StorageVault Canada Inc.
TSX VENTURE : SVI

July 13, 2011 08:00 ET

StorageVault Announces Completion of the Sale of Land in Cambridge, Ontario

REGINA, SASKATCHEWAN--(Marketwire - July 13, 2011) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) Further to a press release dated January 18, 2011, StorageVault is pleased to announce that it has completed the sale to PepsiCo Foods Canada ("PepsiCo"), a business unit of PepsiCo Canada ULC, approximately 2.16 acres of land located in Cambridge, Ontario (the "Sale Property") currently being used as storage for recreational vehicles as part of StorageVault's B&B Mini Storage facility. The aggregate sale price was $760,000. Before standard customary closing costs and property tax adjustments the sale price was comprised of $350,000 cash and the conveyance at closing by PepsiCo to StorageVault of a property (the "Exchanged Property") consisting of approximately 1.45 acres of land situated adjacent to B&B Mini Storage. In addition, StorageVault will lease back the Sale Property for a two year term rent free.

About StorageVault Canada Inc.

StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Mini Storage in Cambridge, Parksville Mini Storage in the Regional District of Nanaimo and Canadian PUPS in Saskatoon. Trans Can Mini-Stor, Kenaston Self Storage, B&B Mini Storage and Parksville Mini Storage are fixed unit storage facilities operating in conjunction with high margin Canadian PUPS portable storage franchises at each location. StorageVault currently operates Canadian PUPS in Saskatoon as a stand-alone portable storage franchise. StorageVault also manages five self-storage facilities and two Canadian PUPS franchises in southern Ontario and 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.

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 www.sedar.com.

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
    3603 Selinger Crescent
    Regina, Saskatchewan
    S4V 2H7