|By Marketwired .||
|March 26, 2014 01:36 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/26/14 -- Matrix Asset Management Inc. (the "Company" or "Matrix") (TSX: MTA) previously reported that it does not satisfy the continued listing requirements of the Toronto Stock Exchange ("TSX"). As a result, Matrix applied on December 5, 2013 to voluntarily delist from the TSX: that delisting is expected to take effect March 28, 2014. The delisting affects only Matrix Common shares and does not affect any of the funds managed by subsidiaries of Matrix.
Over the past several months the Matrix Board of Directors and management have been involved in a strategic review of the Company in order to address its present debt obligations and to provide liquidity options for its shareholders. The independent members of the Matrix Board of Directors have retained independent legal counsel as well as an independent valuator to determine the value of the Company's Common shares. The results of that valuation are expected in the coming weeks and will assist Matrix in its strategic analysis.
Matrix had applied in December for an alternative stock exchange but to date that application has not been approved. In light of the discussions with regulators of that alternative exchange and analysis prepared by management, Matrix has concluded that a listing, if granted, would not provide sufficient liquidity to be meaningful to shareholders. As a result Matrix has decided to withdraw its application for an alternative listing until the strategic review is complete.
Certain statements in this press release are forward-looking statements based on beliefs and assumptions of the Company and not on historical fact. These statements include statements regarding the timing and outcome of the strategic review and independent valuation undertaken by the Matrix Board of Directors and Matrix's ability to secure an alternative listing of its Common shares that are being delisted from the TSX. Readers are cautioned against placing undue reliance on forward-looking statements and that such statements may not be appropriate for other purposes. Forward-looking statements are based upon beliefs and assumptions of management applied in drawing a conclusion about future events, including beliefs and assumptions with respect to the strategic review, the ability to obtain an independent valuation that is useful for a strategic review, Matrix's ability to comply with TSX listing requirements or achieve a listing for its Common shares on an alternative exchange. While management considers these beliefs and assumptions to be reasonable based on information currently available, these statements 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 Matrix's ability to obtain an appropriate independent valuation and other risks and uncertainties listed under "Risk Factors" in the MD&A for the quarter ended September 30, 2013 and in Matrix's Annual Information Form dated March 30, 2013, which are available on SEDAR. Many of these risks are beyond the control of Matrix. Other than as specifically required by law, the Company 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 new information, future unanticipated events or results or other factors.
President & CEO
(604) 895-7274 and (416) 934-7700