TORONTO, Feb. 14 /CNW/ - (TSXV: IS.UN) InStorage Real Estate Investment
Trust ("InStorage" or the "REIT") announced today that the Toronto Stock
Exchange ("TSX") has approved the listing of its units. The REIT's units are
expected to commence trading on the TSX on Wednesday, February 20, 2008, under
their existing symbol "IS.UN".
Immediately prior to listing on the TSX, the units of InStorage will be
consolidated on an eight-to-one (8:1) basis, as approved by the unitholders of
the REIT at the June 7, 2007 annual and special meeting of the unitholders.
The limited partnership units of InStorage Limited Partnership will be
consolidated on the same basis as and concurrently with the units of the REIT.
There are currently 185,453,879 units of the REIT outstanding. On a
post-consolidation basis, there will be approximately 23,181,735 units of
"We are pleased to graduate to the TSX and complete our unit
consolidation. These concurrent events represent a milestone for us, and take
us another important step forward in the execution of our business plan,"
stated T. James Tadeson, Chief Executive Officer. "We look forward to the
increased visibility and liquidity we believe a listing and consolidation on
the principal Canadian Stock Exchange will deliver for the REIT and our
unitholders. We planned for both of these events from Day One, and it's
exciting to be able to continue to deliver on our stated objectives."
InStorage is an unincorporated open-ended real estate investment trust
that invests primarily in self-storage properties and ancillary businesses
throughout Canada. The REIT is the largest owner/operator of self storage
facilities in Canada and is the country's leading self-storage industry
consolidator, with a current portfolio of 52 self-storage properties located
in Alberta, Saskatchewan, Ontario and Quebec.
Additional information concerning InStorage may be obtained on the REIT's
website, www.instoragereit.ca, and on the SEDAR website at www.sedar.com,
under the REIT's profile.
This press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the REIT to
be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Examples of such
statements include the anticipated listing of the units on the TSX and
concurrent consolidation, as well as potential benefits that may be derived
therefrom. Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the forward-looking
statements contained in this press release. Such forward-looking statements
are based on a number of assumptions which may prove to be incorrect,
including, but not limited to: the completion of necessary administrative
steps for the listing and consolidation and the ability of a TSX listing to
provide greater visibility for the REIT and increased liquidity for
unitholders. While the REIT anticipates that subsequent events and
developments may cause its views to change, it specifically disclaims any
obligation to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing the REIT's views as of
any date subsequent to the date of this press release. Although the REIT has
attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking
statements, 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 statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: T. James Tadeson, Chief Executive Officer, Tel:
(416) 867-9705; Alay Shah, Chief Financial Officer, Tel: (416) 867-9740