January 27, 2017 18:52 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 27, 2017) - Working Enterprises Ltd.("WE") and David Levi ("DL") each acquired ownership of 1 common share (each a "Share" and together the "Shares") of Matrix Asset Management Inc. (the "Company") as part of a capital re-organization pursuant to a court order approving a Division I proposal under the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3. The proposal provided for the compromise of indebtedness and release of claims of the affected creditors against the Company in exchange for contingent obligations issued by a wholly-owned subsidiary of the Company and provided for the cancellation of all issued and outstanding shares of the Company and the issuance of the Shares. On January 27, 2017 the Company filed Articles of Dissolution and upon issuance of a Certificate of Dissolution, the Company will be dissolved and cease to be a reporting issuer and WE and DL will cease to hold the Shares. Prior to the capital restructuring of the Company, DL had control, both directly and indirectly, of an aggregate of 6,397,773 common shares of the Company representing approximately 12.2% of the total outstanding common shares and WE had control, both directly and indirectly, of an aggregate of 16,938,801 common shares of the Company representing approximately 32.2% of the total outstanding common shares. Following the implementation of the capital restructuring, each of DL and WE hold 1 Share, each Share representing 50% of the total issued and outstanding shares of the Company, with the Share held by DL being subject to a voting trust agreement under which DL granted irrevocable voting control of the Share to WE.
Working Enterprises Ltd.David LeviPresident(604) 895-7253
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