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StorageVault Canada Inc. (SVI.V)

TSXV - TSXV Real Time Price. Currency in CAD
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3.9500-0.1000 (-2.47%)
At close: 3:58PM EST
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Previous Close4.0500
Open4.0100
Bid3.9500 x 0
Ask4.0000 x 0
Day's Range3.9300 - 4.0200
52 Week Range1.9000 - 4.2900
Volume76,197
Avg. Volume120,533
Market Cap1.435B
Beta (5Y Monthly)0.93
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.01 (0.27%)
Ex-Dividend DateDec. 30, 2020
1y Target EstN/A
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News
Press Releases
  • StorageVault Announces Appointment of New Director and Corporate Secretary, Completion of 50,000 Square Feet of Expansion, Management of Two New Stores, Issues Options and Quarterly Dividend for Q4 2020
    GlobeNewswire

    StorageVault Announces Appointment of New Director and Corporate Secretary, Completion of 50,000 Square Feet of Expansion, Management of Two New Stores, Issues Options and Quarterly Dividend for Q4 2020

    TORONTO, Dec. 15, 2020 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX-V) is pleased to announce that Benjamin Harris has been appointed a director of StorageVault. Longtime director, Blair Tamblyn has stepped-down from the StorageVault Board of Directors as he resumes his seat as Chair and CEO of Timbercreek Financial (TF) and with plans to join the Parkit Enterprises (PKT-V) Board. Effective December 15, 2020, the directors of StorageVault are Jay Lynne Fleming, Benjamin Harris, Iqbal Khan, Steven Scott and Alan Simpson. Mr. Harris has more than 20 years of real estate investment and management experience. Mr. Harris is currently the managing member of a private investment vehicle based in the United States. Until September 2020, he served as CEO of LINK Logistics, Blackstone’s US industrial real estate platform. Prior to joining LINK, Mr. Harris served as President of Gramercy Property Trust, a publicly traded REIT based in New York, that was sold to Blackstone in a $7.6 billion take-private transaction. Mr. Harris is a graduate of Dalhousie University and the University of Kings College in Canada where he received joint science degrees in Economics. He also serves on the board of Rippowam Cisqua School in Bedford, New York.Steven Scott, the Chair and Chief Executive Officer of StorageVault commented, “Ben has been a tremendous resource to StorageVault and we are very excited to finally have him join our team. We would like to thank Blair for bringing his business building skills to SVI, he has been a tremendous resource for the company. We are excited for Blair as he steps back into the Chair and CEO roll at Timbercreek Financial (TF) and brings his impressive skill set to the Parkit Board.”StorageVault is also pleased to announce that Tamara Souglis has been appointed StorageVault’s Corporate Secretary.Completion of 50,000 Square Feet of New Space StorageVault is pleased to announce the completion of a new 40,000 square foot building at its Sudbury, ON store and the completion of 10,000 square foot expansion at one of its Montreal, QC area stores. The expansion was completed to meet pent up demand and is part of the over 1,000,000 square feet of development potential on lands owned by SVI. All construction costs of the expansion were paid for with cash on hand. StorageVault plans to complete another 25,000 to 50,000 square feet expansion in the next 18 months.Management Agreement to Manage 2 Stores StorageVault is pleased to announce that it has entered into a management agreement to manage two stores. These two stores are located in the Greater Toronto Area and help to improve efficiencies in online marketing, revenue management and property operations.Issuance of Options StorageVault has granted, subject to regulatory approval, a total of 6,000,000 options to purchase common shares ‎of StorageVault to directors, officers, employees and consultants of StorageVault. The options were ‎issued with an exercise price of $3.98 per common share and an expiry date of December 15, 2030. After ‎this option issuance, StorageVault has 23,654,650 options issued and outstanding.Dividend for Q4 StorageVault also announces that a quarterly dividend of $0.002707 per common share will be payable on January 15, 2021 to shareholders of record on December 31, 2020, with an ex-dividend date of December 30, 2020. This dividend has been designated as an “eligible dividend” for Canadian income tax purposes.Exemption from MI 61-101 and TSXV Policy 5.9 Of the options granted above, 3,627,000 options were granted to directors and officers of StorageVault. StorageVault is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 and TSX Venture Exchange Policy 5.9, for the issuance of these options, pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively.About StorageVault Canada Inc. StorageVault owns and operates 209 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 167 of these locations plus over 4,600 portable storage units representing over 9.2 million rentable square feet.For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:Tel: 1-877-622-0205 ir@storagevaultcanada.comNeither 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.Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to the appointment of Benjamin Harris to the Board of Directors and Tamara Souglis as the Corporate Secretary of StorageVault; the impact of the management agreement including improving efficiencies and anticipated revenue; the amount of expansion that StorageVault may undertake in the next 18 months; and the issuance of stock options. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the acceptance by the TSX Venture Exchange of Mr. Harris’ appointment as a director of StorageVault, Ms. Souglis’ appointment as Corporate Secretary of StorageVault and the issuance of the stock options; the level of activity in the storage business and the economy generally; consumer interest in ‎StorageVault’s services and products; competition and StorageVault’s competitive advantages; ‎trends in the storage industry, including macro-trends in relation to increased growth and growth in ‎the portable storage business; the availability of attractive and financially competitive asset ‎acquisitions in the future; the potential closing of previously announced acquisitions, if any, ‎continuing to proceed as they have progressed to date; future performance of StorageVault being consistent with or better than past performance, including revenue and expenses being consistent with or better than historical revenue and expenses; and StorageVault’s continued response and ‎ability to navigate the COVID-19 pandemic being consistent with, or better than, its ability and ‎response to date.‎ 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: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board, third party or regulatory approvals; the actual results of StorageVault’s future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; and risks related to the COVID-19 pandemic including various recommendations, orders and ‎measures of governmental authorities to try to limit the pandemic, including travel restrictions, ‎border closures, non-essential business closures, service disruptions, quarantines, self-isolations, ‎shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply ‎chains and sales channels, and a deterioration of general economic conditions including a possible ‎national or global recession; the impact that the COVID-19 pandemic may have on StorageVault ‎may include: a short-term delay in payments from customers, an increase in accounts receivable ‎and an increase of losses on accounts receivable; decreased demand for the services that ‎StorageVault offers; and a deterioration of financial markets that could limit StorageVault’s ability ‎to obtain external financing. A description of additional 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. Although StorageVault has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

  • StorageVault Completes Previously Announced Purchase of 14 Storage Locations for $220 Million
    GlobeNewswire

    StorageVault Completes Previously Announced Purchase of 14 Storage Locations for $220 Million

    TORONTO, Dec. 04, 2020 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX-V) is pleased to announce that, further to its November 2, 2020 news release, it has completed the acquisition of 13 stores and 1 piece of vacant land (collectively, the “Acquisitions”) from six vendor groups (collectively, the “Vendors”), for an aggregate purchase price of $220 million. Four of the Acquisitions are arm’s length and two, totaling $30 million, are related party acquisitions (the “Related Party Acquisitions”) with Access Self Storage Inc. or its affiliates or associates (collectively, “Access”) as the Vendor. The Related Party Acquisitions were closed in escrow pending TSX Venture Exchange acceptance of such Acquisitions. The purchase price for the Acquisitions in the amount of $220 million, subject to customary adjustments, will be paid by the issuance of 2,178,964 common shares of StorageVault (“Payment Shares”) at an aggregate price of $8 million with the remainder being paid with funds on hand, promissory note and mortgage financing. The Payment Shares are subject to a hold period that expires four months and a day from the date of issuance.EXEMPTION FROM MI 61-101 AND TSXV POLICY 5.9; As Access is a non-arm’s length party to StorageVault, the Related Party Acquisitions are considered a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and TSX Venture Exchange Policy 5.9. StorageVault is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 and TSX Venture Exchange Policy 5.9, in respect of the Related Party Acquisitions and the issuance of the Payment Shares pursuant to the Related Party Acquisitions, pursuant to Section 5.5(b) (Issuer Not Listed on Specified Markets) and Section 5.7(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101, respectively.About StorageVault Canada Inc. StorageVault owns and operates 209 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 167 of these locations plus over 4,600 portable storage units representing over 9.2 million rentable square feet.For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:Tel: 1-877-622-0205 ir@storagevaultcanada.comNeither 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.Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation to: the TSX Venture Exchange acceptance of the Related Party Acquisitions‎‎ and the Payment Shares to be issued pursuant to the Related Party Acquisitions. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the receipt of TSX Venture Exchange acceptance of the Related Party Acquisitions; and the accuracy of the value of appraisals received for the proposed Acquisitions‎. 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: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive third party or regulatory approvals; the actual results of StorageVault’s future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; risks related to the COVID-19 pandemic including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; and the impact that the COVID-19 pandemic may have on StorageVault which may include: a short-term delay in payments from customers, an increase in accounts receivable and an increase of losses on accounts receivable; decreased demand for the services that StorageVault offers; and a deterioration of financial markets that could limit StorageVault’s ability to obtain external financing. A description of additional 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. Although StorageVault has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

  • StorageVault Reports 2020 Third Quarter Results and Increases Dividend
    GlobeNewswire

    StorageVault Reports 2020 Third Quarter Results and Increases Dividend

    TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX-V) reported the Corporation’s 2020 third quarter results and increases its dividend. Iqbal Khan, Chief Financial Officer, commented: “Our results continue to show the resiliency of our business – we achieved 3% year over year increase in same store revenue and 4% in NOI. These results place us in a strong position to finish the year and to enter into 2021. We are also very pleased to have announced the acquisition of $220 million of assets that are scheduled to close in Q4 2020.”2020 Third Quarter Results Revenue for the third quarter 2020 increased to $40.1 million compared to $37.3 million in Q3 2019 and net operating income (“NOI”), a non IFRS measure, grew to $27.5 million from $24.8 million for the comparative period. Our cash flow from operations increased year over year and when combined with our financing and investing activities resulted in a cash balance of $12.5 million at the end of the quarter. The Q3 2020 net loss of $6.3 million (net loss of $9.4 million for Q3 2019) is after $20.8 million of depreciation and amortization and deferred tax recovery recorded in the quarter of $3.0 million; both amounts are non-cash items.Revenue and NOI from existing self storage stores increased by 3.1% and 4.0%, compared to the same period last year. Funds from operations (“FFO”), a non IFRS measure, were $11.6 million for Q3 2020 compared to $9.5 million in Q3 2019, a 21.7% increase year over year. Adjusted funds from operations (“AFFO”), a non IFRS measure, were $12.2 million for Q3 2020 compared to $10.8 million in Q3 2019, a 12.5% increase.For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2020 filed on SEDAR at www.sedar.com.2020 Nine Months Year to Date Results Revenue for the nine months ended September 30, 2020 increased to $113.3 million from $97.8 million and NOI, a non-IFRS measure, grew to $75.9 million from $65.4 million, for the comparative period. For the nine months ended September 30, 2020, cash flow from operations was $30.0 million and when combined with our financing and investing activities resulted in a cash balance of $12.5 million. The net loss of $23.3 million for the nine months ended September 30, 2020 (net loss of $34.6 million for 2019) is after $61.5 million in depreciation and amortization, which was offset by a deferred tax recovery of $9.0 million; both non-cash items.Despite the impacts of COVID-19, the pausing of rent increases, late charges and administrative fees for a significant portion of the year to date, our revenue and NOI from Existing Self Storage, a non-IFRS measure, increased by 4.3% and 4.6%, compared to the same period last year. FFO, a non-IFRS measure, were $29.2 million compared to $21.0 million for the same period in 2019, a 38.9% increase year over year. AFFO, a non-IFRS measure, were $31.5 million compared to $27.3 million for the same period in 2019, a 15.5% increase year over year.For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see the Corporation’s Management’s Discussion & Analysis for the three and nine months ended September 30, 2020 filed on SEDAR at www.sedar.com.Increased Dividend StorageVault is increasing its quarterly dividend by 0.5% beginning Q4 2020 to $0.002707 per common share.The COVID-19 Pandemic To continue to serve the strong demand for our services, we have modified our operations – installed plexiglass partitions, limit the number of customers in our offices to one at a time and continue to improve and offer our no-contact rental processes. Our teams are fully employed and clients are able to safely store and access their valuables. We continue to be extremely proud of our team for continuing to adapt to new processes and for being committed to providing exceptional client and community service.As the third quarter progressed, we experienced stronger demand, resulting in increased leads, rentals, occupancy and rental rates. These positive trends resulted in the Corporation achieving strong same store revenue and NOI growth. While clients may be further impacted, including through unemployment, which may reduce the ability to pay, the Corporation has experienced no meaningful increases in accounts receivable.Since the start of the COVID-19, the Corporation continued to execute on our strategies to attract clients through search engine marketing, improving our online presence, virtual community connection programs and the development of a national platform and initiatives to fulfill last mile storage needs. These efforts have allowed us to attract clients who are leveraging our national footprint to offer a complete storage, inventory management and mobilization solution through our self and portable storage and records management infrastructures. As at September 30, 2020, we continue to generate significant cash flows from our operations, with $12.5 million in cash on hand. Our balance sheet, along with our strong relationships with our lenders, provide us with sufficient borrowing capacity, refinancing and liquidity options to take advantage of acquisition opportunities that meet our requirements, such as the $220 million in acquisitions announced by the Corporation on November 2, 2020.Our Strategy StorageVault is focused on owning and operating storage in the top markets in Canada. Our goal is to have multiple stores in each market, with complementary portable storage units and records management storage services, to take advantage of economies of scale. Our growth strategy is focused on acquisitions, organic growth, expansion of our existing stores and expansion of our portable storage and record management businesses.Further Information For comprehensive disclosure of StorageVault’s performance for the three and nine months ended September 30, 2020 and its financial position as at such date, please see StorageVault’s Unaudited Interim Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2020 filed on SEDAR at www.sedar.com.Non-IFRS Financial Measures Management uses both IFRS and Non-IFRS Measures to assess the financial and operating performance of the Corporation’s operations. These Non-IFRS Measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other companies. The Non-IFRS Measures referenced in this news release include the following: 1. Net Operating Income (“NOI”) – NOI is defined as storage and related services revenue less related property operating costs. NOI does not include interest expense or income, depreciation and amortization, corporate administrative costs, stock based compensation costs or taxes. NOI assists management in assessing profitability and valuation from principal business activities. 2. Funds from Operations (“FFO”) – FFO is defined as net income (loss) excluding gains or losses from the sale of depreciable real estate, plus depreciation and amortization, stock based compensation expenses, and deferred income taxes; and after adjustments for equity accounted entities and non-controlling interests. The Corporation believes that FFO can be a beneficial measure, when combined with primary IFRS measures, to assist in the evaluation of the Corporation’s ability to generate cash and evaluate its return on investments as it excludes the effects of real estate amortization and gains and losses from the sale of real estate, all of which are based on historical cost accounting and which may be of limited significance in evaluating current performance. 3. Adjusted Funds from Operations (“AFFO”) – AFFO is defined as FFO plus acquisition and integration costs. Acquisition and integration costs are one time in nature to the specific assets purchased in the current period or pending and are expensed under IFRS. 4. Existing Self Storage – means stores that StorageVault has owned or leased since the beginning of the previous fiscal year. NOI, FFO, AFFO and Existing Self Storage, should not be viewed as an alternative to, in isolation from, or superior to, net income or cash flow from operations, or results from StorageVault’s comprehensive operations, respectively, or other measures calculated in accordance with IFRS. NOI, FFO and AFFO should not be interpreted as an indicator of cash generated from operating activities and is not indicative of cash available to fund operating expenditures, or for the payment of cash distributions. Existing Self Storage should not be considered a measure of StorageVault’s comprehensive operations. NOI, FFO, AFFO and Existing Self Storage are simply additional measures of operating performance which highlight trends in StorageVault’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. StorageVault’s management also uses these non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare operating budgets. In addition, the Corporation’s definitions of NOI, FFO, AFFO and Existing Self Storage may differ from that of other issuers.About StorageVault Canada Inc. StorageVault owns and operates 202 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 154 of these locations plus over 4,600 portable storage units representing over 8.2 million rentable square feet.For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:Tel: 1-877-622-0205 ir@storagevaultcanada.comNeither 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.Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: statements regarding StorageVault’s expected future performance; the proposed $220 million of previously announced acquisitions, including the potential closing date of such proposed acquisitions and financing options available to StorageVault to complete such proposed acquisitions; StorageVault’s response to the COVID-19 pandemic, the potential anticipated impact of COVID-19 on StorageVault’s expected future performance, the impact of COVID-19 on its customers’ ability to pay for services provided by StorageVault and StorageVault’s beliefs regarding its ability to navigate the pandemic; positive trends StorageVault is experiencing including stronger demand, resulting in increased leads, rentals, occupancy and rental rates; StorageVault’s ability to attract new clients; statements regarding StorageVault’s liquidity position and its ability to meet liquidity requirements and to take advantage of acquisition opportunities as a result of its liquidity position; and StorageVault’s strategic objectives, goals, growth strategy and focus, including focusing on acquisitions, improving StorageVault’s operational performance, expansion of StorageVault’s existing stores and expansion of StorageVault’s portable storage and records management businesses. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the level of activity in the storage business and the economy generally; consumer interest in StorageVault’s services and products; competition and StorageVault’s competitive advantages; trends in the storage industry, including macro-trends in relation to increased growth and growth in the portable storage business; the availability of attractive and financially competitive asset acquisitions in the future; the potential closing of previously announced acquisitions, if any, continuing to proceed as they have progressed to date and StorageVault’s continued response and ability to navigate the COVID-19 pandemic being consistent with, or better than, its ability and response to date. 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: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of StorageVault’s future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; and risks related to the COVID-19 pandemic including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; the impact that the COVID-19 pandemic may have on StorageVault may include: a short-term delay in payments from customers, an increase in accounts receivable and an increase of losses on accounts receivable; decreased demand for the services that StorageVault offers; and a deterioration of financial markets that could limit StorageVault’s ability to obtain external financing. A description of additional 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. Although StorageVault has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.