SEATTLE, Nov. 27, 2013 /CNW/ - Wireless Matrix Corporation (NEX: WRX.H) ("Wireless Matrix" or the "Corporation") announces that its Board of Directors has declared a second and final distribution to the holders ("Shareholders") of common shares of the Corporation ("Common Shares") in the aggregate amount of US$3,129,250.93, or US$0.03723 per Common Share (the "Distribution Payment"), in connection with the liquidation and ultimate dissolution of Wireless Matrix.
The Distribution Payment will paid on December 6, 2013, to Shareholders of record at the close of business on December 4, 2013, and will be made as a return of capital, with the stated capital of the Common Shares being reduced accordingly. The aggregate Distribution Payment to be paid to each Shareholder of record shall be rounded up or down to the nearest whole cent. Shareholders do not need to tender their Common Shares to the Corporation in order to be eligible to receive the Distribution Payment.
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 December 2, 2013 to and including the payment date of December 6, 2013. Sellers of Common Shares on the NEX from December 2, 2013 to and including December 6, 2013, will not be entitled to the Distribution Payment. Holders of Common Shares, including purchasers of Common Shares, on December 6, 2013, will be entitled to receive the Distribution Payment. The Common Shares will commence trading on the NEX on an ex-distribution basis effective from the opening on December 9, 2013 (being the first trading 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 December 11, 2013, once all trades with attached due bills entered into up to December 6, 2013 have settled.
Following the payment of the Distribution Payment, the Corporation will have no further assets or liabilities. Effective as at the close of business on December 9, 2013, at the Corporation's request, the Common Shares will be delisted from the NEX board of the TSX Venture Exchange. As a result, as of the close of business on December 9, 2013, the share transfer books of Wireless Matrix will be closed and thereafter no further transfers of Common Shares will be recognized by the Corporation.
As previously announced by the Corporation and approved by the Shareholders, Wireless Matrix will proceed with its dissolution by filing Articles of Dissolution on or about December 13, 2013, upon which all issued and outstanding Common Shares will be cancelled automatically without any further action or surrender of Common Share certificates being required by the Shareholders.
Shortly following the dissolution of the Corporation, registered Shareholders will receive a letter from the transfer agent of the Corporation requesting certain information necessary to complete the tax forms that such holders will require for Canadian federal and, where applicable, provincial income tax reporting purposes as a consequence of the dissolution of the Corporation.
Forward Looking Statements
General information regarding the Corporation set forth in this document, including management's assessment of the Corporation's future plans as regards the liquidation and dissolution of the Corporation, contains forward-looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond the Corporation's and management's control, including, but not limited to, the ability of the Corporation to proceed on a timely basis with the settlement of its obligations and liabilities. The Corporation'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 occur or transpire in the manner intended or at all. All data presented herein should be read in conjunction with the Corporation's regulatory filings with the appropriate securities regulatory authorities and on SEDAR, which filings also disclose further risks and uncertainties pertaining to the Corporation. These filings are located under the Corporation'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
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