Vancouver, BC / ACCESSWIRE / November 4, 2014 / Less Mess Storage Inc. ("Less Mess" or the "Company") (TSX VENTURE:LMS) is pleased to announce that the restructuring and amalgamation of its subsidiaries in Europe has been successfully completed on schedule.
As of October 31, 2014, Less Mess went from having six subsidiaries in Europe (under an inherited structure), to just two. Less Mess, the Canadian parent, now only owns Less Mess Storage Sp. z.o.o. (Poland) and Less Mess Storage s.r.o. (Czech Republic), and these two wholly-owned subsidiaries own the self-storage operations and related properties in Warsaw and Prague respectively.
In addition to simplifying and improving transparency of financial reporting, this restructuring is also anticipated to save the Company significant amounts in accounting costs and Value Added Tax ("VAT") leakage.
The Company is also pleased to announce that Euro Pacific Canada has initiated coverage for Less Mess, with a 12 month target of $1.50 per share. The report can be downloaded here: http://lessmess-storage.com/pdf/lm-note_initiating_10282014.pdf.
Guy Pinsent, CEO for Less Mess, commented: "We are delighted by both these significant events. The completion of the mergers of our subsidiaries as planned and on time demonstrates the business friendly nature of Poland and the Czech Republic, and we would like to take this opportunity to thank the numerous professional advisers who helped in this process. The launch of research coverage by Euro Pacific Canada marks another positive step for Less Mess. It is a thorough piece which chimes with management's view of the highly attractive nature of the self-storage business and huge growth opportunity for the Company in the strong economies of Poland and other Central European markets."
About the Company
Less Mess Storage Inc. owns and operates the largest self-storage chain in Central and Eastern Europe, with a portfolio of five stores, two in Warsaw (both freehold) and three in Prague (two freehold, one leasehold), offering over 180,000 square feet of net lettable area. Total revenues in 2013 were over $4 million and average store occupancy was approximately 80%. The Company plans to add additional stores and rentable space in Warsaw and Prague in the future. The Company's registered and records office is located in Vancouver, British Columbia, its operations head office is located in Warsaw, Poland, and it also has offices in Prague, Czech Republic.
ON BEHALF OF THE BOARD
"Guy Pinsent"
Guy Pinsent, President and CEO
Less Mess Storage Inc.
Peter Smith
VP Corporate Development
Phone: (778) 999-7030
[email protected]
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; changes in prices for the Company's products and services; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties; and labour relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Except as required by law, the Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
NEITHER 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.
SOURCE: Less Mess Storage Inc.