Wireless Matrix Corporation

Wireless Matrix Corporation

June 13, 2007 09:18 ET

Wireless Matrix Corporation Announces Closing of Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - June 13, 2007) -


Wireless Matrix Corporation (TSX:WRX) ("Wireless Matrix" or the "Corporation") is pleased to announce that it closed its previously announced "bought deal" common share financing by way of short form prospectus with a syndicate of underwriters (the "Underwriters"), co-led by Orion Securities Inc. and GMP Securities L.P. and including Wellington West Capital Markets Inc. pursuant to which an aggregate of 12,500,000 common shares at a price of CDN$1.02 per common share were issued for aggregate gross proceeds of CDN $12,750,000.

In addition, the underwriters fully exercised their over-allotment option to purchase additional common shares from the Corporation and, accordingly, an additional 1,875,000 common shares at a price of CDN$1.02 per common share were issued for additional gross proceeds of CDN$1,912,500, increasing the gross proceeds of the Offering to CDN$14,662,500.

Net proceeds of the financing will be used to fund acquisitions, growth capital, repayment of the Corporation's existing line of credit of US$2,000,000 and for general working capital purposes.

About Wireless Matrix

Wireless Matrix provides enterprise-class wireless data solutions for business-critical mobile and remote asset operations. The Corporation delivers real-time data services across cellular, satellite and WiFi networks; a variety of modems and hardware platforms; and transportation applications that increase productivity and reduce operating expenses with service fleet operations. Wireless is headquartered in Reston, Virginia, and has offices in Burnaby, British Columbia and Mountain View, CA. For more information visit www.wrx-us.com.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "intend", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Wireless believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Wireless Matrix Corporation
    Maria C. Izurieta
    Chief Financial Officer
    (703) 262-4020
    (703) 262-0380 (FAX)
    Website: www.wirelessmatrixcorp.com