canada NewsWire via COMTEX) --
Wireless Matrix Corporation (TSX: WRX)
("Wireless Matrix" or the "Company"), the leading provider of software
and communications to improve service fleet performance metrics,
announced today that the management proxy circular (the "Proxy
Circular") prepared in connection with its special meeting of
shareholders to be held on February 28, 2013 has been mailed to
shareholders of Wireless Matrix. The Proxy Circular is also available
under the Company's profile at www.sedar.com.
At the meeting, shareholders will be asked to vote on a resolution
approving the previously announced agreement to sell all the shares of
Wireless Matrix USA Inc., a Delaware corporation and wholly-owned
subsidiary of Wireless Matrix, to CalAmp Corp. for US$53.0 million in
cash, subject to adjustments as agreed to between the parties (the
"Sale Transaction"). Shareholders will also be asked to vote on a
resolution to approve, subject to the closing of the Sale Transaction,
the voluntary liquidation and dissolution of the Company and the
distribution to shareholders of the cash assets of the Company
remaining after the settlement of its obligations and liabilities,
estimated to be in the range of US$0.58 to US$0.61 per share (the
"Winding Up").
As described in the Proxy Circular, the Board of Wireless Matrix has
carefully reviewed a variety of relevant matters, including the
fairness opinion received from Canaccord Genuity on December 20, 2012,
to the effect that, as of such date and based upon and subject to the
limitations and qualifications therein, the consideration payable to
the Company pursuant to the Sale Transaction is fair, from a financial
point of view, to the Company, and unanimously recommends that
shareholders vote in favour of the Sale Transaction and the Winding Up.
Shareholders of record as of January 14, 2013 are entitled to receive
notice of and to vote at the meeting.
Additional information is set out in the Proxy Circular. Shareholders
are advised to review this information carefully and to participate.
About Wireless Matrix
Wireless Matrix Corporation (TSX: WRX) provides fleet solutions to
improve delivery metrics. The Company's software and wireless data
solutions provide intelligence for managing, measuring and monitoring
service execution. Users consistently report greater on-time arrivals,
increased productivity and lower total operating expenses. The Wireless
Matrix solution suite includes FleetOutlook(®), a web-based platform providing fleet operators complete visibility of
their operations and vehicle mounted cellular and satellite wireless
data communication services. Wireless Matrix is headquartered in
Herndon, Va. For more information visit www.wirelessmatrix.com.
Forward Looking Statements
General information regarding the Company set forth in this document,
including management's assessment of the Company's future plans and
operations, of the closing of the Sale Transaction and of the proceeds
to be available for shareholders upon the Winding Up, 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
conditions to the conclusion of the Sale Transaction to be satisfied
and the ability of the Company to subsequently 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 Commission and on SEDAR, which
also disclose further risks and uncertainties pertaining to the
operations of the Company. These filings, including the Company's
Annual Information Form and the Proxy Circular, are located under the
Company's profile at www.sedar.com.
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SOURCE: Wireless Matrix Corporation
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2013/08/c4353.html
SOURCE: Wireless Matrix Corporation
Investor Relations Rick Myers Wireless Matrix (703) 262-5168 rick.myers@wrx-us.com
Craig Armitage The Equicom Group 416-815-0700 ext 278 carmitage@tmxequicom.com
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