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Growth Works Capital Obtains Additional Secured Debt Financing

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/30/14 -- Matrix Asset Management Inc. ("Matrix") announces that its subsidiary, Growth Works Capital Ltd. ("GWC"), has obtained an additional $362,250 ("Additional Loan") from the independent Canadian lender ("Lender") that previously extended to GWC a $5 million loan announced on October 1, 2013 and December 30, 2013 (together with the Additional Loan, the "Entire Loan"). In connection with the Additional Loan, the Chief Executive Officer of Matrix has agreed to advance a $400,000 loan ("CEO Loan") on terms substantially similar to the Additional Loan.

The Additional Loan matures on September 30, 2018. The Entire Loan bears an interest rate of 12% annually, payable quarterly. An annual processing fee of 6.5% of the principal amount of the Entire Loan will also be payable quarterly. A refinancing fee of $17,250 is also payable to the Lender at closing. The Lender will also receive, as partial consideration for the Entire Loan, approximately 13.1% of incentive payment amounts earned by GWC and related registrants from the venture capital funds they manage during the time of the Entire Loan and three years thereafter. Any remaining portion of the Entire Loan may be prepaid after 40% of Entire Loan has been repaid. The Entire Loan is secured by the assets of GWC and guaranteed by the assets of Matrix and certain of its non-registrant subsidiaries and personal assets of its Chief Executive Officer, including an option ("Option") granted to the Lender to acquire substantially all of the shares of GWC and certain other subsidiaries of Matrix.

The CEO Loan will be advanced upon receipt of certain payables due from the Government of Canada, which is expected within the next 30 days and subject to final documentation with GWC and the Lender. The CEO Loan will be advanced on terms similar to the Additional Loan, although the CEO Loan security will rank behind the Additional Loan, and no refinancing fee or incentive payment amounts will be paid to the Chief Executive Officer as a result of the CEO Loan. The CEO Loan will provide the right of the Chief Executive Officer to acquire from the Lender either or both of the Option and the Entire Loan upon certain conditions, including full repayment of the Entire Loan principal, interest and fees.

As previously announced in 2012 and 2013, Matrix also has three loans outstanding from two shareholders with an aggregate principal of $675,000. Pursuant to the terms of those loans, the lenders have elected effective the closing of the Additional Loan to have the terms of their loans amended to adopt the terms and the security of the Entire Loan, subject to approval of the Lender and subject to the shareholder loans' security ranking behind the security of the Entire Loan and without any of the additional interest and fees charged under the Entire Loan.

Forward looking statements: Certain statements in this press release are forward-looking statements including the statements about the advance of funds related to the CEO Loan, the exercise of the Option and the repayment of the Entire Loan. Forward-looking statements are based on beliefs and assumptions at the time the statements are made, including beliefs and assumptions about the funding of the CEO Loan. 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 obtaining the CEO Loan funds. 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.

Contacts:
Matrix Asset Management Inc.
David Levi, CEO
(604) 895-7274
[email protected]

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