Family Memorials Inc.
TSX VENTURE : FAM

Family Memorials Inc.

August 30, 2007 18:59 ET

Family Memorials Engages Leede Financial Markets

THUNDER BAY, ONTARIO--(Marketwire - Aug. 30, 2007) - Family Memorials Inc. (TSX VENTURE:FAM) ("Family Memorials") announces that it has engaged Leede Financial Markets Inc. ("Leede Financial") to facilitate the full implementation of Family Memorial's strategy for growth through the acquisition and integration of other parties in the business of manufacturing or retailing granite memorial products. Leede Financial will provide financial advisory services, on an as needed basis, relating to the identification, structure and funding of acquisition opportunities and to act as lead agent in respect of any financing required by Family Memorials to execute the strategic plan.

Family Memorials also announces that it has entered into an agreement with Lakehead Monuments Ltd. ("Lakehead") pursuant to which Family Memorials has agreed to repay to Lakehead on May 31, 2009 the sum of $325,000, together with interest at the rate of 8% per annum. The foregoing amount was advanced by Lakehead to Family Memorials to enable it to purchase Barber Monuments Limited. Robert C. Kellaway, a director of Family Memorials, is the President and a controlling shareholder of Lakehead through a family trust. Scott C. Kellaway and Glen R. Kellaway, who are directors of Family Memorials, are beneficiaries of the family trust, and Glen R. Kellaway is the Manager of Lakehead.

As a point of clarification, Family Memorials confirms that the reference to NI 43-101 in its press release of August 14, 2007, which specifically pertains to standards of disclosure for mineral projects, was in error. Notwithstanding this, Family Memorials' confirms that it has adopted the appropriate disclosure policies which provide that only the Chief Executive Officer, and in certain exceptions the Chief Financial Officer, is authorized to determine whether information is material and to cause news releases to be issued disclosing such material information.

About Family Memorials

Family Memorials Inc. is a monument company, carrying on the retail business of selling granite monuments for placement on individual cemetery lots. The Corporation carries on business through its wholly-owned subsidiaries Grajack Industries Ltd. (Lons Memorials), in Belleville, Ontario; Somerville Memorials Ltd. in Calgary, Alberta; R.H. Verduyn Granite Company Ltd. (Peterborough Monuments) in Peterborough, Ontario; Barber Monuments in St. Catharines, Ontario; and owns and operates memorials sales operations 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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