Magnetic North Acquisition Corp. Announces Robert Purdy as Special Advisor

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CALGARY, Alberta and TORONTO, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) ("Magnetic North" or the "Company") is pleased to announce Robert Purdy as a Special Advisor to Magnetic.

Mr. Purdy founded Purdy & Partners Inc. (PPI) in late 2008, envisioning the opportunities to create a unique local Private Equity Firm focused on start-ups and early-stage ventures. Passionate about building world-class brands and impact-oriented ventures, Mr. Purdy and his team were instrumental to the success of their portfolio investments, contributing a broad spectrum of business experiences and operational insight across numerous sectors. With a keen understanding of innovative applications centered in Industrial Technologies, Infrastructure and Supply Chain businesses and Energy verticals, his involvement in Private Equity, the capital markets and direct ownership in incubating private and public companies is very much aligned with the investment thesis of Magnetic North.

Andrew Osis, Co-CEO Magnetic North commented, "Mr. Purdy brings a wealth of knowledge and hands on experience with capital markets, sourcing deals and corporate development. In addition, his passion for business and growth ventures makes him an invaluable asset to have advising the Magnetic North team. On a personal note, Mr. Purdy and I have explored ways to work collaboratively together for many years, and I am thrilled our alignment to the Magnetic North model has provided us that opportunity".

Prior to launching PPI, Mr. Purdy spent 16 years in portfolio management at RBC Dominion Securities, Canaccord Genuity, and Peters & Co., focused on private equity finance and public equity investment and trading.

Mr. Purdy holds a Bachelor of Commerce Degree from the University of Calgary and is active in the start-up community with the Founders Institute, Startup Grind Calgary and incubating entrepreneurial teams.

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. The TSX Venture announced that Magnetic North is a "2021 TSX Venture 50" recipient. 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 information about the future revenue to be generated by the Company, each of which is based on a number of assumptions and subject to various risks.

The Company has made certain material assumptions, including but not limited to: continuation of prevailing market conditions; lack of significant negative impacts from general business, economic, competitive, political and social uncertainties; and the ability to execute and achieve its business objectives and to meet its revenue projections, 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: those implied by the assumptions discussed above; 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.