MAGNETIC NORTH ACQUISITION CORP. ANNOUNCES AGREEMENT FOR THE SALE OF PREVICARE’S DISINFECTANT PRODUCT TO US GOVERNMENTS
**Not for distribution to United States Newswire Services or release publication, distribution or dissemination, directly or indirectly, in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws**CALGARY, Alberta and TORONTO, April 09, 2020 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce that one of its investee companies, Previcare, Inc. (“Previcare”) has entered into an agreement (the “Agreement”) with a Homeland Security consulting firm to assist and provide guidance in connection with the sale of products related to the COVID-19 pandemic, to certain US Federal and State government agencies and organizations. As an initial action under the Agreement, Previcare is working on a purchase order to supply its proprietary disinfectant concentrate to Government agencies. The company has commenced the process for its initial weekly delivery of approximately US$2.0 million of product. It is expected that these weekly orders will last for a period of up to six months. Additional recurring purchase orders are under discussion.
Jeffrey Fredenburgh, President and CEO of Previcare stated, “This Agreement provides access to the US Federal and State markets and allows Previcare’s unique disinfectant and sanitizing products to assist in the global fight against COVID-19.”Kevin Spall, Co-CEO of Magnetic North said, “Magnetic North is extremely pleased with the progress that Previcare has made, and we will continue to work with the Company during this growth. The company has secured noteworthy sales traction and we continue to pursue additional international opportunities to scale up during and post the global COVID-19 pandemic.”In the current environment, and separate from this Agreement, Previcare is in advanced discussions on a number of additional supply agreements, and Magnetic North will keep shareholders up to date on all developments as they transpire.About PrevicarePrevicare is a privately-held healthcare company focused on the research, development, sales, and marketing of industry leading hand sanitizer and hard surface disinfectant products. With offices in Toronto (Ontario) and Buffalo (New York), Previcare serves retail consumers, wholesalers, institutional clients, and government agencies throughout North America.Previcare markets its healthcare and consumer-focused EPA and FDA registered hand sanitizer and hard surface disinfectants under the AllDay®, GR-AD Pro® and CAx™ trademarks. About Magnetic North Acquisition Corp.Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North shares trade on the TSX Venture Exchange under the stock symbol MNC. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.For further information, please contact:Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATIONThis news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes information regarding potential additional recurring purchase orders for Previcare’s sanitizing products, further international opportunities for Previcare products and the potential for additional supply agreements for Previcare among other items.The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; including, but not limited to, the uncertainties caused by the COVID-19 pandemic and related and unrelated force majeure occurrences; and the ability of the Company to execute and achieve its business objectives to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company’s portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.