Wireless Matrix Corporation

Wireless Matrix Corporation

February 24, 2009 10:14 ET

Wireless Matrix Reiterates Fiscal 2009 Financial Guidance

Recurring Revenues, Positive Cash Flow Drive Continued Growth

RESTON, VIRGINIA--(Marketwire - Feb. 24, 2009) - As Wireless Matrix (TSX:WRX) enters its fourth quarter of FY09, the company announced today that it expects to achieve the financial guidance it provided in July, 2008.

As part of this guidance, the company targeted service revenues of at least $27,000,000, representing a double-digit increase over fiscal year 2008, and adjusted EBITDA between $3,000,000 and $4,000,000, a 60% growth year over year. The company is on track to meet these levels through the addition this year of long-term revenue contracts and the ongoing growth of the sales pipeline.

The company remains cash-flow positive and continues to grow its cash reserves, with approximately $18,000,000 in the bank and no debt.

The company continued to add subscribers as well, ending its third quarter on January 31, 2009 with approximately 67,000 subscribers. However, subscriber growth has been at a slower rate than identified in the company's subscriber guidance due to the turbulent economy. The previously projected subscriber levels are now expected to be reached in the first quarter of FY10.

"Meeting our financial guidance and increasing our cash balance without incurring debt is a critical metric for the company, especially in the face of a prolonged economic down-turn," said Maria Izurieta, Wireless Matrix's chief financial officer. "Our long-term recurring revenue model has allowed us to sustain our financial performance and continue positive cash flow, despite the slower growth in our subscriber base."

About Wireless Matrix

Wireless Matrix provides enterprise-class wireless data solutions for business-critical mobile and remote asset operations. The company 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 Matrix is headquartered in Reston, VA., and has offices in San Francisco and Burnaby, British Columbia. For more information visit www.wirelessmatrix.com.

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