Matrix Announces Unitholder Approval of Fund Mergers

TORONTO, ONTARIO--(Marketwire - June 29, 2011) - Matrix Funds Management* ("Matrix Management"), the manager of the Matrix Mutual Funds, is pleased to announce that it has received all necessary unitholder approvals in connection with the following proposed mergers:

The mergers are designed to meet streamlining initiatives for the Matrix Mutual Funds offerings. In each merger, the assets of the terminating fund will be exchanged in return for units of the respective continuing fund. Each investor will receive their proportionate number of units of the equivalent net asset value in the continuing fund.

Subject to obtaining all regulatory approvals, the mergers will be effective on or about 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 Asset Management Inc. (the "Company") is a diversified asset and wealth management company with approximately $2.4 billion in assets under management and offices across Canada. The Company's mission is to provide a diverse array of investment choices and the best possible investment management service to Canadian investors and institutions. The Company delivers its services through three main operating subsidiaries serving institutional, high net worth and retail 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.