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Wireless Matrix CFO Named Finalist for 2008 Greater Washington Technology CFO Awards

4/28/08 - Wireless Matrix Corporation (TSX:WRX) announced Maria C. Izurieta, chief financial officer, is a finalist for the 2008 Greater Washington Technology CFO Awards in the category of Public Company CFO of the Year.

Presented by the Northern Virginia Technology Council (NVTC), the awards "recognize chief financial officers for extraordinary achievement and excellence in promoting the development of the region's technology community."

"Maria is a trusted guide, an influential mentor and a strategic executive who has been instrumental in the successful turnaround of Wireless Matrix to a growth story. During Maria's tenure, Wireless Matrix has increased its revenues by almost 60% and set record EBITDA and cash flow," stated Rich Carlson, president and CEO, Wireless Matrix. "She has played a pivotal role in our success, adding to a career of extraordinary performance and exceptional results. Her accomplishments inspire others to perform at equally high levels and to follow her leadership. Maria's passion and positive energy are contagious, and she is a joy to work around. This recognition from the NVTC could not be more appropriate."

At Wireless Matrix for nearly four years, Izurieta is a member of a three person executive team hired to turn Wireless Matrix into a growing, profitable entity generating positive cash flow. She, along with the executive team, has lead the creation and execution of strategies to sell off unrelated business, further entrench in scalable product lines and diversify into software applications to drive long-term growth.

Upon implementation of these strategies, Izurieta divested two non-profitable business units for a financial gain and acquired two software companies at below market valuations. In addition, she raised $14 million in equity financing in order to fund the company's acquisition strategy to consolidate the mobile resource management market.

The execution of these strategies has led to the generation of earnings before interest, depreciation and amortization for the past 10 out of 11 quarters, providing cash flows from operations to sustain and grow the business. These efforts have increased the market capitalization of the company by over 200% since Izurieta joined Wireless Matrix.

The awards program is produced by the NVTC along with the Tech Council of Maryland and pays tribute to CFOs in the following categories: Public Company CFO of the Year, Private Company CFO of the Year, Group/Division CFO of the Year and Community Service Award. The awards are a joint endeavor of four accounting firms: Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. 

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Keywords: broadband wireless, internet access, northern virginia technology, mobile resource management, market valuations, profitable entity, acquisition strategy, rich carlson, trusted guide, maria c, unrelated business, management market, equity financing, financial gain, executive team, WiFi

By Robert Hoskins

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