SVI Storagevault Canada Inc

StorageVault Canada Inc. ("StorageVault") (TSX VENTURE:SVI) is pleased to
announce that it has entered into an Acquisition Agreement of Purchase and Sale
(the "Acquisition Agreement") to acquire from Canadian PUPS Storage Inc. all of
the assets of a portable storage business located in Regina, Saskatchewan (the
"Acquisition"). StorageVault has also entered into a Master Franchise Agreement
(the "Franchise Agreement") with Canadian PUPS Franchises Inc. which provides
StorageVault the exclusive Canadian franchise rights for the development and
operation of PUPS portable storage franchises throughout Canada (the "Franchise
Rights"). The Acquisition and the granting of the Franchise Rights are non-arm's
length transactions. No finder's fee is payable in relation to either
transaction.


About the Acquisition

Canadian PUPS Storage Inc. is a portable storage business operating as a
franchisee in Regina, Saskatchewan under a franchise agreement with Canadian
PUPS Franchises Inc. The company provides portable storage services to
residential and commercial customers by delivering portable storage containers
to customer locations. At present, the business has 249 portable storage
containers in inventory with an approximately 88% occupancy rate. Canadian PUPS
Storage Inc. is owned, collectively, as to a 76% interest, by Alan Simpson, the
President, Chief Executive Officer and a director of StorageVault, and Glenn
Fradette, the Chief Financial Officer and a director of StorageVault
(collectively, the "Non-Arm's Length Vendors"), with the remaining 24% owned by
a shareholder that is unrelated to StorageVault.


The purchase price for the Acquisition is $1.33 million (subject to customary
adjustments). The purchase price will be comprised of a cash payment of
$600,000, the assumption of debt of approximately $190,000 and the issuance of
$540,000 (subject to closing adjustments) of common shares of StorageVault, at a
price of $0.23 per common share, to the Non-Arm's Length Vendors.


The Acquisition is subject to the approval of the shareholders of StorageVault
other than the Non-Arm's Length Vendors and their affiliates, the approval by
the TSX Venture Exchange (the "TSX Venture") in accordance with the applicable
policies of the TSX Venture, due diligence and other customary conditions for
transactions of a similar nature. There can be no assurance that the closing
conditions for the Acquisition will be satisfied or that TSX Venture approval
will be granted. If all conditions are satisfied and the approvals are granted,
the Acquisition is scheduled to close on or before November 30, 2008. The
Acquisition Agreement also provides StorageVault with the right to extend the
closing of the Acquisition for five 30-day extensions from November 30, 2008.


About the Franchise Rights

The Franchise Rights include the exclusive right for an initial term of 10
years, with four 10 year renewal periods, to develop and operate PUPS Franchise
outlets in Canada, and the exclusive license and use of related intellectual
property. PUPS Franchises offers proprietary and distinctive portable storage
containers and delivery method together with proprietary identifying
characteristics in connection with the trademarks "Canadian PUPS" and "PUPS"
(portable units portable storage). Pursuant to the Franchise Agreement,
StorageVault will pay Canadian PUPS Franchises Inc. a one time cash fee of
$20,000 and a continuing monthly royalty of 3.5% of the gross sales in relation
to the Franchise Rights and PUPS. Pursuant to the Franchise Agreement,
StorageVault is obligated to develop and operate 20 franchises by December 31,
2012 or pay a one-time non-development penalty fee of $15,000 for each
undeveloped Franchise. If StorageVault develops 36 Franchises in the initial 10
year term of the Franchise Agreement, StorageVault has the right to purchase the
3.5% Royalty for the present value of the trailing 12 month royalty fee paid,
applying a 15% discount rate. In addition, if StorageVault purchases the
royalty, pursuant to the Franchise Agreement, it will be deemed to have
purchased all of Canadian PUPS Franchises Inc.'s interest in the Franchise
Agreement and the Franchise Rights.


Canadian PUPS Franchises Inc. is owned, collectively, as to a 70% interest, by
Alan Simpson, the President, Chief Executive Officer and a director of
StorageVault, and Glenn Fradette, the Chief Financial Officer and a director of
StorageVault, with the remaining 30% owned by a shareholder that is unrelated to
StorageVault.


The entering into of the Franchise Agreement is subject to the approval of the
shareholders of StorageVault other than the Non-Arm's Length Vendors and their
affiliates, and the approval by the TSX Venture in accordance with the
applicable policies of the TSX Venture. There can be no assurance that these
approvals will be granted.


Termination of Cambridge Acquisition Agreement

StorageVault is also announcing that it has terminated the Acquisition Agreement
of Purchase and Sale to acquire from an arm's length vendor a self-storage
facility located in Cambridge, Ontario, as previously announced in a press
release dated September 12, 2008. The aggregate purchase price was to be $2.45
million and the acquisition was subject to customary due diligence and finance
conditions that were not satisfactory to StorageVault in its sole discretion.


StorageVault Canada Inc.

StorageVault currently operates and owns one self-storage property located in
Regina, Saskatchewan. StorageVault intends to continue to grow its business
through acquisition of additional self-storage properties and organically as
master franchisee through the development of portable storage facilities in
Canada. The common shares of the Corporation are listed on the TSX Venture.


Forward-Looking Information

This press release contains forward-looking information. 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 be materially different from those expressed or
implied by such forward-looking information. Such risks and other factors may
include, but are not limited to: the early stage development of StorageVault;
capital markets conditions; general business and economic uncertainties;
competition; delay or failure to receive board or regulatory approvals; changes
in legislation, including environmental legislation, affecting StorageVault;
timing and availability of external financing on acceptable terms; conclusions
of economic evaluations; and lack of qualified, skilled labour or loss of key
individuals. Although StorageVault has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking information, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking information will prove
to be accurate, as actual results and future events could differ materially from
those anticipated in such information. Accordingly, readers should not place
undue reliance on forward-looking information. The factors identified above are
not intended to represent a complete list of the factors that could affect
StorageVault. Additional factors are noted under "Risk Factors" in
StorageVault's Filing Statement dated April 21, 2008 copies of which may be
obtained on the SEDAR website at www.sedar.com. The forward-looking information
in this press release should not be relied upon as representing StorageVault's
views as of any date subsequent to the date of this press release. Such
forward-looking information is based on a number of assumptions which may prove
to be incorrect, including, but not limited to: the ability of StorageVault to
obtain necessary financing, satisfy conditions under the acquisition agreements,
or satisfy any requirements of the TSX Venture with respect to the intended
acquisitions of StorageVault and any related private placement; the level of
activity in the self-storage business and the economy generally; consumer
interest in StorageVault's services and products; competition; and anticipated
and unanticipated costs. StorageVault does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.

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