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

ose parties proposals to acquire Matrixx.  Of the parties contacted, 48 were strategic parties and 84 were financial parties.   From this group, 31 parties executed confidentiality agreements, including 7 strategic parties and 24 financial parties.  

Following execution of the confidentiality agreements, Matrixx provided the parties with access to non-public financial and other information regarding Matrixx, including access to an on-line data room.  The Company's management and legal advisors also conducted multiple presentations on the Company's business and prospects, during which times they responded to questions of participants.  

The interested parties that had signed confidentiality agreements reviewed non-public information about the Company and most attended one of the initial presentations by management.  However, by the midpoint of the go-shop period, the bulk of the parties had dropped out, leaving only a handful of interested parties.  Sawaya Segalas and the Company's management continued to engage in discussions with those parties and respond to their questions.  Following subsequent meetings and discussions, each of the remaining parties advised Sawaya Segalas that it was no longer interested in continuing to conduct due diligence on the Company and that it would not be making a proposal to acquire Matrixx.   Additionally, Sawaya Segalas has not received any indication from any party that signed a confidentiality agreement that it intends to submit an offer to acquire the Company before expiration of the go-shop period, even though Sawaya Segalas requested that parties do so by the close of business on Tuesday, January 18, 2011.  

Despite the broad solicitation and access to and interactions with the Company's management and its legal and financial advisors, to date none of the parties contacted has submitted a proposal, nor has there been any indication of interest from any other
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SOURCE Matrixx Initiatives, Inc.
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