TORONTO, ONTARIO -- (Marketwired) -- 06/06/13 -- On June 4, 2013, Matrix Asset Management Inc. (TSX: MTA) ("Matrix") announced the sale of 100% of the portfolio management, custodian and related contracts of the Matrix Group of Investment Funds to Marquest Asset Management Inc. ("Marquest") and all of the operational assets (excluding working capital) of Seamark Asset Management Inc. ("Seamark") to Marquest and certain members of management (the "Purchasing Seamark Management Group") of Seamark for a combined sale price of approximately $8.75 million.
As part of that announcement, Matrix stated that, with the advance of funds to date from Marquest and the Purchasing Seamark Management Group and postponement of the indebtedness owed by Seamark to an entity related to the Purchasing Seamark Management Group, the previously announced regulatory working capital deficiency in Seamark was rectified. Management believes that it has satisfied that regulatory requirement but securities regulators have not finalized their review of the matter and any confirmation of that rectification is still pending. There can be no assurance that the securities regulators will agree with management's determination or when such a final determination will occur.
Forward-looking statements: Certain statements in this press release are forward-looking statements including the statements about the pending loan advances by and asset purchase transactions with Marquest and the Purchasing Seamark Management Group, employment and other arrangements associated with the asset transactions and closing of the asset transactions. Forward-looking statements are based on beliefs and assumptions at the time the statements are made, including beliefs and assumptions about the satisfaction or waiver of conditions to the closing of the asset transactions, including regulatory, stock exchange and third party approvals. While management considers these beliefs and assumptions to be reasonable based on information currently available to it, they are subject to numerous risks and uncertainties and no assurance can be given that such beliefs and assumptions will prove to be correct. Accordingly, actual results may differ significantly from those expressed or implied by forward-looking statements due to many factors including, but not limited to, risks associated with securing necessary regulatory, stock exchange and third party approvals for the asset transactions, satisfying other conditions to the asset transactions, risks associated with completing the asset transactions and risks associated with Matrix's ability to continue to operate as a going concern and maintain compliance with minimum working capital and other regulatory requirements. Many of these risks are beyond the control of Matrix. Other than as specifically required by law, Matrix undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect or to reflect new information, future unanticipated events or results or other factors.
Matrix Asset Management Inc.
(604) 895-7274 or (416) 934-7700
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