VANCOUVER, BC,
March 21, 2022 /CNW/ -
Pathfinder Ventures Inc. (TSXV: RV) (OTCQB: RVRVF) (the
"Corporation," or "Pathfinder.") is pleased to provide an update on
the previously announced RV & self storage acquisition of Black
Sheep Income Corp. ("BSIC"). Pathfinder continues to be
bullish about the new business arm, Pathfinder Storage
Solutions. BSIC reports that the Penticton location is operating at full
capacity and Pathfinder plans an expansion to add an additional
2800 sqft of indoor storage.
Acquisition of BSIC
Pathfinder and BSIC entered into a Letter of Intent ("LOI") on
Feb 10, 2022, whereby Pathfinder will
acquire a 100% interest in BSIC, which wholly owns and operates one
stabilized RV & self-storage business located in Penticton and one operating re-development
self-storage site in Nanaimo, B.C.
Upon completion of the acquisition, BSIC principals Mr.
Mark O'Donoghue and Ms. Cathy Butler will join the Executive Management
team and Ms. Butler, the Board of Directors. Pathfinder will also
assume contracts to acquire an additional two RV Resorts, one in BC
and one in Alberta, as part of the
transaction. Pathfinder anticipates the acquisition to close
in April 2022.
Penticton RV and Self Storage Business at Full Capacity,
Expansion Planned
BSIC acquired the Penticton RV and self-storage location in
2020, and management has consistently improved revenues and net
operating income since the acquisition. BSIC was attracted to
the specialized container-based storage model given the reduced
infrastructure costs versus traditional storage and the flexibility
the containers provide. The custom-built storage
containers may be deconstructed, flat packed, and shipped to
different sites allowing BSIC to maximise flexibility for both
demand among its sites and to maximize land value. Over
the last 6 months, the occupancy has been over 95% and Pathfinder
plans to add an additional 2800 sq ft of rentable storage.
"There is a significant demand for RV, boat, and self-storage in
growing recreation hubs like Penticton and our plan is to continue to meet
and supply the market demand with storage solutions", says
Cathy Butler, co-founder & CFA
at Black Sheep Income Corp. Cathy will join the Pathfinder
team as Chief Investment Officer and Director upon closing the sale
of BSIC to Pathfinder.
About Pathfinder Ventures
Pathfinder Ventures Inc. is developing a network of branded,
upscale and family-friendly RV parks and campgrounds under the
"Pathfinder Camp Resorts" name. Pathfinder currently has
three camp resorts located in B.C. and is focused on growing its
network through both acquisitions and development. Pathfinder
is also seeking to acquire RV & Self Storage facilities to take
advantage of the rapidly growing market of people who want to
experience the great outdoors in an RV.
On behalf of the board of directors of the
Corporation:
Joe Bleackley
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in the
United States. The securities have
not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold
within the United States or to U.S. persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Forward-Looking Information Cautionary Statement
This news release contains forward-looking statements
relating to the future operations of the Corporation and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Corporation, are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Corporation's expectations include risks detailed from time to
time in the filings made by the Corporation with securities
regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Corporation. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
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forward-looking statements contained in this news release are made
as of the date of this news release. Except as required by law, the
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timing thereof; Covid-19 related risks, availability of properties;
the economic circumstances surrounding RV's business, including
general economic conditions in Canada, the US and worldwide; changes in
exchange rates; changes in the equity market; inflation;
uncertainties relating to the availability and costs of financing
needed in the future; and those other risks disclosed in the filing
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sedar. Although RV believes that the assumptions and factors
used in preparing the forward-looking information in this news
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SOURCE Pathfinder Ventures Inc.