REGINA, SASKATCHEWAN--(Marketwire - April 3, 2012) - STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) is pleased to announce results for the fiscal year ended December 31, 2011. Highlights for the fiscal year are presented below. StorageVault's annual financial statements and management's discussion and analysis for the year ended December 31, 2011 are filed on SEDAR and available at www.sedar.com.
Highlights of the Fiscal Year:
- Revenue increased by $1,341,442 to $3,885,105 representing a 52.7% increase compared to the 2010 fiscal year.
- Net operating income from properties (a non-IFRS measure) increased by $333,466 to $1,740,309 representing a 23.7% increase compared to last year.
- Cash flow as measured by Funds from Operations (a non-IFRS measure) increased by $118,036 to $626,658 representing a 23.2% increase compared to last year.
Subsequent to the Fiscal Year end:
- On November 2, 2011 StorageVault announced that it entered into an Acquisition Agreement of Purchase and Sale to acquire from an arm's length vendor a self-storage facility located in Calgary, Alberta. The aggregate purchase price is $3,000,000 (subject to customary adjustments). The Acquisition 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 property that must be satisfactory to StorageVault in its sole discretion; (ii) satisfactory financing; (iii) approval by the board of directors of StorageVault to be given or withheld in its sole discretion; and (iv) if applicable, approval of the shareholders of StorageVault. If all conditions under the Acquisition Agreement are satisfied, the acquisition is scheduled to close on April 30, 2012, or such earlier or later date as is mutually agreeable. 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. The Corporation intends to develop and operate a PUPS portable storage business in Calgary in conjunction with the acquisition of the self-storage facility.
- On March 15, 2012 the Corporation completed the acquisition of 2.16 acres of undeveloped land in Saskatoon, SK. 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 develop this land for an expanded PUPS portable storage operation in Saskatoon and to develop fixed on-site self-storage using PUPS storage units.
As at December 31, 2011, StorageVault's self-storage portfolio included 132,700 square feet of rentable area and 90,000 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, 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.
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 year ended December 31, 2011, 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.