REGINA, SASKATCHEWAN--(Marketwire - Nov. 29, 2012) -
STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to report results for the fiscal quarter ended September 30, 2012. Highlights for the fiscal quarter are presented below. All financial figures are unaudited and in Canadian dollars unless otherwise noted. For further information on the results for the fiscal quarter, please see StorageVault's unaudited interim financial statements and management's discussion and analysis for the three and nine months ended September 30, 2012 filed on the SEDAR website at www.sedar.com on November 28, 2012; as well as the audited annual financial statements for the fiscal year ended December 31, 2011.
The September 30, 2012 unaudited interim financial statements are prepared and reported in accordance with International Financial Reporting Standards ("IFRS").
Highlights of the Fiscal Quarter:
- Revenue from storage and related services increased by $132,718 to $979,362 representing a 13.6% increase compared to the same period last year.
- Net operating income from properties (a non-IFRS measure) increased by $1,643 to $548,327 representing a 0.3% increase compared to the same period last year.
On November 6, 2012, the Corporation announced that it has entered into a share purchase agreement whereby the Corporation will purchase all of the issued and outstanding shares of a private Alberta corporation (the "Vendor") from the three arm's length shareholders. The aggregate purchase price for the Shares is $845,000 (subject to customary adjustments). The Vendor's sole asset is a 1.38 acre parcel of land located at 6969 44th Street, in Southeast Calgary. The Corporation intends to develop the lands for its PUPS portable storage business. The Agreement is subject to a number of conditions, including but not limited to: (i) the completion of due diligence and environmental investigations with respect to the lands which are satisfactory to the Corporation in its sole discretion; (ii) satisfactory financing; (iii) approval by the board of directors of the Corporation to be given or withheld in its sole discretion; and (iv) if applicable, approval of the TSX Venture Exchange.
As at September 30, 2012, StorageVault's self-storage portfolio included 169,400 square feet of rentable area and 104,100 square feet of rentable portable storage 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, and Canadian PUPS in Saskatoon. Trans Can Mini-Stor, Kenaston Self Storage, B&B Mini Storage, Space Place Self Storage and Parksville Mini Storage are fixed unit storage facilities operating in conjunction with high margin Canadian PUPS portable storage franchises at each location. StorageVault operates Canadian PUPS 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.
The non-IFRS measures identified in the Press Release do not have any standard meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similar measures presented by other issuers. These non-IFRS measures are more fully defined and discussed in the management discussion and analysis of StorageVault for the three and nine months ended September 30, 2012, available on the SEDAR website at www.sedar.com.
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.
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.
StorageVault Canada Inc.
Mr. Alan Simpson
3603 Selinger Crescent
Regina, Saskatchewan S4V 2H7