|By Marketwired .||
|April 17, 2013 07:58 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 04/17/13 -- Matrix Asset Management Inc. ("Matrix") (TSX:MTA) and Marquest Asset Management Inc. ("Marquest") announced on February 13, 2013 that they were pursuing a business combination (the "Transaction") which was scheduled to close March 22, 2013. The details of the proposed Transaction are set out in that announcement.
There have been two recently negotiated amendments to the Transaction. First, the original terms of the Transaction allowed for Matrix to continue to accept and complete an alternative transaction under a continuing process it initiated prior to the date of the Letter of Intent, subject to a break fee. Matrix has agreed now to remove that right to complete such an alternative transaction. Second, Marquest agreed to advance $1 million to Matrix to be repaid at closing of the Transaction or October 15, 2013. The advance is secured by Matrix's shareholdings of a subsidiary. Matrix previously announced on August 7, 2012 the creation of a term loan arrangement of up to $2 million under which this advance would qualify.
Both Matrix and Marquest are working co-operatively and expect the Transaction to close shortly after obtaining all necessary shareholder, stock exchange and regulatory approvals, which is expected to occur prior to mid May, 2013. While the parties are unaware of any reason the needed approvals will not be granted, the Transaction remains subject to those conditions being satisfied.
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 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.
Marquest Asset Management Inc. is a private Canadian investment management firm incorporated in 1986 that offers a diverse range of investment products covering a variety of equity and fixed-income products. Marquest has $200 million in assets under management, advisory or administration.
Forward-looking statements: Certain statements in this press release are forward-looking statements. Forward-looking statements are based on beliefs and assumptions at the time the statements are made, including beliefs and assumptions about successful integration of acquired operations and the availability of potential growth or acquisition opportunities. 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 completing acquisitions and successfully integrating acquired operations. 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 the occurrence of unanticipated events, whether as a result of new information, future events or results or otherwise.
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