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MATRRIX announces appointment of new director and establishment of credit facility
CALGARY , Dec. 23, 2014 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the Corp...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\nCALGARY, Dec. 23, 2014 /CNW/ - MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the Corporation) (TSX-V: MXX) is pleased to announce the appointment of Matthew Andrade, CFA as a director of the Corporation effective December 19, 2014.  Mr. Andrade is a resident of Calgary and is the Director, Investments for Werklund Capital Corporation.  He is primarily responsible for the public equities and tradable debt portfolio with additional responsibilities for various private equity files and new venture evaluation.  In addition to his investment experience, Mr. Andrade has significant transactional experience in the oil & gas and oilfield services industry.  He is the President of the CFA Society Calgary and is the global Chair of the CFA Institute's Disciplinary Review Committee.  \n\nFollowing Mr. Andrade's appointment as a director, MATRRIX's Board of Directors now comprises of seven individuals.  Biographies for each director of the Corporation can be viewed on MATRRIX's website http://www.matrrix.com.\n\nThe Corporation also announces that it has entered into a $5 million revolving operating loan facility with a Canadian based lender.  The facility bears interest of prime plus one percent and will be used for general corporate purposes.  The facility provides for an annual review with on May 31 of each year and is repayable on demand by the lender.  The Company is currently debt free and will primarily use the facility to manage seasonal fluctuations in its cash flow.\n\nFORWARD-LOOKING INFORMATION\n\nThis press release contains certain statements or disclosures relating to MATRRIX that are based on the expectations of MATRRIX as well as assumptions made by and information currently available to MATRRIX which may constitute forward-looking information under applicable securities laws. In particular, this press release contains forward-looking information related to the establishment of its credit facility and the ability of the Corporation to manage liquidity and seasonal cash flows.  Such forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond MATRRIX's control.  Many factors could cause the performance or achievement by MATRRIX to be materially different from any future results, performance...