Pathfinder Ventures Provides Corporate Update
VANCOUVER, B.C., February 1, 2022 – Pathfinder Ventures Inc. (TSXV: RV) (the “Corporation,” “RV” or “Pathfinder.”) is growing its brand of Pathfinder Camp Resorts with three RV resorts currently in operation. The company is committed to developing the business opportunities that exist given the growing trend of people looking to explore, vacation, and reside in RVs. Pathfinder achieved several milestones over the past year, while the RV industry remained strong and demand for modern RV parks continued.
RV Manufacturers: RV Shipments Break Multiple Records in 2020 and 2021
According to the RVIA Industry Report, 2020 saw a year-on-year increase in RV shipments in North America of 6% due to a surge in sales, despite an RV industry shutdown that lasted 2 months. RV shipments increased over 39% in 2021 compared to 2020. In March 2021, monthly RV shipments hit a record 54,291 units, which was broken in September, and then again in October for a total monthly shipment of 57,971 units.
- RV shipments in North America totaled 600,090 in 2021, a 39.45% increase from 2020.
- 11 out of 12 months broke shipment records for their respective months, the exception being December.
- The record for most RV shipments in one month was broken 3 times in 2021, with the new record of 57,971—an increase of 12.3% over the previous monthly record set in 2018.
The RV Industry Outlook
RV shipments remained strong to close out 2021. Total shipments hit a record high in Q4 2021 compared to any other Q4 on record, and an increase of 13.23% compared year-on-year with 2020. Winnebago Industries (NYSE: WGO) saw Q4 revenues of $1B as reported in October 2021. The RV conglomerate experienced record-setting revenues of $3.6B for their fiscal 2021—a 54.1% increase from 2020. (https://rv-pro.com/news/winnebago-hits-1b-in-q4-revenue).
RV maker Thor (NYSE: THO) announced more than $18 billion in backlogged orders and says its dealers may not be fully restocked until 2023.
KOA (Kampgrounds of America) announced that 2021 saw a 33% growth in revenue from its previous best year in 2019. There are strong indications this surge in camping interest will continue as KOA has seen a 51% increase in advanced deposits on future business for 2022. (https://rvbusiness.com/koa-surpasses-record-year-by-impressive-33-in-2021).
2021 Pathfinder Ventures Chronological Review
Significant milestones and achievements in 2021:
- Two RV Camp Resorts fully renovated and open for business in 2021.
- Major infrastructure upgrades at two locations with respect to water, sewer, electrical & WiFi to accommodate the modern-day RV requirements.
- Three brand new playgrounds, 1 new pool and 1 refurbished pool added to Agassiz and Parksville.
- Company reports strong Q3 financials, demonstrating steady RV and Camping demand.
- 100% Winter Program occupancy at Fort Camping in Fort Langley.
- Expansion plans in place as the company entered into an agreement to acquire a 1.892-acre property adjacent to its existing Pathfinder Camp Resort location in Agassiz B.C.
- Company goes public and begins trading on the TSX Venture Exchange under ticker symbol ‘RV’.
- Pathfinder Ventures adds two members with over 60 years combined experience to its Advisory Board, Shenoor Jadavji and Randy Hendrickson.
Agassiz and Parksville Under Extensive Renovations and Upgrades
During Q1 2021, Pathfinder was focused on major renovations at the newly acquired Agassiz-Harrison and Parksville Pathfinder Camp Resort locations. Renovations included major upgrades to water, sewer, and power services; raised roadways and complete cabin renovations with modern amenities. New premium wi-fi was installed, along with other software infrastructure improvements.
Two New Pathfinder Camp Resorts Open Summer 2021
Q2 and Q3 2021 saw the completion and opening of both Agassiz-Harrison & Parksville locations. Agassiz-Harrison opened May 19th, and Parksville opened mid-July. Both locations saw a strong and immediate demand for RV camping from customers on day one, proving Pathfinder’s business model and the industry’s need for more modern-day RV and camping locations.
Pathfinder Ventures Announces Q3 2021 (Pre-RTO) Financial Results
Three months ended September 30, 2021, Release Highlights:
(All figures are in Canadian dollars)
- Revenues of $1,175,226
- Adjusted EBITDA of $559,924
The consolidated financial statements and MD&A for the 3 and 9 months ending September 30, 2021, can be viewed at www.sedar.com.
Pathfinder Reports 100% Occupancy for Winter Program in Fraser Valley
Fall and Winter camping began during Q4 2021 where the Fort Langley camp resort, Fort Camping, saw its second straight year of 100% occupancy for its winter stay program, despite US-Canada borders reopening.
Pathfinder Ventures Goes Public
Pathfinder Ventures went public on the TSX Venture Exchange during Q4 2021 and is now trading under the ticker symbol ‘RV’.
Strengthens Advisory Board
Pathfinder Ventures added two advisors to its Advisory Board in Q4. Shenoor Jadavji, Founder and President at Lotus Capital along with Randy Hendrickson, Founder and CEO at United Park Brokers joined the Pathfinder Ventures Advisory Board. The new advisors add a combined 60 years of experience in the commercial realty and outdoor hospitality sectors.
Pathfinder Ventures Announces Expansion Plans
The company announced in December that it has entered into an agreement with an arms-length party to acquire a 100% interest in a 1.892-acre property adjacent to its existing Pathfinder Camp Resort location in Agassiz B.C. for an aggregate purchase price of $750,000 in cash (excluding closing costs).
“This property offers significant growth potential for our newly renovated Pathfinder Camp Resort in Agassiz B.C. We have the staffing and amenities in place, so we will plan to develop most of the 1.892 acres into additional RV campsites offering full hook-up connections for our customers,” said Joe Bleackley, Founder and CEO.
Pathfinder Focused on Building Acquisition Pipeline Targets in 2022
Pathfinder Ventures plans to aggressively add to its three operating RV resorts under the Pathfinder Camp Resorts brand. Plans are already in place to expand its Agassiz location while the company is also targeting a number of other properties in B.C., executing a roll up strategy to increase assets and cashflow. Pathfinder Ventures is targeting additional properties in the Southern Okanagan, Kootenays, and Sea-to-Sky regions.
Diversified Asset Classes – RV & Self Storage / RV Communities
Strong RV, boat, and outdoor recreation sales have also led to an increased demand for RV & self-storage. To complement its RV resorts, Pathfinder Ventures is looking at acquiring operational or developable land suitable for RV & self-storage businesses within close proximity to its Pathfinder Camp Resort locations.
“In 2022, Pathfinder is well-positioned to become the largest RV & Campground brand in British Columbia, and we are excited to enter the RV & Self Storage market to complement our RV Resorts and better serve our customers year-round,” said Joe Bleackley, Founder and CEO.
About Pathfinder Ventures
Pathfinder Ventures Inc. is developing a network of premier 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 new construction. The Corporation is taking advantage of the rapidly growing market of Canadians who want to experience the great outdoors in an RV.
On behalf of the board of directors of the Corporation:
Chief Executive Officer, Founder and Director
Pathfinder Ventures Inc.
Investor Relations Contact:
Simone Capital Corp.
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 expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Corporation does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release.
In the case of RV, this news release includes certain “forward-looking statements” which are particular to RV and are not comprised of historical facts. Forward-looking statements include estimates and statements that describe RV’s future plans, objectives or goals, including words to the effect that RV or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to RV, RV provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, RV’s objectives, goals or future plans, statements, its projected revenues and earnings, and anticipated future growth in new markets. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the ability of the RV to successfully implement its development strategy and whether this will yield the expected benefits; competitive factors in RV’s industry sector; the success or failure of product development programs; currently existing applicable laws and regulations or future applicable laws and regulations that may affect RV’ s business; decisions of regulatory authorities and the 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 statement or other disclosure document prepared and supplied on sedar. Although RV believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. RV disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.