REGINA, SASKATCHEWAN--(Marketwire - April 11, 2012) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to announce the acquisition of 2.16 acres of undeveloped land in Saskatoon, Saskatchewan. The acquisition was conducted through a Court approved sales process with the transfer of title being conveyed to StorageVault on April 9, 2012. The aggregate purchase price was $480,000 (subject to customary adjustments) and was paid for by $360,000 of bank mortgage financing and the remainder in cash. The Corporation's intention is to use the acquired land in Saskatoon for an expanded PUPS portable storage operation and as location to develop a self-storage operation using PUPS storage units as fixed on-site storage lockers.
About StorageVault Canada Inc.
StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Mini Storage in Cambridge, and Parksville Mini Storage in the Regional District of Nanaimo. Each of these sites operates in conjunction with a high margin Canadian PUPS portable storage franchise. StorageVault also owns and operates a Canadian PUPS facility in Saskatoon as a stand-alone portable storage franchise. Additionally, StorageVault manages five self-storage facilities and two Canadian PUPS portable storage franchises in southern Ontario. 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.
Forward-Looking information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are 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.