SVI Storagevault Canada Inc

STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to report
results for the fiscal quarter ended March 31, 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 months ended March 31,
2012 filed on the SEDAR website at www.sedar.com on May 25, 2012; as well as the
audited annual financial statements for the fiscal year ended December 31, 2011.


The March 31, 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 $128,514 to
    $787,263 representing a 19.5% increase compared to the same period last
    year. 
--  Net operating income from properties (a non-IFRS measure) increased by
    $89,118 to $404,656 representing a 28.2% increase compared to the same
    period last year. 
--  Cash flow as measured by Funds from Operations (a non-IFRS measure)
    increased by $55,474 to $97,801 representing a 131.1% increase compared
    to the same period last year.



Subsequent to the end of the fiscal quarter:



--  On April 11, 2012 StorageVault announced the acquisition of 2.16 acres
    of undeveloped land in Saskatoon, SK. 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.
    StorageVault's intention is to use this land for an expanded PUPS
    operation in Saskatoon and to develop fixed on-site storage using PUPS
    storage units. 
--  On April 30, 2012 StorageVault completed the acquisition from an arm's
    length vendor of all of the assets and business of Space Place Self
    Storage (South), a self-storage facility located in Calgary, AB. The
    aggregate purchase price was $3,000,000. After standard customary
    closing adjustments and property transfer taxes, the purchase price was
    comprised of cash deposits totaling $100,000, a final cash payment of
    $635,623, and mortgage financing of $2,250,000. The self-storage
    facility has over 400 rental units with approximately 35,000 square feet
    of rentable self- storage space together with outdoor spaces for storage
    of vehicles. The total size of the site is approximately 1.50 acres.
    StorageVault intends to develop and operate a PUPS portable storage
    business in Calgary in conjunction with the acquisition of this
    facility. 
--  On April 24, 2012, StorageVault announced that it entered into a credit
    agreement (the "Credit Agreement") with Bank of Montreal ("BMO"),
    pursuant to which BMO has agreed to make available to the Corporation
    credit facilities in the amount of up to $24 million. Such credit
    facilities are comprised of: (i) a $20 million revolving credit facility
    for re-financing of existing term debt and for future acquisition of
    self-storage facilities; (ii) a $2 million revolving credit facility for
    expansion of PUPS portable storage facilities; (iii) a $1 million
    revolving credit facility for the purchase of equipment associated with
    the operation of PUPS; and (iv) a treasury risk management facility
    subject to a limit of $1 million. Financing under the terms of the
    Credit Agreement is subject to a number of customary and usual
    conditions for this type of transaction, including but not limited to:
    (i) satisfactory completion of loan, security and account documentation,
    and lender due diligence; (ii) satisfactory compliance by StorageVault
    with financial and non-financial covenants normally applicable to
    transactions of this nature; and (iii) compliance by StorageVault with
    all material laws, including environmental regulations. There is no
    assurance that StorageVault will be able to satisfy all terms and
    conditions of the Credit Agreement that are required in order to be
    eligible to drawdown funds under the credit facilities. Furthermore,
    even if StorageVault does satisfy such terms and conditions, there is no
    assurance that StorageVault will take advantage of the credit facilities
    under the Credit Agreement and drawdown any funds.



As at March 31, 2012, StorageVault's self-storage portfolio included 132,700
square feet of rentable area and 90,600 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 Mini Storage in Cambridge, Space Place Self
Storage in Calgary and Parksville Mini Storage in the Regional District of
Nanaimo. With the exception of Calgary, each of these locations 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 in southern Ontario in conjunction with two Canadian
PUPS portable storage franchises in Ottawa and Peterborough. 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. For more
information about StorageVault Canada visit www.storagevaultcanada.com.


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 months ended March 31,
2012, and 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.

Storagevault Canada (TSXV:SVI)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Storagevault Canada (TSXV:SVI)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024