Republic Storage Systems Announces Successful Recapitalization

Deal includes new capital, renewed 3-year credit facility and new union agreements

Canton, OHIO - January 21, 2011 - Republic Storage Systems, LLC announced today the successful completion of a recapitalization that will position the company to maintain and improve its market leadership in the steel locker and storage solutions industries. Key components of the recapitalization include:

• New long-term labor contracts with the United Steelworkers of America. The newly ratified multi-year collective bargaining agreements cover employees at its Canton, Ohio facility;
• A multi-year senior secured credit facility with its lender providing expanded liquidity; and,
• As a result of the credit facility renewal and the new labor contracts, an affiliate of
  Versa Capital Management, Inc., Republic's owner, has invested additional capital into Republic

"We are pleased with the outcome of our process with the union leadership, our lender and Versa Capital Management," stated Mike Dyer, Republic Storage Systems' vice president of operations. "The ratification of the new labor agreements and the additional investment and cooperation from our financing partners positions the company for continued growth. In particular, we would like to thank the United Steelworkers and the members of the local bargaining units for their critical support of this process. We are proud of our 'Made in the U.S.A.' products, and the team that we employ at our facilities."

Eric Cook, chief financial officer of Republic, noted, "With the new capital from our financing partners, and the flexibility we have attained under the new labor contracts, Republic has insured its continued reliability and competitiveness for our employees, customers and suppliers in the face of a challenging industry environment. We have always been an industry leader, and now we have the strength and certainty to continue that market leadership into the future."

About Republic Storage Systems, LLC

Republic Storage Systems, LLC, is a leading supplier of American-made steel lockers, shelving and storage products. The company traces its manufacturing heritage back to 1886, and continues to produce locker and storage systems that remain the industry standard for quality and reliability. For more information, visit the Republic web site at http://www.republicstorage.com/.