|By Marketwired .||
|September 4, 2013 05:55 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 09/04/13 -- On June 4, 2013 Matrix Asset Management Inc. ("Matrix") (TSX:MTA) announced its agreement with Marquest Asset Management Inc. ("Marquest") to sell to Marquest 100% of the portfolio management, custodian and related contracts of the Matrix Group of Investment Funds (the "Marquest Transaction"). Matrix confirms that all necessary unitholder, shareholder and limited partner approvals for the Marquest Transaction have been received. There are certain regulatory approvals and third party consents still outstanding that are required before the Marquest Transaction can be concluded. As well, the finalization and execution of legal documents between Matrix, Marquest and Matrix's secured lenders must still occur. It is anticipated that the Marquest Transaction will close on or prior to September 16, 2013.
Further details about the terms of the Marquest Transaction are set out in the Company's MD&A for the second quarter of 2013, which is available on SEDAR. There can be no assurance that the Marquest transaction will close on the terms proposed or at all.
Forward looking statements: Certain statements in this press release are forward-looking statements including the statements about the asset purchase transaction with Marquest. Forward-looking statements are based on beliefs and assumptions at the time the statements are made, including beliefs and assumptions about the satisfaction or waiver of conditions to the closing of the Marquest asset transaction, including regulatory and third party approvals. While management considers these beliefs and assumptions to be reasonable based on information currently available to it, they are subject to numerous risks and uncertainties and no assurance can be given that such beliefs and assumptions will prove to be correct. Accordingly, actual results may differ significantly from those expressed or implied by forward-looking statements due to many factors including, but not limited to, risks associated with securing necessary regulatory and third party approvals for the Marquest asset transaction, satisfying other conditions to the Marquest asset transaction, risks associated with completing the Marquest asset transaction and risks associated with Matrix's ability to continue to operate as a going concern and maintain compliance with minimum working capital and other regulatory requirements. Many of these risks are beyond the control of Matrix. Other than as specifically required by law, Matrix undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect or to reflect new information, future unanticipated events or results or other factors.
Matrix Asset Management Inc.
(604) 895-7274 or (416) 934-7700