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MAGNETIC NORTH ACQUISITION CORP. TO RESTATE AUDITED FINANCIAL INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2022 AND PROVIDES UPDATE ‎ON STATUS OF MANAGEMENT CEASE TRADE ORDER

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CALGARY, AB and TORONTO, June 17, 2024 /CNW/ – Magnetic North Acquisition Corp. (TSXV: MNC) (TSXV: MNC.PR.A) (“Magnetic North” or the “Company”) announces that it has agreed with its auditors to restate its financial statements for the year ended December 31, 2022 (the “2022 Restatement”). The decision to restate followed a comprehensive review conducted by the Company’s auditor and management’s consideration of the classification of the Company’s Series A Preferred Shares as equity, as opposed to a non-current financial liability, which is how the Series A Preferred Shares were previously classified. The impact of this restatement will be confirmed and presented as part of the finalization of the Company’s 2023 audited financial statements. 

The Company is also providing an update on the status of the management cease trade order granted on May 7, 2024 (the “MCTO”) by its principal regulator, the Alberta Securities Commission, under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”), following the Company’s announcement on May 2, 2023 (the “Default Announcement”) that it was unable to file its audited annual financial statements, ‎management’s discussion and analysis and related certifications for the year ended December ‎‎31, 2023 (the “Documents”) ‎on or before April 29, 2024, as required under applicable securities laws. The Company expects to file the Documents by July 15, 2024, which will include the 2022 Restatement. 

There are no material changes to the information contained in the Default Announcement, other than the 2022 Restatement. In addition: (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Documents; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

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 recently 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.sedarplus.ca.

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

Certain statements in this news release are “forward-looking statements”, which reflect current ‎expectations of the ‎management of Magnetic North regarding future events or Magnetic North’s ‎future performance. All statements other than ‎statements of historical fact contained in this news ‎release may be forward-looking statements. Such forward-looking ‎‎statements involve known and unknown risks, uncertainties and other factors that may cause ‎actual results or ‎events to differ materially from those anticipated in the forward-looking ‎statements.  Magnetic North believes that the ‎expectations reflected in such forward-looking ‎statements are reasonable, but no assurance can be given that these ‎expectations will prove to ‎be correct and such forward-looking statements should not be unduly relied upon. The ‎forward-‎looking statements are expressly qualified in their entirety by this cautionary statement. The ‎forward-‎looking statements are made as of the date of this news release and Magnetic North ‎assumes no obligation to update or ‎revise them to reflect new events or circumstances, except ‎as expressly required by applicable securities law. ‎Further information regarding risks and ‎uncertainties relating to Magnetic North and its securities can be found in the ‎disclosure ‎documents filed by Magnetic North with the securities regulatory authorities, available at ‎www.sedarplus.ca.

SOURCE Magnetic North Acquisition Corp.

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The Inner Circle acknowledges, Connie L. Doyle as a Pinnacle Professional Member Inner Circle of Excellence

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KRUM, Texas, May 19, 2025 /PRNewswire/ — Prominently featured in The Inner Circle, Connie L. Doyle is acknowledged as a Pinnacle Professional Member Inner Circle of Excellence for her contributions to Software Engineering and Technology Development.

Connie L. Doyle has established a distinguished career in software engineering, currently serving as the Senior Director of Software Engineering at Sagent M&C LLC since 2023. In this role, she oversees software development and process management, ensuring that updates and optimizations are implemented efficiently to maintain seamless functionality. Her leadership and expertise have positioned her as an integral part of the company’s success, marking the pinnacle of her career thus far.

Ms. Doyle’s academic foundation in data processing was established at Kentucky Technical College, where she earned her Associate of Arts degree. Over the course of her almost four-decade career, she has gained extensive experience in software development and business processes through a variety of roles, including 17+ years at Mr. Cooper, where she honed her technical and managerial skills. Her tenure in both consulting and manufacturing industries has provided her with a well-rounded perspective on technology leadership.

Her dedication and contributions have not gone unnoticed. Ms. Doyle has been honored with several prestigious accolades, including the President’s Award from Information Alternatives in 1997. Additionally, she was recognized with the “Breakfast with Jay” honor from a senior colleague, further highlighting her impact within the organization.

Looking ahead, Ms. Doyle is committed to strengthening software engineering teams, fostering a culture of growth and collaboration, and advancing cutting-edge software solutions to enhance operational excellence. Through her leadership, she continues to drive innovation in the field of software engineering, ensuring long-term success in an ever-evolving industry.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

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Portage Point Partners Bolsters Turnaround & Restructuring Services with Addition of Olivier Blechner

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CHICAGO, May 19, 2025 /PRNewswire/ — Portage Point Partners, LLC (Portage Point), a blue chip advisory, consulting, interim management and financial services firm focused on the middle market, welcomes Olivier Blechner as a Managing Director in the Turnaround & Restructuring Services (TRS) practice.

Olivier brings more than two decades of experience in turnarounds, restructurings, distressed debt and operational leadership. His expertise combines a background as both a transformative operator and a major distressed debt investor. Throughout his career, Olivier has played a key role in numerous high-profile restructurings, serving on creditor committees and contributing to strategic decision-making in complex situations. He was also instrumental in scaling a company from a five-person startup to a publicly traded enterprise with $280 million in run-rate revenue and 1,200 employees. In addition, Olivier has held senior leadership roles, including Chief Restructuring Officer (CRO), acting CEO, Chairman and Liquidation Agent in a receivership and Chief Investment Officer specializing in global distressed investments.

“Our TRS practice continues to experience significant growth, and we are pleased to welcome Olivier to the platform,” said Tom Studebaker, Managing Director and Co-Head of TRS at Portage Point. “His highly engaged, hands-on approach – shaped by a unique blend of restructuring and operational experience – will be an invaluable asset to both our practice and the broader firm.”

“I am thrilled to join Portage Point and contribute to the continued growth of such a dynamic firm,” said Olivier. “I look forward to leveraging my extensive experience in capital markets, restructuring and operations while collaborating with colleagues across TRS, Performance Improvement, Office of the CFO, and Interim Management Practices to deliver best-in-class capabilities and solutions to the middle market.”

“Throughout his career, Olivier has operated at the intersection of financial strategy and operational execution, tackling complex challenges and contributing to high-impact strategic decisions,” said Matthew Ray, Founder and Chief Executive Officer of Portage Point. “His approach aligns seamlessly with our operationally oriented and financially grounded team, positioning him to deliver meaningful positive client outcomes across the business lifecycle.”

Prior to Portage Point, Olivier was the Managing Member of Turicum Capital, where he led operational and financial restructurings. Previously, Olivier served in leadership roles at One East Capital, Polygon Global Partners, Alden Global Capital, TPG Credit Management and Sandell Asset Management. He began his career in investment banking at DLJ / Credit Suisse and Houlihan Lokey.

About Portage Point Partners
Portage Point Partners is a business advisory, interim management and investment banking firm intensely focused on the middle market. Our blue chip team leverages bulge bracket experience in consulting, operations, finance, accounting, investment banking and investing to provide unmatched transactional, operational and financial perspectives to middle market stakeholders. The Portage Point cross-functional platform is uniquely architected to offer fully integrated capabilities and solutions that identify value capture, mitigate risk and positively impact outcomes at every stage of the ever-changing middle market business lifecycle. From ideation to monetization, Portage Point delivers excellence across transaction advisory services, transaction execution services, office of the CFO, performance improvement, interim management, investment banking, operational turnaround and financial restructuring. Learn how Portage Point can positively impact your business www.portagepointpartners.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/portage-point-partners-bolsters-turnaround–restructuring-services-with-addition-of-olivier-blechner-302459425.html

SOURCE Portage Point Partners

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Safran Federal Systems Unveils HyperReveal AI Platform at GEOINT 2025

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ARLINGTON, Virginia, May 19, 2025 /PRNewswire/ — Safran Federal Systems, a leading provider of Assured Position, Navigation, and Timing (PNT) solutions, today announced the launch of its new U.S.-based geospatial artificial intelligence platform, HyperReveal, at the 2025 GEOINT Symposium.

HyperReveal marks the expansion of Safran’s proven global geospatial analytics capabilities into the U.S. market via its U.S. business, Safran Federal Systems, which is authorized to work on the full spectrum of U.S. Government classified and unclassified projects. The platform delivers mission-driven AI for automated exploitation of high-resolution imagery, full-motion video, electromagnetic, and acoustic signals.

HyperReveal uses advanced, sensor-agnostic algorithms to detect and identify objects, activities, and patterns of interest across commercial and government data sources. The platform is purpose-built to provide timely, actionable geospatial intelligence for U.S. defense and national security operations—enabling faster, more informed decision-making in complex and contested environments. The underlying technology has been in development for over 9 years and is already deployed and being used in several active military and government intelligence operations around the world.

“Our mission is to transform the speed and precision of decision-making across the commercial, defense, and intelligence communities,” said Lee Rizzo, Executive Vice President of Geospatial AI Capabilities. “HyperReveal delivers persistent monitoring, rapid object recognition, change detection, and pattern-of-life analysis—all essential capabilities in today’s dynamic operational landscape. From tactical ISR missions to strategic threat assessments, we enable decision dominance by turning massive volumes of data into near real-time, mission- ready intelligence. With HyperReveal AI, we’re expanding our ability to support U.S. government agencies with cutting-edge, scalable geospatial solutions.”

For more information, visit us at GEOINT in Booth #2321 or safranfederalsystems.com/artificial-intelligence.

Safran Federal Systems is a trusted DoD mission partner providing cross-cutting Position, Navigation and Timing (PNT) solutions from the lab to the field. We leverage our industry leadership in Timing, Navigation, Simulation and NAVWAR to offer a unique blend of cost-effective A-PNT solutions bred through innovation. Our expertise in open systems architecture enables rapid delivery of emerging technologies to the warfighter across all domains.

Your Assured PNT Mission Partner, from the Lab to the Field. ™

Safran Federal Systems is a proxy-regulated Safran Defense & Space, Inc. company.

For more information: www.safranfederalsystems.com

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SOURCE Safran Defense & Space, Inc.

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