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Wireless Matrix sells its subsidiary - then shuts up shop

Editorial Staff

US listed Wireless Matrix Corporation has agreed to sell all of the shares of its wholly-owned subsidiary Wireless Matrix USA Inc. It's what happens next that's interesting.

It's all happening rather fast: the deal is expected to complete in the first half of March, 2013 - but it is conditional upon the purchaser, CalAmp Corp., being able to raise the necessary (not disclosed) purchase price.

Assuming the deal completes, Wireless Matrix will then liquidate itself, returning all its cash to investors.