SCOSS Capital Corp.

InStorage Real Estate Investment Trust

InStorage Real Estate Investment Trust

August 09, 2006 19:51 ET

SCOSS Capital Corp. Completes Conversion To Instorage Real Estate Investment Trust

TORONTO, ONTARIO--(CCNMatthews - Aug. 9, 2006) - SCOSS Capital Corp. (the "Corporation") (TSX VENTURE:SCP) and InStorage Real Estate Investment Trust ("InStorage REIT") (TSX VENTURE:IS.UN) announced today that the plan of arrangement to convert the Corporation into InStorage REIT was completed on August 4, 2006. InStorage REIT and the Corporation further confirmed that final approval of the conversion was granted by the TSX Venture Exchange today. Commencing on Friday, August 11, 2006, the units of InStorage REIT will trade on the TSX Venture Exchange under the symbol "IS.UN" and the shares of the Corporation will be delisted.

InStorage Real Estate Investment Trust

InStorage REIT is an open ended real estate investment trust established under the laws of the Province of Ontario. Pursuant to the conversion described above, InStorage REIT indirectly owns two self-storage properties located in Toronto, Ontario. In addition, indirectly through its subsidiaries, InStorage REIT has proposed acquisitions of seven, six and three self-storage properties that were previously discussed in press releases of the Corporation issued on June 14, 2006, July 4, 2006 and July 31, 2006, respectively. These acquisitions represent an aggregate value of approximately $126.3 million and remain subject to numerous conditions.

InStorage REIT and its subsidiaries intend to continue to grow their business through investments in and acquisitions of additional self-storage properties and ancillary businesses.

Forward-Looking Information

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of InStorage REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include the intention to complete the acquisitions and the private placement previously announced by the Corporation, and to grow the business of InStorage REIT and its subsidiaries. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability of InStorage REIT and its subsidiaries to obtain necessary financing, satisfy conditions under the acquisition agreements, or satisfy any requirements of the TSX Venture Exchange with respect to the acquisitions or the private placement; the level of activity in the self-storage business and the economy generally; consumer interest in the services and products of InStorage REIT's subsidiaries; competition; and anticipated and unanticipated costs. While InStorage REIT anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing InStorage REIT's views as of any date subsequent to the date of this press release. Although InStorage REIT has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect InStorage REIT. Additional factors are noted under "Risk Factors" in the Corporation's Filing Statement dated May 18, 2006 and Management Information Circular dated June 30, 2006, copies of which may be obtained on the SEDAR website at

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • InStorage Real Estate Investment Trust or
    SCOSS Capital Corp.
    T. James Tadeson
    Chief Executive Officer
    (416) 867-9705