StorageVault Announces Acquisition Agreement and Waives Due Diligence Conditions for the Acquisition of Property in Edmonton, Alberta

Posted by MiniCo on May 13, 2014 12:00:00 AM

StorageVault Announces Acquisition Agreement and Waives Due Diligence Conditions for the Acquisition of Property in Edmonton, Alberta

STORAGEVAULT CANADA INC. (“ StorageVault“) ( TSX VENTURE:SVI) is pleased to announce that it has entered into an acquisition agreement of purchase and sale (the “ Acquisition Agreement“), to acquire from an arm’s length third party a property located in Edmonton, Alberta (the “ Acquisition“). The aggregate purchase price is $1,500,000 (subject to customary adjustments). StorageVault has also provided notice to the vendor of the satisfaction of the due diligence and environmental investigations conditions with respect to the property. The Acquisition is scheduled to close on May 15, 2014, or such earlier or later date as is mutually agreeable. The purchase price payment terms for the acquisition is: (i) a $50,000 initial refundable deposit; (ii) a second $50,000 deposit (refundable in certain circumstances) to be paid within 7 business days from the removal of the due diligence conditions; and (iii) a final payment of $1,400,000 to be paid at closing. The Proposed Transaction is subject to standard closing conditions including the representations and warranties of the vendor contained in the Acquisition Agreement being true and correct at closing and the delivery of standard closing documentation. There can be no assurance that the closing conditions contained in the Acquisition Agreement will be satisfied, or that the Acquisition will be successfully completed.

About the Property

The acquired property is approximately 3.0 acres in size and is located in the Maple Ridge Industrial Park in Edmonton, Alberta. Approximately 1.5 acres of the acquired property is developed as a compacted gravel compound, which includes an office dwelling and a 2300 sq. ft. steel framed building on a concrete pad. StorageVault intends to launch and operate a PUPS portable storage business from the location to serve the City of Edmonton and the surrounding area.

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.

(via MarketWired)