Wireless Matrix Announces Normal Course Issuer Bid
HERNDON, Va.--(BUSINESS WIRE)-- Wireless Matrix Corporation (TSX: WRX) today announced that it is commencing a normal course issuer bid that will enable it to purchase common shares of the Corporation over a 12-month period. The Corporation intends to purchase up to the lesser of: (i) 4,175,531 common shares, being 5% of the Corporation’s issued and outstanding common shares as of July 28, 2011; and (ii) CDN$1,000,000 of common shares.
“We believe our common shares may be undervalued in relation to our current and future business prospects and may represent a worthwhile investment. We believe the purchase of outstanding common shares of the Corporation represents a good use of our cash in light of potential benefits to remaining shareholders," said J. Richard Carlson, Chief Executive Officer and President of Wireless Matrix.
The Corporation's normal course issuer bid will commence August 9, 2011 and terminate on August 8, 2012, unless earlier terminated by the Corporation. Common shares purchased under the normal course issuer bid will be cancelled.
The price that Wireless Matrix will pay for any such common shares will be the market price at the time of acquisition. The maximum number of common shares that may be purchased on a daily basis, subject to any approved exceptions, will be 4,897 common shares. Wireless Matrix has not purchased any of its common shares in the previous twelve month period. The Corporation has 83,510,625 common shares outstanding as at July 28, 2011.
Versant Partners Inc. will conduct the bid on behalf of the Corporation. The Corporation intends to enter into an automatic share purchase plan with Versant Partners Inc. in connection with the normal course issuer bid to allow for the repurchase of Common Shares at times when Wireless Matrix ordinarily would not be active in the market due to its internal trading blackout periods, insider trading prohibitions under applicable securities laws or otherwise. The bid has been approved by the TSX, and will be affected through the facilities of the TSX.
About Wireless Matrix
Wireless Matrix Corporation (TSX: WRX) is a leader in mobile resource management providing service chain execution solutions to enterprises with service fleets. Our solutions provide location intelligence for managing, measuring and monitoring service execution, while at the same time increasing productivity and reducing operating expenses within service fleet operations. The Wireless Matrix solution suite includes FleetOutlook®, a web-based platform that provides management and fleet operators complete visibility into their operations, enabled by real-time wireless data communication services and hardware devices. Wireless Matrix is headquartered in Herndon, Va.
Forward Looking Information
This press release contains forward-looking information within the meaning of applicable Canadian Securities laws including statements with respect to the Corporation’s intention to purchase up to 1,250,000 common shares pursuant to the Notice of Intention to Make a Normal Course Issuer Bid, the Corporation’s belief that its common shares are undervalued at current market prices and that the normal course issuer bid will provide benefits to shareholders.
General information regarding the Corporation set forth in this document, including management’s assessment of the Corporation’s future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. Statements expressed in any forward-looking information are subject to numerous risks and uncertainties, some of which are beyond the Corporation’s and management’s control, including but not limited to, the impact of general economic conditions, industry conditions, market demand, dependence on key customers, financial conditions and wherewithal of customers, non-infringement on third-party technology, ability to grow through acquisition, technological aptitude of products and intellectual property rights, inventory management, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of estimates, effective integration of acquisitions, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost-effective access to sufficient capital from internal and external sources, ability to integrate and realize anticipated benefits from acquisitions, ability to procure and resell third party network communications at favorable rates, and to effectively manage growth. The Corporation’s actual results, performance or achievement could differ materially from those expressed in or implied by, forward-looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire from those expressed in any forward-looking information will provide what, if any, benefits to the Corporation. All data presented herein should be read in conjunction with the Corporation’s regulatory filings, with the appropriate Securities Commission and SEDAR. These filings, including the Corporation’s AIF, are located at www.sedar.com.
CONTACT:
Wireless Matrix
Maria C. Izurieta, 703-262-4020
maria.izurieta@wirelessmatrix.com
or
The Equicom Group
Jeff Codispodi or Craig Armitage
416-815-0700 ext 261 or 278
jcodispodi@equicomgroup.com or carmitage@equicomgroup.com
KEYWORDS: United States North America Canada Virginia
INDUSTRY KEYWORDS: Technology Software Telecommunications Transport Mobile/Wireless Logistics/Supply Chain Management
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