Park Lawn Corporation
TSX VENTURE : PLC

Park Lawn Corporation

November 30, 2015 17:59 ET

Park Lawn Corporation Acquires Basic Funerals

TORONTO, ONTARIO--(Marketwired - Nov. 30, 2015) - Park Lawn Corporation (TSX VENTURE:PLC) (the "Company" or "Park Lawn") today announced its purchase of Basic Funerals, the largest discount funeral operation in Ontario.

Park Lawn Corporation CEO Andrew Clark stated, "The acquisition of Basic Funerals will expand and strengthen service operations in the growing discount funeral market throughout Ontario. Our companies have strong synergies, with Basic Funerals focus on affordable funeral and cremation services and Park Lawn's expertise in providing scale and efficiencies in back office support for local operators. We are pleased to retain the experience and skills of Basic Funerals CEO Eric Vandermeersch, who will continue to advance and grow the Basic Funerals philosophy."

Highlights of the acquisition include:

  • Park Lawn Corporation acquired Basic Funerals for $740,000 in cash.
  • Basic Funerals CEO Eric Vandermeersch and COO Dave Laemers will be retained, along with all funeral directors and head office staff.
  • Basic Funerals performs more than 1,200 funerals per year, mostly in the Greater Toronto Area.
  • Park Lawn Corporation anticipates adding more than 700 cremations per year to its crematoriums in Toronto and Ottawa.

Basic Funerals CEO Eric Vandermeersch added, "Park Lawn Corporation has a strong and proven track record, providing executive and corporate service support while allowing local operators to focus on their clientele. We are excited to further focus our resources on our mission to provide affordable, compassionate and personalized funeral services in Ontario."

About Park Lawn

Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold 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 Visitation Centre. The Company also operates Tubman/Cadieux Funeral Homes in the Ottawa region and Parkland Funeral Holdings in Manitoba and Saskatchewan. The Harmonia business of the Company currently operates under license in Quebec City, Laval, Saint-Apollinaire and Saint-Georges. 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).

Cautionary Statement Regarding Forward-Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company, Basic Funerals and the environment in which they operate. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the retention of Basic Funerals employees, synergies, the number of funerals and cremations Park Lawn anticipates adding to its operations as a result of the acquisition. The forward-looking statements in this news release are based on certain assumptions, including that Basic Funerals' business will continue to perform in a manner consistent with past practice. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the Company's annual information form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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.

Contact Information

  • Park Lawn Corporation
    Andrew Clark
    Chief Executive Officer
    (416) 231-1462