MAGNETIC NORTH ACQUISITION CORP. ANNOUNCES AGREEMENT FOR THE SALE OF PREVICARE’S DISINFECTANT PRODUCT TO US GOVERNMENTS
April 09 2020 - 7:45AM
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 Previcare
Previcare 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:
Graeme Dick Investor Relations403-561-8989 |
Kevin SpallCo-CEO |
Andrew OsisCo-CEO |
graeme@colwellcapital.com |
kevin@magneticnac.com |
andrew@magneticnac.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 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 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.
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