MATRRIX Energy Technologies Inc. announced that due to continued directional drilling losses since first quarter of 2015, and management's thorough review of the directional drilling division including the consideration of potential implications of all available options, management and the Board of Directors determined that both significant capital investment, which could not be projected to meet the Corporation's investment criteria, and major macroeconomic changes, which the Corporation cannot project happening in the near future in Western Canada, would be required in order to see a path to profitability for the division. Therefore, the Board of Directors has approved discontinuing directional drilling operations starting in the second quarter of 2019.

In connection with the cessation of the directional drilling division, the Corporation announced the departure of Mr. Charlie Lloyd, Vice President, Sales. In addition, Mr. Rob Van Bostelen, Vice President, Operations, has resigned from his position as an officer of the Corporation but is continuing as an employee assisting the Corporation in closing the directional division.