StorageVault Canada Inc.

November 23, 2009 13:57 ET

StorageVault Announces the Signing of a Term Sheet to Acquire Self Storage Facilities

REGINA, SASKATCHEWAN--(Marketwire - Nov. 23, 2009) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) - StorageVault is pleased to announce the signing of a term sheet (the "Term Sheet") among StorageVault, CanStore Self Storage LP and CSS Holdings LP (collectively the "Fund") to enter into a joint venture (the "Joint Venture") with the Fund to acquire self-storage facilities in Canada (the "Acquired Properties"), introduce the portable storage unit concept ("PUPS") to the Acquired Properties and operate integrated fixed storage and PUPS businesses from each Acquired Property. The Term Sheet is subject to the negotiation and execution of definitive agreements in relation to the Joint Venture, approval of the Joint Venture by the boards, and if applicable, the shareholders and investors of the Fund and StorageVault, and approval of the Joint Venture by the TSX Venture Exchange. There is no guarantee that the Joint Venture will proceed as described in this press release or that the Joint Venture will proceed at all.

About StorageVault Canada Inc.

StorageVault currently owns and operates Canadian PUPS portable storage in Saskatoon, Trans Can Mini-Stor in Regina and Kenaston Self Storage in Winnipeg. Both the Regina and Winnipeg facilities are fixed unit storage facilities operating in conjunction with high margin Canadian PUPS portable storage franchises at each location. 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 StorageVault does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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