TORONTO, June 30, 2022 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX) is pleased to announce that, following its press release dated May 12, 2022, it has completed the acquisition of 6 stores (collectively, the “Acquisitions”) of 6 supplier groups (collectively, the “Sellers”), for an aggregate purchase price of $167.5 million. Five of the acquisitions are arm’s length and one is a related party acquisition (the “Related party acquisition”) with Access Self Storage Inc. (“To access”) as Seller.
The aggregate purchase price for the acquisitions of $167.5 million, subject to customary adjustments, was paid by the issuance of an aggregate of 814,686 shares of StorageVault common stock (“Payment shares”) at an aggregate price of $5,000,000, with the remainder paid with cash on hand, a promissory note and mortgage financing. The payment shares are subject to a holding period which expires on October 31, 2022.
With these acquisitions, StorageVault has now closed $213.6 million in acquisitions this year and now has over 11 million square feet of rental storage space. The only remaining transaction announced on May 12, 2022 is expected to close in the third quarter of 2022.
Continued focus on environmental initiatives
In our ongoing commitment to implementing sustainable environmental practices, StorageVault has added 4 rooftop solar panel systems, which brings us to 36 rooftop solar systems and solar walls.
Exemption from MI 61-101
Because Access is a non-arm’s length party, StorageVault’s acquisition of a related party is considered a “related party transaction” under NI 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101”). StorageVault relies on exemptions from the formal minority review and approval requirements of NI 61-101, with respect to a related party acquisition, pursuant to Section 5.5(a) and Section 5.7(a) (Fair Market Value Not Exceeding 25% Market Capitalization) of NI 61-101.
About StorageVault Canada Inc.
StorageVault, prior to the Acquisitions, owned and operated 235 storage locations in Canada. StorageVault owns 203 of these locations along with over 4,500 portable storage units representing over 11.2 million leasable square feet on over 660 acres of land. StorageVault also provides last-mile storage and logistics solutions and professional records management services, such as document and media storage, imaging and shredding services.
For more information, contact Mr. Steven Scott or Mr. Iqbal Khan:
Forward-Looking Information: This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this press release contains forward-looking information regarding: the timing of completion of the Remaining Acquisition announced in the press release dated May 12, 2022. This forward-looking information reflects StorageVault’s current beliefs and is based on currently available information for StorageVault and on assumptions StorageVault believes to be reasonable. These assumptions include, but are not limited to: performance of satisfactory due diligence by StorageVault regarding the remaining acquisition; the satisfactory fulfillment of all conditions precedent to the remaining acquisition, including satisfactory due diligence and satisfactory environmental site assessment reports; and the receipt of all required approvals for the remaining acquisition, including board approvals. 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 differ materially from those expressed or implied by such forward-looking information. These risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and securities market prices; delay or failure to receive board, third party or regulatory approvals; the actual results of StorageVault’s future operations; competition; changes in law, including environmental law, affecting StorageVault; the timing and availability of external funding on acceptable terms; conclusions of economic evaluations and expertise; lack of skilled and skilled labor or loss of key individuals; risks related to the COVID-19 pandemic, including various recommendations, orders and measures by government authorities in an attempt to limit the pandemic, including travel restrictions, border closures, closures of non-essential businesses, service disruptions, quarantines, self-isolation, shelter-in-place and social distancing, mandatory vaccination policies, disruptions in markets, economic activity, funding, supply chains and sales channels, and a deterioration in general economic conditions, including a possible national or global recession; and the impact the COVID-19 pandemic may have on StorageVault, which may include: short-term delay in customer payments, increased accounts receivable and increased losses on accounts receivable; decline in demand for the services offered by StorageVault; and deterioration in financial markets which could limit StorageVault’s ability to obtain external financing. A description of additional risk factors that could cause actual results to differ materially from the forward-looking information is available in StorageVault’s disclosure documents on SEDAR’s website at www.sedar.com. Although StorageVault has attempted to identify important factors and risks that could cause actual results to differ materially from those contained in the forward-looking information, other factors may cause results not to be anticipated, estimated or intended. Readers are cautioned that the above list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which it is based will occur. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents StorageVault’s expectations as of the date of this press release and, accordingly, is subject to change after such 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 securities law. applies.