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Matrix reports EBITDA of USDD6.9m for 2010

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Matrix Asset Management’ has reported EBITDA of USDD6.9 million, or USD8.8 million on a recurring basis, and Free Cash Flow of USD8.2 million, for the hear end 31 December, 2010.

Net income for the year was USD0.4 million, and recurring income before taxes was USD2.9 million.

Financially during the fourth quarter of 2010, the Company continued to generate significant cash flow from operating activities and maintained healthy capital resources. For the quarter, EBITDA was USD1.5 million, or USD1.9 million on a recurring basis, and Free Cash Flow was USD1.3 million. Net income for the quarter was USD0.5 million, and recurring income before taxes was USD0.6 million.

Management efforts in the fourth quarter were focused on preparations for the 2011 RSP season for sales of its now well diversified array of retail investment funds. Management also continued to focus on integration, rebranding and reorganisation activities to attain synergies, raise the bar on quality and set the stage for future assets under management (AUM) growth and new product introductions. To that end, the Matrix 2011-I National and Québec Resource Flow Through LP filed its prospectUSD in the fourth quarter and had its first closing in March 2011.

David Levi, President and CEO of Matrix, says: "2010 was a year of development and accomplishments for Matrix. We have put in place a solid national asset management platform while realizing strong operating efficiencies. The brands within the Matrix group of companies have benefited from the business combination between GrowthWorks Ltd. and SEAMARK Asset Management Ltd. In July 2010, the mutual funds distributed by subsidiaries of Matrix were re-organised and re-branded as the ‘Matrix Funds’.

"Since the re-organising and re-branding, Matrix Funds total AUM has increased from USD334.1 million as at July 31, 2010 to USD400.6 million as at December 31, 2010. Moreover, SEAMARK won new mandates, the first time since 2008 and representing the largest amount since 2004. Over the next year, we will continue to focUSD on marketing, new mandates and products, and realising additional operating efficiencies within the Matrix platform."

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