StorageVault Canada Inc., a Regina, Saskatchewan-based company which owns and operates storage facilities across Canada, has acquired Airport Road Self Storage, a self-storage facility located in London, Ontario. The purchase price was C$2.6 million. StorageVault, which was founded in 2007, is backed by funds managed by Canadian private equity and venture capital firm PFM Capital.
StorageVault Announces Completion of the Acquisition of the Assets of Airport Road Self-Storage
REGINA, SASKATCHEWAN–(Marketwire – March 28, 2013) – STORAGEVAULT CANADA INC. (“StorageVault”) (TSX VENTURE:SVI) Further to a press release dated January 9, 2013, StorageVault is pleased to announce that it has completed the acquisition of all the assets and business (collectively the “Acquisition”) of Airport Road Self Storage, a self-storage facility located in London, Ontario.
The purchase price for the Acquisition was $2,575,000 (subject to customary adjustments). After standard customary adjustments and property transfer tax the purchase price was comprised of cash deposits of $50,000, and a final cash payment of $2,525,000. The Acquisition is subject to Final Acceptance of the TSX Venture Exchange.
About the London Self-Storage Facility
Airport Road Self Storage has approximately 50,000 square feet of rentable self-storage space together with outdoor space for storage of vehicles. StorageVault intends to develop and operate a PUPS portable storage business in London in conjunction with the acquisition of the self-storage facility.
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 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 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.
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.
StorageVault Canada Inc.
Mr. Alan Simpson
3603 Selinger Crescent
Regina, Saskatchewan S4V 2H7
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