Family Memorials Inc.

Family Memorials Inc.

October 17, 2007 13:47 ET

Family Memorials Announces Private Placement

THUNDER BAY, ONTARIO--(Marketwire - Oct. 17, 2007) - Family Memorials Inc. (TSX VENTURE:FAM) is pleased to announce that it has entered into an agreement with Leede Financial Markets Inc. in respect of a private placement offering, on a best efforts basis, of up to 2,500,000 units at a price of $0.30 per unit for gross proceeds of up to $750,000. Each unit is to be comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.40 for a period of 12 months from the date of issuance. Leede will be paid a cash commission equal to 10% of the gross proceeds of the private placement and an option to acquire a number of units equal to 10% of the total number of units sold under the private placement for a period of eighteen months from the date of closing.

The units will be subject to a four month statutory hold period from the date of closing.

The net proceeds of the Private Placement will be used for general working capital purposes.

The Private Placement is conditional upon satisfactory completion of due diligence review by Leede and receipt of approval by the TSX Venture Exchange.

About Family Memorials

The Corporation is in the business of consolidating retail businesses selling granite monuments for placement on individual cemetery lots. Family Memorials Inc. has eight Canadian sales outlets. Family Memorials carries on business through its wholly-owned subsidiaries Grajack Industries Ltd. in Belleville, Ontario; Verduyn Granite Ltd., in Peterborough, Ontario; Barber Monuments in St. Catharines, Ontario; and Somerville Memorials Ltd. in Calgary, Alberta; and under the Family Memorials banner in Brandon, Manitoba, Regina, Saskatchewan, and Calgary , Alberta, and in Swan River, Manitoba through its exclusive agent, Heritage Memorial Gardens.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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