TORONTO, ONTARIO -- (Marketwired) -- 07/09/15 -- Park Lawn Corporation (TSX VENTURE: PLC) (the "Company" or "Park Lawn") today announced it has received a building permit and Site Plan Approval (SPA) for an expansion to the Paradise Mausoleum at Park Lawn Cemetery. Highlights of the expansion are as follows:
-- New building of approximately 2,600 crypts and 1,000 niches representing
over 20 years of crypt inventory and over 30 years of niche inventory;
-- Construction is expected to begin in the third quarter of 2015 and be
completed early in 2017;
-- Budget is currently being developed and will be disclosed in connection
with the release of Park Lawn's second quarter results, though it is
expected that the expansion will be funded using operating cash flows
and existing credit facilities.
CEO Andrew Clark stated, "Our growth strategy has always been a balance of new acquisitions and organic growth from our existing assets. Today's announcement of a new mausoleum at our founding facility, Park Lawn Cemetery, reinforces that commitment to growth."
Added Clark, "Increasing our inventory while using operating cash flows and credit facilities is an efficient means to growth, bringing value to shareholders and new capacity online in an accretive fashion."
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).
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.
Forward-looking Statements
This news release contains forward-looking statements, including statements regarding the Company's business, growth plans, and the anticipated size, timing and accretive nature of the proposed expansion. Although management of the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions including those discussed herein. Readers are cautioned to not place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to, unforeseen developments that could affect the timing and anticipated cost of the proposed expansion as well as the factors described under the heading "Risk Factors" in the Company's most recent Annual Information Form. Forward-looking statements are provided as of the date hereof and the Company assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances except as required under applicable securities laws.
Contacts:
Andrew Clark
Chief Executive Officer
Park Lawn Corporation
2323 Yonge Street, Suite 400
Toronto, Ontario M4P 2C9
Tel: (416) 231-1462
