MATRIX ASSET MANAGEMENT INC. 
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GrowthWorks Canadian Fund Files for Creditor Protection and Delivers Notice of Termination Under Management Agreement
Wednesday, October 02, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2013) - Matrix Asset Management Inc. (TSX:MTA) ("Matrix" or the "Company") and its subsidiary, GrowthWorks WV Management Ltd. ("GWWV"), announced today that the GrowthWorks Canadian Fund Ltd. ("Canadian Fund") has obtained an order for creditor protection under the Companies' Creditors Arrangement Act ("CCAA") and delivered notice to GWWV purporting to terminate the Management Agreement between Canadian Fund and GWWV (the "Management Agreement"), effective immediately. The termination notice was delivered prior to Canadian Fund obtaining the order for a court-supervised process under the CCAA. In Canadian Fund's CCAA filing, GWWV and GrowthWorks Capital Ltd. ("GWC") were named as "critical suppliers" of services to Canadian Fund. GWWV and GWC's status as critical suppliers and the terms on which GWWV and/or GWC would provide any services to Canadian Fund will be reviewed at a subsequent court hearing. |
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