TORONTO, May 18 /CNW/ - (TSXV: SCP.P) SCOSS Capital Corp. ("SCOSS" or the
"Corporation"), a capital pool company listed on the TSX Venture Exchange
(the "TSXV"), confirmed today that its previously announced Qualifying
Transaction is scheduled close on May 29, 2006.
As previously announced, the Qualifying Transaction of the Corporation
will consist of the acquisition of two self-storage properties located at 375
Middlefield Road and 345 Danforth Road, Toronto for an aggregate purchase
price of $8.05 million (subject to customary adjustments) and the concurrent
completion of a private placement of up to 9 million common shares at a price
of $0.50 per common share for gross proceeds of up to $4.5 million. Additional
information concerning the Qualifying Transaction is available in the
Corporation's Filing Statement, which was filed on SEDAR today in accordance
with the policies of the TSXV.
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 final
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 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; 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 and
Filing Statement dated May 18, 2006, copies of which may be obtained on the
SEDAR website at www.sedar.com.
Investors are cautioned that, except as disclosed in the Filing Statement
of the Corporation, any information released or received with respect to the
transaction may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered
highly speculative.
The TSXV has in no way passed upon the merits of the proposed transaction
and has neither approved nor disapproved the contents of this press
release.
