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Matrix Reports Second Quarter Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/30/14 -- Matrix Asset Management Inc. (the "Company" or "Matrix") reported today its financial and operating results for the six months ended June 30, 2014.

President and CEO, David Levi commented, "Addressing Matrix's working capital deficit and identifying options for the Company to address its present debt obligations and to provide liquidity options for its shareholders remains a key priority."

Selected Highlights for the Six Month period Ended June 30, 2014 - Unaudited


--  At June 30, 2014, asset under management ("AUM") were $226 million,
    compared to $232 million as at December 31, 2013 and $1.1 billion as at
    June 30, 2013. 
--  Total revenue for the period ended June 30, 2014 was $3.8 million
    compared to $7.0 million during the same period last year. 
--  Recurring expenses for the period ended June 30, 2014 were $5.3 million
    compared to $9.0 million during the same period last year. 
--  EBITDA from continuing operations for the period ending June 30, 2014
    was $(1.5) million compared to $(2.0) million for the same period last
    year. Recurring EBITDA for the period ended June 30, 2014 was $(1.5)
    million compared to $(2.3) million during the same period last year. 
--  Net loss for the six months ended June 30, 2014 was $(1.5) million
    compared to $(3.1) million for the same period last year. The Company
    recognized a net loss from continuing operations for the six months
    ended June 30, 2014 of $(1.5) million compared to net loss from
    continuing operations of $(2.3) million for the same period last year. 
--  Total current liabilities of $6.9 million as at June 30, 2014 are
    scheduled for repayment over the next 12 months. 
--  Working capital deficit increased during the six months ended June 30,
    2014 by $2.0 million to $4.9 million. See "Liquidity and Capital
    Resources".

This release should be read in conjunction with Matrix's unaudited financial statements and Management Discussion & Analysis ("MD&A") for the six months ended June 30, 2014, which are available on the SEDAR at www.sedar.com.

Subsequent Events:

Matrix management team announces that its subsidiary, Growth Works Capital Ltd. ("GWC"), on July 30, 2014 obtained an additional $362,250 ("Additional Loan") from the independent Canadian lender ("Lender") that previously extended to GWC the $5 million loan announced on September 30, 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 agreed to advance to the Company a $400,000 loan ("CEO Loan") on terms substantially similar to the Additional Loan.

Lender has also amended the financial covenant of the loan requires the Growth Works Capital Ltd.'s weekly working capital position to be no less than $800,000 after August 1, 2014. New minimum working capital is $250,000.

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 is expected to be advanced prior to the end of August, 2014. 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.

Corporate Overview

Matrix is a venture capital asset management company with offices in Vancouver, Toronto & Halifax. As at June 30, 2014, the Company managed approximately $226 million in assets operated through GrowthWorks Capital Ltd., which manages funds in the venture capital sector.

Summary of Financial Results for the Six Month period Ended June 30, 2014 - Unaudited

The following table sets out selected consolidated financial information about Matrix for the three and six months ended June 30, 2014 compared with financial information for Matrix for the same period in 2013.

The summary of financial results identifies expense items which are considered non-recurring. Management believes that it is important to identify non-recurring items in order to fully understand Matrix's operating results. The intent of identifying these non-recurring items is to provide greater transparency as to what the core or run-rate capacity of the business may be. This is particularly important for Matrix given that Matrix, and GWC in particular, has during prior periods: (i) executed various initiatives and incurred various expenses to grow its business by mergers and acquisitions and (ii) implemented significant restructuring measures as a result of completed mergers and acquisitions. In specific circumstances, management considers these matters to be material, and therefore important to present as supplemental information. Further information regarding non-recurring expenses is contained in Table 3 of Matrix's MD&A for the six months ended June 30, 2014.


                  For the three  For the three    For the six    For the six
                   months ended   months ended   months ended   months ended
                  June 30, 2014  June 30, 2013  June 30, 2014  June 30, 2013
                          (in $          (in $          (in $          (in $
                     thousands)     thousands)     thousands)     thousands)
Revenue                                                                     
Management and                                                              
 administration                                                             
 fees                     1,795          2,754          3,492          5,694
Additional                                                                  
 administration                                                             
 fees                        90            223            186            493
Incentive                                                                   
 participation                                                              
 revenues                     0            390             86            390
Interest income               1            184              2            365
Other income               (24)             50             33             97
----------------------------------------------------------------------------
                          1,862          3,601          3,799          7,039
Expenses                                                                    
Selling, general                                                            
 and                                                                        
 administrative           2,047          3,659          4,420          7,594
Share-based                                                                 
 compensation                 -             56             20            113
Amortization -                                                              
 property and                                                               
 equipment                   17             53             35            110
Amortization -                                                              
 deferred sales                                                             
 commissions                114            145            152            303
Amortization -                                                              
 asset                                                                      
 management                                                                 
 contracts                    -            414              -            492
  Interest                  315            210            660            400
----------------------------------------------------------------------------
                          2,493          4,537          5,287          9,012
----------------------------------------------------------------------------
Loss before                                                                 
 merger,                                                                    
 acquisition and                                                            
 other special                                                              
 project costs                                                              
 and income                                                                 
 taxes                    (629)          (936)        (1,488)        (1,974)
----------------------------------------------------------------------------
Merger,                                                                     
 acquisition and                                                            
 other special                                                              
 project costs             (12)        (1,137)            (1)        (1,224)
----------------------------------------------------------------------------
Loss before                                                                 
 income taxes             (643)        (2,073)        (1,489)        (3,198)
Income tax                                                                  
 recovery                     -        (1,164)              -          (926)
----------------------------------------------------------------------------
Loss from                                                                   
 continuing                                                                 
 operations               (643)          (909)        (1,489)        (2,271)
Loss from                                                                   
 discontinued                                                               
 operations, net                                                            
 of tax                       -          (866)              -          (784)
----------------------------------------------------------------------------
Net loss                  (643)        (1,775)        (1,489)      $ (3,055)
----------------------------------------------------------------------------
                                                                            
Basic and                                                                   
 diluted loss                                                               
 per share from                                                             
 continuing                                                                 
 operations (in                                                             
 $)                      (0.01)         (0.03)         (0.03)         (0.04)
Basic and                                                                   
 diluted loss                                                               
 per share from                                                             
 discontinued                                                               
 operations (in                                                             
 $)                      (0.00)         (0.00)         (0.00)         (0.02)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
NON-GAAP                                                                    
 MEASURES                                                                   
----------------                                                            
EBITDA(1)                 (195)        (1,593)          (620)        (1,780)
Add non-                                                                    
 recurring                                                                  
 items, net(2)               12          1,211            (1)          1,224
----------------------------------------------------------------------------
Recurring                                                                   
 EBITDA(3)                (183)          (382)          (621)          (556)
Free Cash                                                                   
 Flow(5)                  (261)        (1,123)          (841)          (829)
                                                                            
Loss before                                                                 
 taxes                    (643)        (2,940)        (1,489)        (3,198)
Add non-                                                                    
 recurring                                                                  
 items, net(2)               12          1,211            (1)          1,224
----------------------------------------------------------------------------
Recurring loss                                                              
 before taxes(4)          (629)        (1,729)        (1,488)        (1,974)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
(a) Dividends                                                               
 declared and                                                               
 paid(7)                                     -              -              -
                                                                            
                                         As at          As at          As at
                                                                December 31,
                                 June 30, 2014  June 30, 2013           2013
                                         (in $          (in $          (in $
                                    thousands)     thousands)     thousands)
                                                                            
Cash                                     $ 143        $ 1,222        $ 1,251
Total assets                             3,611         23,286          5,303
Total long-term liabilities              6,005          9,564          6,781
Total assets under                                                          
 management(6)                         226,000      1,100,000        232,000

Notes:


1.  EBITDA (defined by Matrix as earnings before interest, taxes,
    depreciation and amortization and other non-cash items) is a measure
    used by many investors to compare issuers on the basis of their ability
    to generate cash from operations. Management believes EBITDA is a useful
    supplemental measure of operating performance as it provides an
    indication as to cash available for working capital needs, capital
    expenditures and dividends. 
2.  Non-recurring items are described in Matrix's MD&A for the six months
    ended June 30, 2014 posted on SEDAR. 
3.  Management believes "recurring EBITDA" is a useful supplemental measure
    of operating performance because it provides readers with greater
    insight into what the core or run-rate EBITDA generating capacity of the
    business may be by adjusting EBITDA for various non-recurring items.
    Without presentation of this measure, there can be a lack of
    transparency of the effect of non-recurring revenues or expenses on
    EBITDA. 
4.  Management believes "recurring income (loss) before taxes" is a useful
    supplemental measure of operating performance because it provides
    readers with greater insight into what the core or run-rate income
    before taxes generating capacity of the business may be by adjusting
    income before taxes for various non-recurring items. Without
    presentation of this measure, there can be a lack of transparency of the
    effect of non-recurring revenues or expenses on income before taxes. 
5.  Management believes "Free Cash Flow" (defined by Matrix as EBITDA less
    interest paid, commissions paid and net taxes (payable/refundable as
    filed)) is a useful supplemental measure of available cash generated
    from the business' operations for working capital needs, capital
    expenditures and dividends. 
6.  Assets under management or "AUM" means the fair value of the net assets
    of the funds and accounts managed by Matrix and its subsidiaries in
    respect of which fees are earned. 
7.  During the six months ending June 30, 2014 no dividends were declared or
    paid. Dividends are described in Matrix's MD&A for the six months ended
    June 30, 2014 posted on SEDAR.

The unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with the International Accounting Standard 34 - Interim Financial Reporting as issued by the International Accounting Standards Board and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements.

Liquidity and Capital Resources

As at June 30, 2014, Matrix had total assets of $3.6 million, a decrease of $1.7 million from $5.3 million at December 31, 2013. During the six month period ended June 30, 2014, current assets decreased by $1.4 million while long term assets decreased $0.3 million. Total liabilities of $12.9 million as at June 30, 2014 decreased by $0.2 million compared to $13.1 million as at December 31, 2013. Current liabilities increased by $0.6 million while long term liabilities decreased by $0.8 million.

The Company requires capital for operating purposes, including funding current and long term liabilities, and current and future operations. Subsidiaries of the Company registered under securities laws must also maintain minimum levels of working capital in order to meet regulatory requirements under securities laws. If these minimum working capital requirements are not maintained, these registrations may be revoked. As a result of the term credit facility provided on September 30, 2013 and December 30, 2013, the Company believes that it has rectified its previously announced working capital deficiency 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 these subsidiaries will restore and maintain compliance with working capital requirements to the satisfaction of regulatory authorities and a failure to do so would have a material adverse effect on the Company's ability to operate and its financial position and future operating results.

Matrix's liquidity position and capital resources are dependent on cash flows from operations which in turn are dependent on AUM. Matrix's AUM is subject to a number of risks and uncertainties and has declined significantly with the result of the dispositions related to the SEAMARK Sale and the Marquest Transaction. Matrix's working capital position has also deteriorated significantly over the past two years. Failing to meet payment obligations, including in respect of secured indebtedness or failing to maintain compliance with working capital requirements under securities laws, may have a material adverse effect on Matrix's financial condition, operating results and ability to carry on business. See "Risk Factors" in Matrix's MD&A for the six months ended June 30, 2014.

As at June 30, 2014, Matrix had a working capital deficiency of $(4.9) million, comprised of $2.0 million current assets and $(6.9) million in current liabilities. Matrix's retained earnings deficit as at June 30, 2014 was $(32.9) million and the net loss from continuing operations for the six month period was $(0.6) million. Significant items contributing to the working capital deficit are: (1) $5.1 million in accounts payable and accrued liabilities; (2) $0.3 million of employment related obligations, primarily non-recurring lump sum payments due during the next 12 months; (3) $0.6 million in operating lease related obligations; and (4) $0.8 million for the current portion of the corporate debt.

The financial statements and MD&A were prepared on a going concern basis, which assumes that Matrix will continue to realize its assets and discharge its liabilities as they become due.

Management's cash flow forecasts indicate that the Company is expected to have resources available to continue to operate as a going concern; however the forecasts are based on a number of assumptions with respect to future cash flows and the Company's ability to re-structure $0.8 million of payments due to related parties on March 31, 2015 and obtain additional financing. There can be no assurance that Matrix will re-structure debt obligations and obtain additional financing in a manner that will allow Matrix to continue to operate. Uncertainties surrounding these assumptions may cast significant doubt on the ability of Matrix to discharge its liabilities in the normal course of business and continue to operate as a going concern. See Note 1 "Organization and Continuing Operations" in the annual audited consolidated financial statements and see Note 9 "Corporate Debt" in the interim condensed consolidated financial statements for a description of terms and security on corporate debt.

There is material uncertainty surrounding Matrix's ability to generate positive cash flows to generate savings from cost reduction programs (and as to the quantum of such savings), to re-pay, re-finance and/or re-structure debt obligations, to collect fund management fees and incentive participation dividends from managed funds with poor liquidity, to collect tax refunds and as to the outcome of regulatory reviews and filings and prospects for future transactions. See "Forward-Looking Statements". If the Company is unable to re-pay or re-finance its debt obligations, the obligations and associated security may be enforced, which would have a material adverse effect on the Company's business, financial position, and operating results and the Company's ability to continue to operate. The auditor's report in respect of Matrix's consolidated financial statements for the year ended December 31, 2013 was unqualified, however did contain and Emphasis of Matter notation with respect to Matrix's working capital deficit as at December 31, 2013, net loss for the year, and Matrix's ability to continue to operate as a going concern.

It is not possible to predict whether strategic options pursued by Matrix will result in sufficient improvements to Matrix's financial condition to allow Matrix to continue as a going concern. If the going concern assumption ceases to be appropriate, adjustments will be necessary to the carrying amounts and/or classification of Matrix's assets and liabilities. Further, a comprehensive restructuring plan could materially change the carrying amounts and classifications reported in the consolidated financial statements.

Matrix's June 30, 2014 financial statements and MD&A are available on SEDAR at www.sedar.com.

About Matrix (www.matrixasset.ca)

Matrix is a venture capital asset management company with offices in Vancouver, Toronto & Halifax. As at June 30, 2014, the Company managed approximately $226 million in assets operated through GrowthWorks Capital Ltd., which manages funds in the venture capital sector.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements based on beliefs, assumptions and expectations of the Company and not on historical fact. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Company's financial position and results of operations and to present information about management's current expectations and plans related to future periods. Readers are cautioned against placing undue reliance on forward-looking statements and that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding Matrix's ability to continue to operate as a going concern and meet minimum working capital and other regulatory requirements, future operations, business, financial condition, AUM, financial results, expense reductions, tax refunds, dividends and dividend policies, proposed financings, re-payment, re-financing and/or re-structuring Matrix's financial obligations, managed venture capital fund divestments, prospects, opportunities, goals, strategies, accounting policies and estimates and outlook of the Company for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature or depend upon or refer to future events or conditions.

Forward-looking statements are based upon beliefs and assumptions of management that were applied in drawing a conclusion or making an estimate, forecast or projection as reflected in the forward-looking statements, including the perception of historical trends and current conditions and beliefs and assumptions with respect to levels of AUM and related assumptions as to levels of portfolio returns and managed fund sales and redemptions, beliefs and assumptions concerning prevailing and future economic and market conditions and the impact of such conditions and other factors on Matrix's AUM, managed portfolio performance and the trading price of Matrix shares, the continuation of portfolio and fund management and advisory engagements, the extent and effectiveness of cost-saving measures and the impact of such measures and other factors on earnings, the outcome of pending and future tax filings, the outcome of litigation, the outcome of disputes on the allocation of expenses between Matrix and the Canadian Fund, the outcome of claims made to the Canadian Fund, the status of pending transactions and proposed transactions and the expected benefits from and impact of transactions on Matrix's future operations, the ability of Matrix to re-pay, re-finance or re-structure financial obligations, maintain compliance with related contractual covenants, minimum working capital and other regulatory requirements and other laws, tax rates, the outcomes of regulatory compliance reviews,

the ability of managed venture capital funds to generate liquidity, pay management fees and IPA revenues when due and satisfy secured payment obligations under financing arrangements, performance of managed venture capital investments relative to carrying values and performance fee return thresholds, the collection of trade receivables and the absence of extraordinary or one-time expenses not currently known to management. While management considers these beliefs and assumptions to be reasonable based on information currently available, these statements 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, regulatory and other risks associated with venture capital fund management sector generally, market, economic, political and other risks affecting portfolio performance, interest and foreign exchange rates, levels of managed fund sales and redemptions and in turn Matrix's AUM, risks associated with tax filings and litigation, other risks affecting revenues and earnings, regulatory and other risks associated with fund and asset management activities, managed venture capital fund divestments and liquidity levels, risks associated with non-performance of financial obligations, including secured obligations, integration and continuity risks affecting completed acquisitions, changes in consumer demand for the financial products offered by the Company, Matrix's ability to respond to competition and other risks and uncertainties listed under "Risk Factors" in the MD&A for the period ended June 30, 2014 and in Matrix's Annual Information Form dated March 31, 2014, which is available on SEDAR. Many of these risks are beyond the control of Matrix.

The assumptions and risks noted in this press release are not exhaustive of the factors that may affect any of the Company's business and the forward-looking statements in this press release. Readers should consider these and other risks, uncertainties and potential events carefully and should not place undue reliance on forward-looking statements. Other than as specifically required by law, the Company 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 new information, future unanticipated events or results or other factors.

Non-IFRS Financial Measures

"EBITDA", "recurring EBITDA", "Free Cash Flow", "recurring expenses", and "recurring income (loss) before taxes" are not measures recognized under International Financial Reporting Standards ("IFRS"). However, management of Matrix believes that most shareholders, creditors, other stakeholders and investment analysts prefer to have these measures included as reported measures of operating performance, a proxy for cash flow, and to facilitate valuation analysis. These non-IFRS measures do not have any standard meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Readers are cautioned that these non-IFRS measures are not alternatives to measures determined in accordance with IFRS and should not, on their own, be construed as indicators of performance, cash flows or profitability or measures of liquidity. These non-IFRS measures should only be read in conjunction with the financial statements of Matrix posted on SEDAR. "AUM", "working capital" and "non-recurring items" are also non-IFRS measures. AUM is the fair value of the net assets of the funds and accounts managed by Matrix and its subsidiaries in respect of which they earn fees. Working capital is determined by deducting current liabilities from current assets. For additional information regarding Matrix's use of non-IFRS measures, including reconciliations of these measures to the nearest IFRS measures, please refer to the "Non-IFRS Financial Measures" and "Non-Recurring Items, EBITDA & Free Cash Flow" sections of its MD&A available on the SEDAR website at www.sedar.com.

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