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CALGARY, Alberta and TORONTO, Feb. 12, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to announce the completion of its investment in Previcare, Inc. (“Previcare”). Magnetic North has completed the purchase of 32% of the common shares through the principals of the Company vending in their 12% interest, as disclosed in the Company’s press release dated October 22, 2019, and the Company providing $1.0M USD to Previcare in exchange for an additional 20% as governed by an executed termsheet between the two parties dated December 31, 2018. This arm’s length transaction was also outlined in Magnetic North’s filing statement date May 29,2019 and available on www.sedar.com.
The World Health Organization (“WHO”), the U.S. Centers for Disease Control (“CDC”) and the U.S. Environmental Protection Agency (“EPA”) have confirmed that the 2019 novel coronavirus (2019-nCoV), also referred to as the Wuhan Coronavirus has met the conditions outlined in the CDC and EPA’s emerging viral pathogens guidance and has triggered the emerging viral pathogen policy.
Previcare’s GR-AD PRO ADVANCED™ is a broad spectrum, EPA registered hard surface disinfectant that combines cleaning and disinfecting in one simple step with its ready-to-use, alcohol-based hospital grade formula. GR-AD PRO ADVANCED™ is effective in killing the 2019-nCoV Wuhan Coronavirus on hard surfaces when the product is used in accordance with label instructions.
GR-AD PRO ADVANCED™ has demonstrated effectiveness against viruses similar to Wuhan virus 2019-nCoV, including Human Coronavirus, on hard, non-porous surfaces. Therefore GR-AD PRO ADVANCED™ can be used against Wuhan Virus 2019-nCOV when used in accordance with the directions for use against Human Coronavirus VR-1558 on hard non-porous surfaces. Refer to the CDC website at https://www.cdc.gov/coronavirus/2019-nCoV/hcp/infection-control.html.
Jeffrey Fredenburgh, President and CEO of Previcare stated, “We are very pleased to have the support of Magnetic North as Previcare quickly expands its established position in the disinfectant and hand sanitizer markets. We have seen high demand for our solutions with the continued spread of the Wuhan Coronavirus, and we expect that Magnetic North’s Board and Advisors will be of significant value in helping to advance certain projects as we roll out our new products and expand geographically.”
Kevin Spall, co-CEO of Magnetic North commented, “Previcare is developing leading disinfectant and cleaning products to assist healthcare providers and consumers in the global fight to reduce infections, suffering and premature death from the onset of pathogens such as Wuhan Coronavirus. Many thousands die each year from the flu alone in the United States, and we look forward to Previcare’s suite of products becoming mainstream and having a positive effect on the lives of individuals globally.”
In conjunction with the investment, Kevin Spall, co-CEO of Magnetic North retains a seat on Previcare’s Board of Directors and is closely involved with operating management. This is in keeping with Magnetic North’s strategy of remaining intimately involved in managing the Company’s interests in investee companies.
Other Developments at Previcare
Sizeable regional and national orders are expected to commence before the end of 2020 across a number of educational, commercial, health and institutional clients for various disinfectant and hand sanitizer products and solutions. Previcare’s hand sanitizer products are currently available through online US retail channels such as Amazon.com under the All Day® brand.
About Previcare
With offices in Toronto, ON and Buffalo, NY, Previcare develops, markets and sells industry leading disinfectant products and hand sanitizer solutions. Within the retail channel, Previcare currently sells a range of disinfectant and hand sanitizer products under the All Day® brand. Previcare also provides disinfectant products that are currently used in the healthcare and food service sectors across the U.S.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages capital on behalf of its shareholders and believes that capital alone does not always lead to success when making investments in portfolio companies. With offices in Calgary and Toronto, our experienced management team applies its considerable capital markets and management expertise to ensure portfolio 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:
| Graeme Dick Investor Relations 403-561-8989 graeme@colwellcapital.com | Kevin Spall Co-CEO kevin@magneticnac.com | Andrew Osis Co-CEO andrew@magneticnac.com |
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
This 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 Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the completion of the proposed financing; and the ability of the Company to execute and achieve its business objectives after the closing of the Transaction, 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.
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.