StorageVault Canada Inc.

March 04, 2010 08:00 ET

StorageVault Canada Inc. Announces the Acquisition of A Cambridge, Ontario Self-Storage Business

REGINA, SASKATCHEWAN--(Marketwire - March 4, 2010) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to announce that it has entered into an Acquisition Agreement of Purchase and Sale (the "Acquisition Agreement") to acquire from an arm's length vendor a self-storage facility located in Cambridge, Ontario. The aggregate purchase price is $2.3675 million (subject to customary adjustments). The Acquisition Agreement is subject to a number of conditions, including but not limited to: (i) the completion of due diligence and environmental investigations with respect to the property that must be satisfactory to StorageVault in its sole discretion, (ii) financing, (iii) approval by the board of directors of StorageVault to be given or withheld in its sole discretion, and (iv) if applicable, the approval of the TSX Venture Exchange and the shareholders of StorageVault.

There can be no assurance that the conditions under the Acquisition Agreement will be satisfied or that the acquisition will be successfully completed. If all conditions under the Acquisition Agreement are satisfied, the acquisition is scheduled to close on April 23, 2010.

The purchase price payment terms for the acquisition will be a combination of cash, bank debt financing, and the payment of a refundable deposit made to the vendor upon execution of the Acquisition Agreement. StorageVault intends to finance the acquisition with secured bank debt and the proceeds from a private placement.

About StorageVault Canada Inc.

StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg and Canadian PUPS in Saskatoon. Both Trans Can Mini-Stor and Kenaston Self Storage are fixed unit storage facilities operating in conjunction with high margin Canadian PUPS portable storage franchises at each location. StorageVault operates Canadian PUPS in Saskatoon as a stand-alone portable storage franchise. StorageVault intends to continue to grow its business through the acquisition of additional self-storage properties and organically as master franchisee through the development of Canadian PUPS portable storage facilities in Canada. The common shares of StorageVault are listed on the TSX Venture Exchange.

Forward-Looking Information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward- looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault's disclosure documents on the SEDAR website at

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.

Contact Information

  • StorageVault Canada Inc.
    Mr. Alan Simpson
    (306) 536-3771
    StorageVault Canada Inc.
    3603 Selinger Crescent
    Regina, Saskatchewan S4V 2H7