Pathfinder Provides Update on Storage Acquisition, Reports Full Occupancy and Planned Expansion in Penticton

VANCOUVER, BC, March 21, 2022 /PRNewswire/ - 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 BleackleyChief Executive Officer, Founder and DirectorPathfinder Ventures Inc.

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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.

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SOURCE Pathfinder Ventures Inc.