REGINA, SASKATCHEWAN--(Marketwired - Jan. 20, 2014) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI): Further to a press release dated November 28, 2013, StorageVault has determined to cancel its half warrant unit and full warrant unit financing (the "Cancelled Financing") announced in the November 28, 2013 press release.
Since announcing the private placement financing in the press release dated November 28, 2013, StorageVault has received an unsolicited, unsigned, non-binding proposal to acquire specific assets from a private arm's length third party (the "Unsigned Proposal"). StorageVault believes it is in the best interest of StorageVault to evaluate and consider the Unsigned Proposal at this time, and as a result, not pursue the Cancelled Financing at this time. StorageVault may initiate a financing similar to the Cancelled Financing at a future date if it decides not to pursue the Unsigned Proposal.
The completion of any acquisition stemming from the Unsigned Proposal would require the negotiation and execution of a letter of intent, the negotiation and execution of an acquisition agreement in relation to the Unsigned Proposal, satisfactory completion of due diligence on the Unsigned Proposal and all of the assets subject to any acquisition stemming from the Unsigned Proposal, satisfaction of all conditions contained in any acquisition agreement resulting from the Unsigned Proposal and receipt of all required approvals, including, without limitation, the approval of the TSX Venture Exchange and, if required, the shareholders of StorageVault. There is no guarantee that an acquisition agreement in relation to the Unsigned Proposal will be executed or that any potential acquisition will be completed at all.
About StorageVault Canada Inc.
StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Self Storage in Cambridge, Parksville Mini Storage in the Regional District of Nanaimo, Space Place Self Storage in Calgary, Airport Road Self Storage in London and Canadian PUPS in Saskatoon. Trans Can Mini-Stor, Kenaston Self Storage, B&B Mini Storage, Parksville Mini Storage and Space Place Self Storage are fixed unit storage facilities operating in conjunction with Canadian PUPS portable storage franchises at each location. StorageVault operates Canadian PUPS Portable Storage in Saskatoon as a stand-alone portable storage franchise. StorageVault also manages five self-storage facilities 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.
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.
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. In particular, this news release contains forward-looking information regarding: the Unsigned Proposal, an acquisition stemming from the unsigned proposal and a future financing. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects StorageVault's current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to, the discussions in relation to the Unsigned Proposal and due diligence on the Unsigned Proposal resulting in an acquisition that is acceptable to, and in the best interests of, StorageVault, and, in the event that StorageVault determines not to proceed with the Unsigned Proposal, market conditions and market acceptance of a financing on similar terms to the Cancelled Financing. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities and junior market securities; the actual results of StorageVault's business operations; competition; changes in legislation, including environmental legislation, affecting the StorageVault; timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional 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. Although StorageVault has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. StorageVault does not undertake to update any forward-looking information except in accordance with applicable securities laws.