StorageVault Extends First Closing Date of Proposed $51mm Asset Acquisition to April 30, 2015
March 06, 2015
STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V): further to a news release dated December 5, 2014, StorageVault, Access Self Storage Inc. (“Access”) and Cubeit Portable Storage Canada Inc. (“Cubeit”, and together with Access, the “Vendors”) have agreed to an extension of the first tranche closing date to April 30, 2015, or earlier as the case may be, to accommodate necessary due diligence requirements regarding the purchase of all of the portable storage assets and business of Cubeit and certain of the self-storage assets and business of Access (collectively, the “Proposed Acquisition”). In addition, the initial condition period of the Proposed Acquisition has been extended to April 24, 2015. Pursuant to the initial conditions of the Proposed Acquisition, the obligations of StorageVault and the Vendors to complete the Proposed Acquisition is subject to initial due diligence conditions and board of director approval of the Proposed Acquisition, which now must be satisfied on or before April 24, 2015. StorageVault has received conditional acceptance from the TSX Venture Exchange of the Proposed Acquisition, however the Proposed Acquisition still remains subject to TSX Venture Exchange final acceptance. All other material terms of Proposed Acquisition, including the aggregate purchase price of $51,275,000 (subject to customary adjustments), as well as additional closing conditions, remain the same. For further information on the terms and conditions of the Proposed Acquisition, please see StorageVault’s news release dated December 5, 2014 which is filed on the SEDAR website at www.sedar.com.
Completion of the Proposed Acquisition is subject to a number of conditions as disclosed in the December 5, 2015 news release as set forth in the Purchase Agreement, including, but not limited to, TSX Venture Exchange final acceptance, satisfactory due diligence, board of director approval, creditor approval, shareholder consent and Acquisition Committee approval. There can be no assurance that the Proposed Acquisition will be completed as proposed or at all. The TSX Venture Exchange has in no way passed upon the merits of the Proposed Acquisition and has neither approved nor disapproved the contents of this news release.
About Access Self Storage Inc. and Cubeit Portable Storage Canada Inc.
Access and Cubeit have been in the storage business for over 16 years and own and operate 60 stores representing over 4 million square feet of fixed storage space and over 1,250 portable storage units. Access is the fastest growing storage company in Canada and is the largest Canadian owned operator with stores in Alberta, Manitoba, Ontario, Quebec and Nova Scotia. The portable storage business operates under the Cubeit banner and is the 3rd largest in Canada with operations in British Columbia, Alberta, Ontario, Quebec and Nova Scotia.
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 and Edmonton. 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 and Edmonton as stand-alone portable storage franchises. 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.
For further information, contact Mr. Alan Simpson:
3603 Selinger Crescent
Regina, Saskatchewan S4V 2H7 Tel: (306) 536-3771
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 press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this press release contains forward-looking information in relation to: the completion of the Proposed Acquisition; the timing for completion of the Proposed Acquisition; and the satisfaction of conditions for the completion of the Proposed Acquisition. 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 completion of satisfactory due diligence by all parties in relation to the Proposed Acquisition; the satisfactory fulfilment of all terms and conditions contained in the agreement for the Proposed Acquisition; the receipt of all required approvals including regulatory, TSXV, third party, creditor, director and shareholder approvals; market acceptance of the Proposed Acquisition; and acceptable financing to complete the Proposed Acquisition, including assumed mortgages and Vendor take-back loans. 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; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations; 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. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release represent the expectations of StorageVault as of the date of this press release and, accordingly, are subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.