Magnetic North Announces Commercial Recycling Operations for CXTL
July 14 2020 - 8:03PM
Magnetic North Acquisition Corp. (TSXV: MNC)
(“
Magnetic North” or the
“
Company”), along with Cirque Innovations Ltd.
(“
Cirque”), is pleased to launch commercial
operations for CXTL Recycling Canada Corp.
(“
CXTL”). CXTL will use Cirque’s recycling
technology to break down plastics into saleable products, leaving
virtually no waste behind.
The foundational technology which Mr. John Blair, CEO of Cirque,
first invented in 1993, uses a patent-pending nano chemical process
utilizing ultra-frequencies to depolymerize and break down specific
materials. Mr. Blair has iterated the technology over numerous
deployments improving the technology each time.
Magnetic North has, through its investee company
CXTL, been working closely with Cirque over a ten (10) month period
to complete required due diligence, including a third-party report
that certified the inputs (plastic waste), the technology, and the
outputs (saleable products). During the past three months of
demonstration operations, the machine has worked successfully on a
variety of materials containing plastics and other substances.
“This is a major breakthrough in recycling
technology and helps to solve a problem for municipalities across
North America that are experiencing significant difficulties in
recycling many types of plastic waste,” said Andrew Osis, Co-CEO of
Magnetic North. “The world generated over 359 million tonnes of
plastic in 2018, and that number is expected to rise. Turning
end-of-life plastic into useable material, and thus reducing or
eliminating plastic waste, is a crucial global innovation that also
provides an economic opportunity.”
Magnetic North and Cirque will jointly own CXTL
on a 50/50 basis. Cirque will contribute the technology and
management, and Magnetic North will contribute capital, and
management expertise as needed. As a result, CXTL will be the
exclusive worldwide operator of the technology. Furthermore,
Magnetic will acquire from Cirque, the demonstration machine for
350,000 Series A Preferred Shares and $500,000 in cash. This
demonstration machine will become part of CXTL’s operations.
“The world is facing considerable stockpiling
issues with respect to a limited market in recyclable goods,” said
John Blair, CEO of Cirque, a privately held company. “CTXL’s
technology allows us to break down materials into source matter
while maintaining the strict environmental standards required of
responsible corporations today as part of the circular
economy.”
CXTL will commence limited commercial operations
and revenue generation within the next few weeks from its current
facility. Several feedstocks have been identified and formal
contracts will be completed in the near term. Magnetic North,
Cirque, and CXTL are currently evaluating and designing large-scale
commercial facilities for operations in a number of North American
municipalities.
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 |
Kevin Spall |
Andrew Osis |
Investor Relations |
Co-CEO |
Co-CEO |
403-561-8989 |
|
|
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 the increase in generation of plastic, the Company’s
acquisition of the demonstration machine from Cirque, the
commencement of limited commercial operations and revenue
generation, formal contracts with feedstock companies and the
evaluation and design of large-scale commercial facilities for
operations.
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.
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