HOUSTON, Aug. 31, 2015 /PRNewswire/ -- Stack-It Storage, Inc. (OTCQB: STAK) announces that it has entered into a contract for the acquisition of the Company's initial operating facility in the self-storage business. In this transaction, the Company expects to acquire from a private company a fully operational self-storage facility with approximately 22,000 net rentable square feet located in Huffman, Texas, for a purchase price of $1,500,000. The Company expects to complete the acquisition by October 15, 2015, subject to its due diligence review and obtaining satisfactory financing.
The facility to be acquired is located in close proximity to Lake Houston, a major water reservoir and aquatic recreational area, and presently consists of 202 non-climate controlled self-storage units situated on approximately 2.57 acres of land. It was originally constructed in stages from 1996 to 2004 and current occupancy of the self-storage units is approximately 94%. Within the existing land tract, Stack-It believes that there is sufficient capacity to substantially expand the facility and the Company is currently investigating the feasibility of constructing up to 20,000 square feet of additional climate controlled storage space.
Commenting on the proposed acquisition, Steven Mikel, President & CEO of Stack-It, stated, "We are delighted to be making our initial acquisition in the self-storage business at Lake Houston. It is well suited to meet our criteria of solid current operations and potential for future development. Once we complete and integrate the Lake Houston acquisition, we plan to continue our growth strategy that is expected to result in the acquisition of multiple self-storage facilities in the coming months and years."
About Stack-It Storage, Inc.
Stack-It Storage, Inc. (formerly, Caprock Oil, Inc.) is a small-cap public company based in Houston, Texas. The Company is presently in the transition into the self-storage business and expects to acquire and operate existing self-storage facilities within the continental US. It is planning to utilize professional management and financial practices to enhance the value of these self-storage facilities. As a registered public company for over ten years, Stack-It is well positioned to take advantage of recent regulatory rules in order to raise new equity to underpin its transition into the self-storage business.
Statements contained in this press release with respect to the future are forward-looking statements. These statements reflect management's reasonable judgment with respect to future events. Forward-looking statements involve risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including cyclical or other downturns in demand, significant pricing competition, unanticipated additions to industry capacity, and the timing and number of additional acquisitions made by the Company. Forward-looking statements are based on currently available information, and we assume no obligation to update any such statements. Please refer to the Company's annual report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission.
SOURCE Stack-It Storage, Inc.