November 24, 2009 6:38 PM
Three Canadian companies announced yesterday that they are signing a term sheet to enter into a joint venture together. The three companies, StorageVault, Can-Stor Self Storage LP and CSS Holdings LP, plan to introduce the portable unit concept (PUPS) to their properties. They intend to integrate their fixed storage with PUPS businesses at each of their properties.
The term sheet is only a very preliminary step. At this point, it is tentative -- the term sheet itself must be agreed upon and approved by the Boards of Directors of each company, the joint venture itself must be approved, and shareholders and investors for each company may have to approve, before the joint venture can move forward at all. Once all those approvals are obtained, the TSX Venture Exchange must also approve. [More]