StorageVault Canada Inc.

March 04, 2009 07:30 ET

StorageVault Announces Completion of the Acquisition of the Assets of Kenaston Self Storage ULC

REGINA, SASKATCHEWAN--(Marketwire - March 4, 2009) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) - further to a press release dated October 14, 2008, StorageVault is pleased to announce that it has completed the acquisition of all of the assets and business (collectively the "Acquisition") of Kenaston Self Storage ULC ("Kenaston"). The Acquisition is an arm's length transaction.

About the Acquisition

Kenaston is a self-storage business operating in Winnipeg Manitoba. The total site size of the property is approximately 4.75 acres comprised of 495 fixed unit self-storage rental units and 277 outside parking stalls for vehicle storage. StorageVault intends to grow the Kenaston storage business through the development of a PUPS portable storage franchise on the Kenaston site. StorageVault expects that the PUPS portable storage franchise will be operational June 2009.

The purchase price for the Acquisition was $7,150,000. The purchase price was comprised of a cash payment totalling $2,900,000, bank debt financing of approximately $3,750,000 and the issuance of $500,000 of common shares of StorageVault (2,173,913 common shares), at a price of $0.23 per common share. The Acquisition is subject to Final Acceptance of the TSX Venture Exchange.

StorageVault Canada Inc.

StorageVault currently operates and owns Trans Can Mini-Stor a fixed unit self-storage property and a Canadian PUPS portable storage franchise, both of which are located at 6050 Diefenbaker Avenue, Regina, Saskatchewan. 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 the Corporation are listed on the TSX Venture Exchange.

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 news release.

Contact Information

  • StorageVault Canada Inc.
    Alan Simpson
    President, CEO and director
    (306) 536-3771 or (306) 546-5999