Magnetic North Acquisition Corp. Provides Update on Previcare, Inc.
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CALGARY, Alberta and TORONTO, March 02, 2021 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) is pleased to provide an update on Previcare, Inc. (“Previcare”). As previously disclosed on February 12, 2020, Magnetic North controls 32% of Previcare, a healthcare company focused on assisting its customers to protect themselves during, and beyond the COVID-19 pandemic.
Since the initial spread of COVID-19, world-wide supply chain dislocation has negatively impacted the Personal Protective Equipment (“PPE”) industry’s ability to serve surging demand. Previcare has worked closely with its suppliers to largely overcome these issues and is shipping, both in bulk and in various size formats, to its customers with production levels ramping continuously.Previcare’s product offering includes the ability to supply disinfectant wipes, which continue to see massive demand at the same time as there is a significant worldwide shortfall of supply. From a regulatory standpoint, over the past year Previcare has secured US Environmental Protection Agency (“EPA”) and Health Canada registrations for its disinfectant wipes and US Federal Drug Administration (“FDA”) and Health Canada registrations for its hand sanitizer products; without these product registrations, no sales can be made into the Canadian or US markets.Jeffrey Fredenburgh, President of Previcare stated, “Previcare’s focus on securing multi-source manufacturing for its sanitizer and disinfectant products, supported by certifying each active ingredient that goes into every batch, provides a competitive advantage for the company as a number of non-regulatory compliant PPE products are being recalled worldwide.”Kevin Spall, Co-CEO of Magnetic North added, “With the global economy facing significant re-opening challenges, Previcare has identified several broader customer product needs. There is a large demand for some PPE products with an offsetting limited supply, and Previcare has positioned itself well to provide an even broader range of PPE protection against deadly pathogens over the coming months and years.”As the world continues to navigate a number of re-opening efforts, new and existing customers are engaged with Previcare to assist them in securing a broader range of PPE and other therapeutics. Previcare is actively negotiating a series of potential large PPE transactions with existing suppliers. While there is no certainty that these transactions will be completed, Previcare, through Magnetic North, will share the specifics of each transaction upon completion.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 common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. 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.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 Previcare closing on a series of potential large PPE transactions with their existing suppliers.The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; 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.