Matrix Announces Change of Portfolio Manager and Update on Meeting Date

TORONTO, ONTARIO--(Marketwire - May 18, 2011) -

Change of Portfolio Manager

Matrix Funds Management* ("Matrix Management"), the manager of the Matrix Mutual Funds, announced today that effective on or about May 31, 2011, SEAMARK Asset Management Ltd. ("SEAMARK"), an affiliate of Matrix Management, will become the new portfolio advisor for both Matrix Canadian Growth Fund and Matrix Small Companies Fund replacing Matrix Management. This change is a result of the recent resignation of Roger Dent as a portfolio manager at Matrix Management. Chad King, Vice-President, Portfolio Manager at SEAMARK will assume the portfolio management responsibilities currently held by Mr. Dent for Matrix Canadian Growth Fund and Matrix Small Companies Fund. Mr. King has been with SEAMARK since 1999 and is the lead portfolio manager for Canadian small cap and dividend & income products. Mr. David Levi, President and CEO of Matrix Management said, "We sincerely thank Roger for his years of valuable contributions to the organization and wish him the very best in his new pursuits. Going forward, we are pleased to announce the appointment of SEAMARK as portfolio advisor of the funds with Chad King at the helm and look forward to a seamless transition."

Update on Meeting Date

Matrix Management previously announced proposed mergers of certain Funds designed to meet streamlining initiatives for the Matrix Mutual Funds offerings. Unitholders of Matrix Dividend & Income Fund, Matrix Canadian Growth Fund and Matrix International Equity Fund will be asked to approve the proposed mergers. The meetings for the proposed mergers are now expected to be held in Toronto on or about June 22, 2011, instead of June 8, 2011. Subject to obtaining all necessary approvals, the mergers will still take effect prior to June 30, 2011.

About Matrix Funds Management*

Matrix Funds Management (a division of GrowthWorks Capital Ltd.) is the manager of the Matrix Funds and a subsidiary of Matrix Asset Management Inc. (TSX:MTA). Matrix provides diversified asset and wealth management for both individuals and institutional investors. Please visit www.matrixfunds.ca for more information.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.