TORONTO, ONTARIO--(Marketwired - Feb. 6, 2014) - Park Lawn Corporation (TSX VENTURE:PLC) ("Park Lawn" or the "Company"), Canada's only publicly-traded cemetery, cremation and funeral services business, is pleased to announced that it has closed the previously announced investment in Tubman Funeral Homes.
On February 6th, with an effective date of February 1st, the Company entered into binding agreements with a number of affiliated entities, namely; Tubman Funeral Homes and Cremation Ltd., J.A. Tubman Funeral Services Inc., Cadieux Funeral Homes Ltd., Kerry Funeral Homes and Chapels Ltd. (collectively, the "Vendor"), Julie Tubman and DaCor Family Trust (collectively, "J.T.") and A.L. Tubman Limited.
The Vendor is an Ottawa-based family business that has been providing professional death care services for over 90 years and owns 8 funeral home properties in eastern Ontario and Québec, including a cremation facility.
The transaction is an asset purchase that is being facilitated through the incorporation and organization of a new corporation called Amety Ltd. ("Amety") which was formed for the sole purpose of acquiring the assets of, and operating the businesses currently operated by, the Vendor. On closing, 50% of the equity of Amety was issued to the Company for nominal consideration. The Company loaned Amety $1,037,500 for the purpose of reducing certain long-term liabilities assumed by Amety, which is the sole financial contribution of the Company.
Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold to people on a pre-planned basis (pre-need) or at the time of a death (at-need). The Company owns and operates six cemeteries in the Greater Toronto Area, and operates the crematorium at the Brampton Crematorium and Visitor Centre. The Harmonia business of the Company currently operates in Quebec City, Laval, Saint-Apollinaire and Montreal. Park Lawn's common shares are listed on the TSX Venture Exchange under the symbol "PLC". The Company is the only Canadian publicly listed cemetery, funeral and cremation business.
Park Lawn makes monthly dividend payments to its shareholders. The monthly dividend has been paid each month since January, 2011 and is currently $0.038 per share ($0.46 per share on an annual basis). (www.parklawnlp.ca)
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.