Park Lawn Income Trust
TSX VENTURE : PLC.UN

Park Lawn Income Trust

October 15, 2008 15:56 ET

Park Lawn Income Trust Restates Financial Statements

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2008) - Park Lawn Income Trust (the "Fund") (TSX VENTURE:PLC.UN) announced today that the Ontario Securities Commission has completed its continuous review of the Fund's financial statements for the periods ending December 31, 2007, March 31, 2008 and June 30, 2008. The Fund has now restated its 2007 annual financial statements and its interim statements for the period ended March 31, 2008 and June 30, 2008. These restated financial statements together with its revised Management Discussion and Analysis have been filed at SEDAR (www.sedar.com).

The restatements relate to the market value of the Fund's Care and Maintenance Trusts and Pre-Need Trust Trusts in accordance with CICA Handbook Section 3855, Financial Instruments - Recognition and Measurement and the inclusion of Other Comprehensive Income in accordance with CICA Handbook Section 1530 - Comprehensive Income at December 31, 2007. The interim financial statements at March 31, 2008 also include additions to the Notes to the Financial Statements in accordance with CICA Handbook Section 3862, Financial Instruments - Disclosures and Section 1535, Capital Disclosures which came into effect on January 1, 2008. The Interim Financial Statements at June 30, 2008 have been restated only as it relates to the market value of the Fund's Care and Maintenance Trusts and Pre-Need Trusts at December 31, 2007 and to the Statement of Other Comprehensive Income.

None of the adjustments affects the Fund's net income and working capital nor will they have any effect on the Fund's continuing operations.

Park Lawn Income Trust is a trust established to indirectly hold six cemeteries in the Greater Toronto Area and an interest in Bloorpark Developments Inc. Its units are listed on the TSX Venture Exchange.

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

Contact Information

  • Park Lawn Income Trust
    Frank Mills
    Trustee
    (416) 231-1462
    (416) 233-8155 (FAX)