Working Enterprises Ltd.

David Levi

January 15, 2010 09:38 ET

Working Enterprises Ltd. and David Levi Acquire Common Shares of Matrix Asset Management Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2010) - Matrix Asset Management Inc. ("Matrix") today announced the closing of the business combination (the "Business Combination") involving Matrix, SEAMARK Asset Management Ltd. ("SEAMARK") and Growth Works Ltd. ("GWL").

As a result of the Business Combination, Working Enterprises Ltd. ("WE Ltd.") acquired beneficial ownership and control of 13,802,173 common shares of Matrix, representing approximately 31.9% of the currently issued and outstanding common shares of Matrix, and David Levi acquired beneficial ownership and/or control of 5,503,439 common shares of Matrix, representing approximately 12.7% of the currently issued and outstanding common shares of Matrix. David Levi is the President, CEO and one of eight directors of Matrix and the President and one of eleven directors of WE Ltd. All of the Matrix common shares acquired through the Business Combination are subject to escrow restrictions, with shares released from escrow over the course of four years.

On closing of the Business Combination, 32,414,161 Matrix common shares were issued to former shareholders of GWL in exchange for 99.9% of the outstanding GWL common shares. The price per Matrix common share for the purposes of the Business Combination was $1.28 (being the closing price of the SEAMARK common shares on January 14, 2010).

The acquired Matrix common shares are held for investment purposes. Although it is not anticipated at this time, WE Ltd. and David Levi may make further purchases of securities of Matrix for investment purposes. The Matrix common shares were issued to former shareholders of GWL pursuant to the registration and prospectus exemptions contained in sections 2.16 and 3.16 of National Instrument 45-106 Prospectus and Registration Exemptions.

The address for WE Ltd. is 1200 - 1166 Alberni Street, Vancouver, B.C., V6E 3Z3. To obtain a copy of the report to be filed by WE Ltd. in accordance with applicable securities laws go to the Matrix company profile at SEDAR.com or contact Heather Conradi at 604-695-2022.

The address for David Levi is 2600 - 1055 West Georgia Street, Vancouver, B.C., V6E 3R5. To obtain a copy of the report to be filed by David Levi in accordance with applicable securities laws, go to the Matrix company profile at SEDAR.com or contact Anne Peterson at 604-895-7274.

Contact Information

  • Anne Peterson
    604-895-7274