StorageVault Signs a Share Purchase Agreement for 1.38 Acres of Land in Southeast Calgary, Alberta
REGINA, SASKATCHEWAN--(Marketwire - Nov. 6, 2012) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to announce that it has entered into a share purchase agreement (the "Agreement") whereby StorageVault will purchase all of the issued and outstanding shares (the "Shares") of a private Alberta corporation ("TargetCo") from the three arm's length shareholders (the "Vendors") of TargetCo. The aggregate purchase price for the Shares is $845,000 (subject to customary adjustments). TargetCo.'s sole asset is a 1.38 acre parcel of land located at 6969 44th Street, in Southeast Calgary. StorageVault intends to develop the lands for its PUPS portable storage business.
The Agreement is subject to a number of conditions, including but not limited to: (i) the completion of due diligence and environmental investigations with respect to the lands which are satisfactory to StorageVault in its sole discretion; (ii) satisfactory financing; (iii) approval by the board of directors of StorageVault to be given or withheld in its sole discretion; and (iv) if applicable, approval of the TSX Venture Exchange. There can be no assurance that the conditions under the Agreement will be satisfied, or that the purchase of the Shares will be successfully completed. If all of the conditions under the Agreement are satisfied, the acquisition is scheduled to close on November 30, 2012 or such earlier or later date as is mutually agreeable by the parties.
The purchase price payment terms for the Shares are: (i) a $25,000 initial refundable deposit; (ii) a second $25,000 deposit (refundable in certain circumstances) to be paid upon removal of certain due diligence conditions; and (iii) a final payment of $795,000 to be paid at closing.
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 and Parksville Mini Storage are fixed unit storage facilities operating in conjunction with high margin 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
StorageVault Canada Inc.
Mr. Alan Simpson
StorageVault Canada Inc.
3603 Selinger Crescent
Regina, Saskatchewan S4V 2H7