Reston, VA — July 21, 2006 — Wireless Matrix Corporation (TSX:
WRX) announced today that
the Company has successfully bid and entered into an Amended and Restated Asset Sale and
Purchase Agreement dated July 20, 2006 to acquire substantially all the assets of Mountain
View, CA based MobileAria, Inc. Wireless Matrix will pay cash consideration of $11,005,000
and assume certain liabilities to acquire the intellectual property and customer contracts of
Mobile Aria. Consummation of the sale is subject to court approval and consent by parties in
interest. If approved by the court, Wireless Matrix expects the sale to be consummated by the
end of August 2006.
The acquisition provides three significant benefits to Wireless Matrix. MobileAria brings to the
Company a proven applications platform that enables Wireless Matrix to meet the needs of
Enterprise-level customers with today’s solutions as well as a highly capable applications
team who are designing new applications leveraging wireless broadband networks. It also
provides a strategic relationship with Verizon Communications, MobileAria’s primary customer,
with over 10,000 subscribers today. MobileAria’s hardware technology accelerates the
Company’s entry into the wireless broadband market with its EVDO CDMA hardware
capabilities. MobileAria’s leading-edge high speed wireless broadband device, certified and
proven on the Sprint and Verizon networks, provides the field workforces of enterprise users’
unfettered and secure access to all desktop and web applications.
“The acquisition of MobileAria is another major step along our transformational strategy,” said
J. Richard Carlson, President and CEO of Wireless Matrix. “Not only does MobileAria fill out our
hardware solution set, but this acquisition accelerates our entry into the hosted applications
space, enabling Wireless Matrix to serve a much larger target market demanding new
solutions that leverage wireless broadband networks.”
Wireless Matrix was selected and approved by the United States Bankruptcy Court for the
Southern District of New York on July 19, 2006, as providing the best bid for substantially all
the assets of MobileAria, a 71% owned subsidiary of Delphi Automotive Systems LLC.
Wireless Matrix has scheduled a conference call to begin at 11:00 a.m. EST on Friday, July 21,
2006 to discuss this acquisition of MobileAria. The conference call dial-in number is 1-888 551
7714. A replay of the conference call will be available on the Company’s website at
www.wirelessmatrixcorp.com or by dialing 1-800 558 5253, (code #21300122), until 11:59
p.m. EST on, August 4, 2006.
Wireless Matrix will discuss its fiscal year end 2006 results as previously scheduled during its
conference call to begin at 2:00 p.m. EST on Wednesday, July 26, 2006. The conference call
dial-in number is 1-800-404-8949. A replay of the conference call will be available on the
Company’s website at www.wirelessmatrixcorp.com, or by dialing 1-800-558-5253, (code #
21298383), until 11:59 p.m. EST on August 9, 2006.
__________________