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CALGARY, Alberta and TORONTO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) is pleased to provide an update with respect to corporate activities and growth of CXTL Recycling (Canada) Corp. (“CXTL”).
CXTL is Magnetic North’s 50/50 investment into a patent-pending, nano-chemical process utilizing ultra-high frequencies to depolymerize and break down plastics and other specific materials. CXTL’s facility has been shut down as per the Alberta government mandated COVID-19 restrictions, however work has been ongoing with respect to long-term supply agreements for feedstock in the form of plastics and e-waste. Discussions are near completion and shareholders will be advised once operational agreements are finalized.
In anticipation of these agreements, delivery of commercial machinery for the processing of plastics has been scheduled. Scale up of operations is expected late in the second quarter of 2021 with initial operations commencing early in the third quarter. Additional technologies and opportunities are being evaluated to further enhance CXTL’s operations.
Andrew Osis, Co-CEO Magnetic North commented, “COVID-19 has provided many challenges and opportunities for Magnetic North and our investee companies while working from home. The mandatory non-essential shut-down of CXTL’s facility has provided opportunity for staff to negotiate long-term supply contracts and schedule construction of recycling machines in order to scale up operations. We look forward to CXTL commencing its operations as soon as possible in order to deliver revenue growth and positive cash flow for the benefit of our shareholders.”
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. 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 | Stephen McCormick |
| Investor Relations | VP, Capital Markets |
| 403-561-8989 | 403-619-6898 |
| graeme@colwellcapital.com | stephen@magneticnac.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.