Wireless Matrix Achieves Net Income

Wireless Matrix Corporation (TSX: WRX), the leading provider of wireless data solutions targeting field service organizations is pleased to provide the results for its three and twelve months ended April 30, 2008.

All currency expressed in U.S. dollars.

Wireless Matrix Corporation ("Wireless Matrix" or "Corporation") solidified its position as a leader in the mobile resource management space through further adoption of its software-as-a-service solution suite, FleetOutlook. In a short period of time, Wireless Matrix has become a mobile resource management industry leader with over 23,183 application subscribers to end the year with a total of 63,918 network and application subscribers. Wireless Matrix's feature-rich solution, marketed as a monthly subscription, has attracted key enterprise customers in both new and existing vertical markets resulting in a 34% increase in year over year revenues and a 30% jump in subscribers. This growth in subscribers has fueled record adjusted EBITDA (earnings before taxes, depreciation and amortization) in the fourth quarter of fiscal 2008

of $1,106,000, the first time the Corporation exceeded one million dollars in adjusted EBITDA in a quarter, and returned the Corporation to profitability with $277,000 of net income.

"Enterprises are seeking ways to address rising fuel and operating costs," said J. Richard Carlson, president and chief executive officer of Wireless Matrix. "Wireless Matrix's mobile resource management solution suite drives a return on investment within a few short months, leading directly to improved financial results for our clients. Our sales pipeline continues to grow despite an overall challenging business climate due to the high value we are delivering."

Wireless Matrix is well positioned for ongoing growth resulting from steadily signing long-term agreements with industry leaders, consistently growing its client base and adding new innovations to its offerings. By targeting an addressable market today valued at approximately $8 billion, that is estimated to be currently less than 10% penetrated, Wireless Matrix has the opportunity to achieve significant market share in the upcoming years.

"Wireless Matrix has spent the last several years building strong financial metrics based upon solid business fundamentals," stated Maria C. Izurieta, chief financial officer of Wireless Matrix. "In fiscal year 2008, we produced record revenues, increased our service gross margins to 72%, generated net income in the fourth quarter, and drove cash flows from operations of $2,963,000. Wireless Matrix's business model creates strong operating leverage which will assist the Corporation in driving towards double digit operating margins and annual net income within the next few years."

Other financial highlights include:

- Added 14,905 net subscribers and ended the year with 63,918 recurring revenue subscribers, an annual growth of 30%.

- Grew hosted applications subscribers base to over 36% of total subscribers, the Corporation's fastest growing segment.

- Generated recurring subscriber service revenue of $24,357,000 with growth over last year of 32%. Application revenues increased over fiscal year 2007 by 105%.

- Grew total revenue 34% over fiscal year 2007 to $35,558,000.

- Increased service gross margin to 72%, an increase of 35% over the prior year, and ended the year with total gross margin of 54%, a 35% increase over fiscal year 2007.

- Achieved adjusted EBITDA of $2,151,000, an increase over last year of 198% including fourth quarter EBITDA of over $1,106,000, the Corporation's first quarter of over $1,000,000 on this key metric.

- Generated net income for the fourth quarter 2008 of $277,000 and reduced the net loss for the year by 33% to $1,052,000 for fiscal year 2008.

- Drove cash flows from operations of $2,963,000, an improvement of over $3,967,000 when compared with last fiscal year.

- Grew the cash balance from $3,854,000 at the end of fiscal 2007 to $14,078,000 at the end of fiscal 2008.

Wireless Matrix is in a market that is fast growing with low penetration rates. The Corporation has a strong history of successfully delivering solutions to enterprises that consistently renew their contracts. Management believes the future of the Corporation is bright and it will continue to invest in its vision of being the leader in mobile resource management.


Financial Highlights:

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All currency in thousands        Three months ended,      Fiscal Year ended,
except per share and ARPU data       April 30, 2008          April 30, 2008
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                                   2008        2007       2008         2007
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Service revenue                 $ 6,635     $ 4,954   $ 24,357     $ 18,484
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Hardware revenue                  2,479       2,162     11,201        8,100
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Total revenue                     9,114       7,116     35,558       26,584
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Gross margins                     5,208       4,001     19,102       14,134
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Adjusted EBITDA                   1,016         345      2,151          723
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Net income (loss)                   277        (391)    (1,052)      (1,558)
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Number of shares outstanding 82,640,039  67,378,251 82,640,039   67,378,251
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Basic and diluted income
 (loss) per share:              $  0.00     $ (0.01)  $  (0.01)    $ (.0231)
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Cash balance                    $14,078     $ 3,854   $ 14,078     $  3,854
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Working Capital                  11,855       1,913     11,855        1,913
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Total subscribers                63,918      49,013     63,918       49,103
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Average Revenue Per Unit
 (ARPU)                         $ 33.41     $ 33.34   $  33.50     $  34.47
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