CLEVELAND, April 5, 2005 (PRIMEZONE) -- Liberty Self-Stor, Inc. (OTCBB:LSSI) announced today that it has completed the sale of substantially all of its assets to U-Store-It, L.P., the operating partnership of U-Store-It Trust (NYSE:YSI). The transaction was approved by Liberty's stockholders at a special meeting that was held on March 31, 2005.
As a result of the transaction, Liberty sold all of its self-storage facilities except its Painesville and Gahanna, Ohio facilities. In consideration of the assets, U-Store-It paid $33.7 million in cash, subject to certain prorations. Holders of Liberty common stock will receive a special dividend of $0.20 per share payable by Liberty to its stockholders of record at the close of business on April 13, 2005. Liberty expects that its stockholders will receive the special dividend payment on or about April 22, 2005.
At this time, the board of directors of Liberty has not determined its future business plans. Liberty intends to investigate and evaluate available business opportunities. Liberty may pursue a business combination with a private business that wishes to take advantage of Liberty's public company status, but at the present time, there are no agreements, understandings or arrangements with respect to any particular transaction.
About Liberty
Liberty is a self-storage real estate investment trust headquartered in Mentor, Ohio. It owns and operates two self-storage facilities located in Ohio. The self-storage facilities are operated under the "Liberty Self-Stor, Ltd." trade name.
Forward-Looking Statements
Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors, including risks related to Liberty's future business plans, that are beyond Liberty's ability to control or estimate precisely. These and other risk factors are detailed from time to time in Liberty's SEC reports and filings, including its annual report on Form 10-KSB, quarterly reports on Form 10-QSB and periodic reports on Form 8-K. Liberty assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.