TORONTO, April 28 /CNW/ - (TSXV: SCP.P) SCOSS Capital Corp. ("SCOSS" or
the "Corporation"), a capital pool company listed on the TSX Venture Exchange
(the "TSXV"), announced today that its Board of Directors has approved in
concept the conversion of the Corporation to a real estate investment trust.
SCOSS intends to present a conversion transaction to its shareholders for
approval at a special meeting scheduled to be held on June 27, 2006, in
Toronto.
Any conversion transaction will be subject to: (i) the Corporation
obtaining TSXV approval for and completing its Qualifying Transaction
announced on April 4, 2006, (ii) final approval by the Board of Directors of
the Corporation, and (iii) SCOSS obtaining applicable regulatory, shareholder
and other approvals.
SCOSS Capital Corp.
SCOSS is a capital pool company listed on the TSXV that has entered into
an agreement to complete an acquisition that is intended to serve as its
Qualifying Transaction pursuant to the policies of the TSXV. Until the
completion of its Qualifying Transaction, which is subject to the approval of
the TSXV, the Corporation will not commence commercial operations or have
assets other than cash. The principal business of SCOSS consists of working
towards the completion of its proposed Qualifying Transaction and identifying
and evaluating additional self-storage properties or ancillary businesses for
future acquisition or investment.
This press release contains forward-looking statements. Often, but not
always, forward-looking statements can be identified by the use of words such
as "plans", "expects" or "does not expect", "is expected", "estimates",
"intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation 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 intention
to complete the Qualifying Transaction of the Corporation, to reorganize the
Corporation into a real estate investment trust and to complete future
acquisitions or investments. 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 ability of the
Corporation to obtain necessary financing; satisfy conditions under the
acquisition agreement in connection with the Qualifying Transaction; satisfy
the requirements of the TSXV with respect to the Qualifying Transaction or the
reorganization into a real estate investment trust; obtain shareholder
approval with respect to the reorganization into a real estate investment
trust; the level of activity in the self-storage business and the economy
generally; consumer interest in the Corporation's services and products;
competition; and anticipated and unanticipated costs. While the Corporation
anticipates that subsequent events and developments may cause the
Corporation's views to change, the Corporation specifically disclaims any
obligation to update these forward-looking statements. These forward-looking
statements should not be relied upon as representing Corporation's views as of
any date subsequent to the date of this press release. Although the
Corporation 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 forward-looking statements. The factors identified above are not
intended to represent a complete list of the factors that could affect the
Corporation. Additional factors are noted under "Risk Factors" in the
Corporation's initial public offering prospectus dated March 14, 2006, a copy
of which may be obtained on the SEDAR website at www.sedar.com.
