StorageVault will acquire 2 locations for $59,500,000; Updates previously announced trades

TORONTO, June 24, 2024 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (“Memory warehouse“) (SVI-TSX) is pleased to announce that it has agreed to acquire two sites from two arm’s length supplier groups (collectively “Seller”) for an aggregate purchase price of USD 59,500,000, subject to customary adjustments (“Acquisitions“). One of the locations is purchased as part of a 50/50 joint venture (“Joint venture“). StorageVault owns a self-storage facility located adjacent to the joint venture property and provides StorageVault with the opportunity to expand its self-storage operations at this location.

The aggregate purchase price is expected to be paid through funds on hand, the issuance of 640,000 shares of StorageVault common stock valued at $4,000,000 to one of the Sellers and a reverse mortgage from one of the Sellers. The acquisitions are expected to be completed by the end of June.

Under the terms of the Joint Venture, the joint venture partner and StorageVault will each finance 50% of the purchase price of the Joint Venture location, which includes related expenses.

The acquisitions are subject to customary closing conditions for both StorageVault and the Suppliers.

One of the assets is located in the GTA and the other is in Surrey, BC. As a result of the acquisition, StorageVault will own 218 stores and will own and manage 249 stores across Canada.

Updates previously announced trades

Completes previously announced asset purchase
Further to press releases dated November 6, 2023, December 8, 2023 and December 28, 2023, StorageVault has completed the acquisition of assets located in Barrie, ON for $15,500,000, subject to customary adjustments. The purchase price was paid from cash in possession. This transaction completes all transactions announced in the November 6, 2023 press release.

Completes previously announced asset purchase
Further to the December 28, 2023 press release, due to its inability to meet due diligence requirements, StorageVault has completed the acquisition of two storage locations in Ontario for $20,000,000.

With the above two updates, an amount of $35,500,000 of outstanding transactions from 2023 has been included.

About StorageVault Canada Inc.
StorageVault owns and operates 247 storage locations across Canada. StorageVault owns 216 of these locations and more than 5,000 portable storage units with more than 12 million rentable square feet on more than 700 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 destruction services.

For more information, please contact Mr. Steven Scott or Mr. Iqbal Khan:

Tel: 1-877-622-0205

(email protected)

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, contained herein are forward-looking information. Specifically, this press release contains forward-looking information with respect to: the proposed acquisitions?; the timing of completion of the proposed Acquisitions; meeting the conditions for the implementation of the proposed Takeovers?; the consideration to be paid for the purchase price for the proposed Acquisitions and the opportunity to expand the Company’s self-storage operations. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions that StorageVault believes to be reasonable. These assumptions include, among others: satisfactory satisfaction of all conditions precedent to the proposed Acquisition; receipt of all required approvals for the proposed Acquisition?; market acceptance of the proposed Acquisitions?; the receipt and accuracy of valuation values ​​received in connection with the proposed Acquisitions?; acceptable financing to enable completion of the proposed acquisitions?; the level of activity in the warehousing industry and the economy generally; consumer interest in StorageVault services and products; and competition and competitive advantages of StorageVault?. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause StorageVault’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices of securities; delay or failure to receive board, third party or regulatory approvals; actual future results of StorageVault’s operations; competition; changes in law, including environmental law, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions from economic evaluations and estimates; and lack of skilled, skilled labor or loss of key people. A description of additional risk factors that could cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on SEDAR+ at www.sedarplus.ca. Although StorageVault has attempted to identify important risks and factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as 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 because there can be no assurance that the plans, intentions or expectations on which such information 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 is therefore subject to 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.