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Matrixx Initiatives, Inc. Summarizes Ongoing 'Go-Shop' Process and Board Reaffirms Recommendation
Date:1/21/2011

SCOTTSDALE, Ariz., Jan. 21, 2011 /PRNewswire/ -- Matrixx Initiatives, Inc. (Nasdaq: MTXX) ("Matrixx" or the "Company"), an over-the-counter healthcare company that develops and markets Zicam® products, today provided a summary of the ongoing "go-shop" process contemplated by the Agreement and Plan of Merger, dated as of December 14, 2010, by and among Matrixx, Wonder Holdings, Inc. ("Wonder") and Wonder Holdings Acquisition Corp. (the "Merger Agreement").  Pursuant to the Merger Agreement, Wonder commenced a tender offer to purchase for cash all of the outstanding shares of Matrixx common stock at a price of $8.00 per share.  The tender offer will expire at 5:00 p.m., New York City time, on Monday, January 31, 2011, unless extended in accordance with the terms of the Merger Agreement and applicable law.

Pursuant to the Merger Agreement, the go-shop period is scheduled to run through 11:59 p.m., New York City time, on January 22, 2011 and is designed to maximize the price payable to the shareholders through a competitive bidding process.  If, during the go-shop period, the Company receives an alternative acquisition proposal that it determines in good faith constitutes or could reasonably be expected to result in a Superior Proposal (as defined in the Merger Agreement), Matrixx may require Wonder to extend the tender offer period (through February 18, 2011) to continue final negotiations with any party making such a proposal.  

During the go-shop period the Company has actively solicited alternative proposals to acquire Matrixx through its financial advisor Sawaya Segalas & Co., LLC ("Sawaya Segalas").  Sawaya Segalas has contacted 132 separate parties that, following discussions between the Company and  Sawaya Segalas, were identified as potentially interested parties, to discuss the Company and its business and to solicit from th
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