VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/22/13 -- Matrix Asset Management Inc. (the "Company" or "Matrix") (TSX: MTA) reports that the 2013 Budget announced by the federal government on March 21, 2013 proposes to phase out the 15% federal Labour-Sponsored Venture Capital Corporation ("LSVCC") tax credit by 2017. The federal tax credit will be reduced to 10% in 2015 and 5% in 2016 before being eliminated in 2017. The announced changes to the federal LSVCC tax credit do not affect provincial LSVCC tax credits. Through Matrix's Venture Capital Division, GrowthWorks Capital Ltd. and other operating subsidiaries manage several LSVCC investment funds that will be affected by this announcement. While fundraising for GrowthWorks managed LSVCCs has declined to modest levels over the past several years, management anticipates that the phase out of the federal LSVCC tax credit will affect these funds' ability to raise capital. Matrix is assessing the impact of this announcement on its managed funds that continue to offer Class A Shares and on management fee revenue earned by the Matrix group of companies from these funds.
Earnings Release and Conference Call:
Fourth quarter 2012 financial results for Matrix will be released on Thursday, March 28, 2013. These results will be discussed during a conference call to be held on Monday, April 1, 2013 at 9:00 a.m. Eastern Time.
The conference call will be web-cast live. A link to register to the web-cast is available at: http://www.matrixasset.ca/about/webcastsandpresentations.aspx
As an alternative, you may connect via telephone on the day of the presentation. The dial in number will be: 1-800-616-4707.
About Matrix (www.matrixasset.ca)
Matrix Asset Management Inc. (TSX: MTA) is a diversified asset and wealth management company, with approximately $1.1 billion in assets under management and offices in four cities across Canada. Matrix's mission is to provide a diverse array of investment choices and the best possible investment management service to Canadian investors and institutions. Matrix delivers its services through three main operating subsidiaries serving institutional, high net worth and retail investors.
Matrix Asset Management Inc.
President & CEO
(604) 895-7274 and (416) 934-7700
Matrix Asset Management Inc.
Vice President, Investor Relations & Business Development
Toll Free: (514) 227-0666 ext. 3222
Most Popular Stories
- E.U. Puts Sanctions on Russia, Ukraine Officials
- Microsoft Releases Free OneNote for Mac
- Crimea Seeks Financial Integration With Russia
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Jack Daniel's Resists Changes to Tenn. Whiskey Law
- Homebuilders Show Rising Confidence in Market
- Chile Shaken by Major Aftershock
- Obama Imposes Sanctions on Russian Officials
- Some California Cities Seeking Water Independence
- 'Walking Dead' Takes a Shocking Turn: Recap