Magnetic North Acquisition Corp. Provides Update on Recent Corporate Activities

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CALGARY, Alberta and TORONTO, June 17, 2020 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) is pleased to provide an update with respect to corporate activities and report on the growth of certain investee companies.

PREVICARE INC.

Previcare Inc. (“Previcare”) has now started shipments of its suite of products and anticipates further announcements with respect to contracts in the very near future. Previcare expects to significantly accelerate the distribution of its hand sanitizer and disinfectant solutions into the United States and other markets.

Kevin Spall, Co-CEO stated, “The Company is well positioned for future growth with new global business opportunities. Magnetic North’s investment in Previcare will continue to provide significant benefit to shareholders well beyond the global COVID-19 pandemic.”

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.

IGNITE CSG

Ignite CGS (“Ignite”) is an investment that Magnetic North made prior to coming public last year and currently holds less than 1% of the common shares of Ignite. Further investment into Ignite is contemplated for later this year. Ignite is a telecommunication services provider that focuses on video collaboration and audio/visual integration solutions to organizations with complex needs and requirement for highly reliable service. Ignite is a premium provider that boasts a roster of top tier clients across Canada and is now expanding into the United States. 

Ignite has seen surge in demand due to the effect Covid-19 has had on global workforces. Revenue increased to approximately three million dollars last month mostly due to expansion of customers as organizations across North America enable their workforce to continue operations remotely.

Andrew Osis, Co-CEO commented, “The global Covid-19 pandemic has forced corporations to find high quality remote working solutions to minimize corporate disruptions and protect employees, and this trend is not slowing down. Ignite expects an increasing amount of organizations to embrace the long-term benefit of investing in work from home solutions.”

Ignite is in conversations with several large entities looking to accelerate plans to install and add secure video conferencing and desktop software as part of their corporate operations. Magnetic North expects to significantly scale up Ignite in due course in order to capitalize on market growth.

Beyond Previcare and Ignite, Magnetic North continues to advance a number of transactions and investments, for the benefit of all shareholders. As these transactions and investments are completed, Magnetic North will provide further information.

Magnetic North has also accepted the resignation of David Marinucci as Vice President effective immediately. We wish him the best in his future opportunities.

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.

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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 forward-looking information in this news release includes the Company’s potential steps to complete its increased Financing.

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.