TORONTO, June 24, 2024 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (StorageVault)(SVI-TSX) is pleased to announce that it has agreed to acquire two locations from two long-standing vendor groups (collectively, Vendor) for an aggregate purchase price of $59,500,000, subject to customary adjustments (in Acquisition). One of the locations was purchased under a 50/50 joint venture (Work together). StorageVault owns self-storage properties adjacent to these joint venture properties and provides StorageVault with the opportunity to grow its self-storage business at these locations.
The aggregate purchase price is expected to be paid with funds on hand, issued from 640,000 StorageVault common shares valued at $4,000,000 for one of the Vendors and a vendor takeback mortgage from one of the Vendors. The acquisition is expected to close by the end of June.
Under the terms of the Joint Venture, the joint venture partner and StorageVault will finance 50% of the purchase price of the Joint Venture location, which includes related expenses.
The acquisition is subject to customary closing conditions for StorageVault and the Vendor.
One of the assets is located in the GTA and one in Surrey, BC. The acquisition will result in StorageVault having 218 stores and owning and managing 249 stores in Canada.
Updates to Previously Announced Transactions
Complete Previously Announced Asset Purchases
Further to the news releases on November 6, 2023, December 8, 2023 and December 28, 2023, StorageVault has completed the acquisition of Barrie, ON assets for $15,500,000, subject to customary arrangements. The purchase price is paid with funds on hand. This transaction completes all transactions announced in the news release dated November 6, 2023.
Termination of Previously Announced Asset Purchases
More than a news release on December 28, 2023, due to the inability to meet the conditions due diligence, StorageVault has terminated the acquisition of two storage locations in Ontario for $20,000,000.
With the above two updates, $35,500,000 of remaining transactions from 2023 have been estimated.
Information about the conversion of StorageVault Canada Inc.
StorageVault owns and operates 247 storage locations across Canada. StorageVault has 216 such locations and more than 5,000 portable storage units representing more than 12 million leasable square feet on more than 700 acres. StorageVault also provides storage and logistics solutions and professional records management services, such as document and media storage, imaging and shredding services.
For more information, please contact Mr. Steven Scott or Mr. Iqbal Khan:
Phone: 1-877-622-0205
ir@storagevaultcanada.com
Forward-Looking Information: This news release contains forward-looking information within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are included herein as forward-looking information. In particular, this news release contains forward-looking information regarding: The proposed acquisition; the timing of the completion of the proposed Acquisition; satisfaction of the conditions for the completion of the proposed AcquisitionŽ; consideration to be paid for the purchase price for the proposed Acquisition and the opportunity to grow the Corporation’s self-storage business. This forward-looking information represents StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions that StorageVault believes are reasonable. These assumptions include, but are not limited to: the satisfactory fulfillment of all conditions precedent to the proposed acquisition; receipt of all necessary approvals for the proposed AcquisitionŽ; market acceptance of the proposed AcquisitionŽ; the receipt of, and the accuracy of, the appraisals received for the proposed AcquisitionŽ; financing that may be received to complete the proposed AcquisitionŽ; the level of activity in the storage business and the economy in general; consumer interest in StorageVault’s services and products; and the competition and StorageVault’s competitive advantagesŽ. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could 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. Other risks and factors may include, but are not limited to: general business, economic, competitive, political and social uncertainty; general capital market conditions and market prices for securities; delay or failure to obtain board of directors, third party or regulatory approvals; actual results of StorageVault’s future operations; competition; changes in regulations, including environmental regulations, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusion of the economic evaluation and assessment; and lack of qualified, skilled workers or loss of key individuals. Details of additional risk factors that may cause actual results to differ materially from the forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although StorageVault has tried to identify important risks and factors that may cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results to be different from those anticipated, estimated or intended. Readers are cautioned that the above list of factors is not exhaustive. Readers are further cautioned not to rely on forward-looking information as there can be no assurance that any plans, goals or expectations set forth will materialize. The forward-looking information contained in this news release is expressly consistent with this cautionary statement. The forward-looking information contained in this news release reflects StorageVault’s expectations as of the date of this news release and, as such, may change after that date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
Source: StorageVault Canada Inc.
