Matrix Asset Management Inc.

Matrix Asset Management Inc.

November 01, 2013 17:58 ET

Matrix Reports Extension to Term Loans

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 1, 2013) - Matrix Asset Management Inc. (TSX:MTA) ("Matrix" or the "Company") reports an extension to term loans previously received from two shareholders. During September 2012 the Company entered into related party loans with two significant shareholders for a total of $575,000. The loans are in the form of promissory notes both bearing interest of 8% per annum and are unsecured with no covenants.

The maturity date of the term loans was October 31, 2013 and the lenders have agreed, for no additional consideration, to extend the maturity date to 30 calendar days after written notice is given by the lender demanding repayment.

TSX approval has been sought for the extension pursuant to the special reporting obligations of the company pursuant to Section 501 of the TSX Company Manual.

Contact Information

  • Matrix Asset Management Inc.
    GrowthWorks Capital Ltd.
    David Levi
    President & CEO
    (604) 895-7274 or (416) 934-7700