Matrikon acquired by Honeywell for $4.50 CAD per share

EDMONTON, June 28 /CNW/ - Matrikon Inc. (TSX:MTK) ("Matrikon"), a leading provider of industrial performance monitoring solutions, today announced that it has been acquired by Honeywell International Inc. (NYSE:HON) ("Honeywell"), a Fortune 100 diversified technology and manufacturing leader, for $4.50 CAD cash per share. The transaction is valued at approximately $144 million CAD.

The transaction has been approved by 99.95% of the votes cast by Matrikon shareholders present or represented by proxy and entitled to vote at the Special Meeting of Shareholders held June 28, 2010, and has met applicable regulatory, stock exchange and other approvals.

Nizar J. Somji, president and CEO of Matrikon stated: "As Matrikon transitions to the next phase in our corporate journey, I would like to thank our shareholders for their patience and confidence over the past nine years. During this time, the company evolved from a small, local systems integrator to a globally respected industrial technology supplier. This was made possible by the dedication, commitment and creativity of all those who today call or previously called Matrikon home.

"I'd like to express my deep gratitude to the Matrikon employees who built our company with their passion for excellence and their commitment to ensuring that Matrikon technology and solutions deliver real value to our clients. As part of the Honeywell family, we will be exposed to many new opportunities to grow-both through the continued development of our next generation technology and by an increased capacity to reach new clients."

Matrikon will be delisted from the Toronto Stock Exchange (TSX) and its shares (MTK) will cease to trade shortly after closing, which is expected to be June 28, 2010.

Matrikon reminds all Matrikon shareholders to refer to the details regarding procedures for the surrender of share certificates and receipt of cash consideration included in Matrikon's management information circular for the Special Meeting of Shareholders, which was mailed to shareholders of record as at June 1, 2010. The information circular is available on Matrikon's website at www.matrikon.com/investors and on SEDAR at http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00016228.

About Matrikon

Matrikon (www.matrikon.com) delivers industrial performance monitoring solutions that provide visibility into the global operations of oil and gas, energy, mining, power and refining companies. Matrikon products enable users to anticipate and correct problems, identify opportunities for improvement, share best practices and drive the action necessary to achieve and sustain their operational excellence objectives. Matrikon has been empowering excellence since 1988.

With offices throughout North America, Australia, Europe and the Middle East and a client base that includes industry leaders in a wide range of process industries, Matrikon's reach is global.

Matrikon is a registered trademark of Matrikon Inc.

%SEDAR: 00016228E

For further information: Investor/Media Information, Andrea Nwobosi, 780-448-1010 x4587, [email protected]