StorageVault Announces Completion of the Sale of Land in Cambridge, OntarioJuly 13, 2011
STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) Further to a press release dated January 18, 2011, StorageVault is pleased to announce that it has completed the sale to PepsiCo Foods Canada (“PepsiCo”), a business unit of PepsiCo Canada ULC, approximately 2.16 acres of land located in Cambridge, Ontario (the “Sale Property”) currently being used as storage for recreational vehicles as part of StorageVault’s B&B Mini Storage facility. The aggregate sale price was $760,000. Before standard customary closing costs and property tax adjustments the sale price was comprised of $350,000 cash and the conveyance at closing by PepsiCo to StorageVault of a property (the “Exchanged Property”) consisting of approximately 1.45 acres of land situated adjacent to B&B Mini Storage. In addition, StorageVault will lease back the Sale Property for a two year term rent free.