STORAGEVAULT CANADA INC. ("StorageVault") (TSX VENTURE:SVI) -StorageVault is
pleased to announce the signing of a Proof of Concept Agreement with Conundrum
Capital Corporation ("Conundrum") and CSSL Sub LP, on behalf of a fund managed
by Conundrum (the "Fund"). Subsequent to discussions that have occurred between
StorageVault, Conundrum and the Fund (jointly referred to as the "Parties"), the
Parties have agreed to proceed with a Canadian PUPS portable storage proof of
concept trial at Conundrum's self storage facility in Kanata, Ontario. The trial
is scheduled to conclude on December 31, 2009 unless mutually extended in
writing. 


Pursuant to the agreement, the Fund has agreed to fund the trial, pay for the
portable storage containers to be used in the trial, and has agreed to pay a 5%
management fee and a 3.5% franchise fee (on PUPS revenue only) to StorageVault.
For the purpose of evaluating the success of the trial, the Parties developed a
business plan that includes measurable benchmarks. Following the trial, should
the benchmarks be obtained, the Parties will use their reasonable best efforts
to enter into a funding/investment arrangement to permit the acquisition of self
storage facilities in major Canadian centres and the rollout of the PUPS
strategy at those facilities. If the funding/investment agreement is not
completed, there are provisions for the purchase by StorageVault of the PUPS
containers at a discounted purchase price as well as a one time lump sum payment
to StorageVault of $60,000 or $100,000 depending on the success of the trial. 


About StorageVault Canada Inc. 

StorageVault currently owns and operates Trans Can Mini-Stor in Regina and
Kenaston Self Storage in Winnipeg. Both facilities are fixed unit storage
facilities operating in conjunction with high margin Canadian PUPS portable
storage franchises at each location. 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 common shares of StorageVault are
listed on the TSX Venture Exchange. 


About Conundrum Capital Corporation 

Conundrum is a private equity management firm focused on delivering innovative
real estate investments that meet the needs of major pension plans, financial
institutions and high net worth investors. 


Forward-Looking Information: This news release may contain certain
forward-looking information. All statements included herein, other than
statements of historical fact, is 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. In addition, StorageVault has
assumed that funding will be available from the Fund if the trial is successful
and the funding/investment agreement is executed. StorageVault does not
undertake to update any forward-looking information except in accordance with
applicable securities laws.
Storagevault Canada (TSXV:SVI)
Historical Stock Chart
From May 2024 to Jun 2024 Click Here for more Storagevault Canada Charts.
Storagevault Canada (TSXV:SVI)
Historical Stock Chart
From Jun 2023 to Jun 2024 Click Here for more Storagevault Canada Charts.